Description
Important investment lessons gleaned from the mistakes of accomplished professional investors and billionaire businessmen
The Billion Dollar Mistake is an up-close account of the career-defining mistakes that some of the world's most brilliant billionaire investors have made, and a revealing look at what we can learn from them. Drawing on author Stephen Weiss' twenty-two years experience at some of Wall Street's most prestigious firms, the core of this book is based upon original research and interviews with these legendary investors, who discuss the most significant trade or investment that went against them, the magnitude of the loss, its effect on their businesses-and on their personal lives. To some, these fascinating accounts will read like a novel; to others, it will be a treasured and unique investment guide.
This intriguing book skillfully examines the causal relationship between the quirks of each investor's personality and the mistakes they have committed. Along the way, Weiss provides a series of compelling narrative accounts of the individuals' road to success, the particular mistakes they made, the character flaws that led to them, and the lessons learned. While some investors made errors of judgment, others made errors of perception. The Billion Dollar Mistake
- Uncovers important lessons learned from the failures of some of the most enduring and accomplished investors, including Kirk Kerkorian, Bill Ackman, Aubrey McClendon and Leon Cooperman
- Discusses how to incorporate these lessons into your investment discipline and avoid the same missteps
- Reveals common mistakes made by bigger investors that the average investor can relate-the only difference is in magnitude with more zeros attached to the loss
- Includes insights on improving your investment endeavors by refining your approach to today's markets
Learning from the missteps of the best in the investment business can help you succeed. With The Billion Dollar Mistake, you'll discover how.
Table of Contents
Acknowledgments ix
Introduction 1
Chapter 1 Kirk Kerkorian: Due Diligence Is Due Every Time 11
Chapter 2 David Bonderman: Does This Mean I Also Overpaid for the Rolling Stones? 31
Chapter 3 Aubrey McClendon: Falling on the Wrong Edge of the Two-Edged Leverage Sword 51
Chapter 4 Bill Ackman: Detour from Discipline 69
Chapter 5 Nick Maounis: “Trust, but Verify…” 89
Chapter 6 Leon Cooperman: The Pirate of Prague Meets the Prince of Princeton—and the Boy from the Bronx Gets Squeezed 109
Chapter 7 Richard Pzena: Fashions Change, History Persists—or Does It? 129
Chapter 8 Geoff Grant: Style Drift—It’s Hot Till It’s Not 149
Chapter 9 Volkswagen and Porsche: The Hare Finally Wins and the Shorts Get Squeezed 171
Chapter 10 Chris Davis: It Was Dressed like an Insurance Company, but It Didn’t Quack Like One… 195
Chapter 11 Madoff Investors: Hook, Line, and Sunk 215
Epilogue Me Too: Mistakes I’ve Made and Lessons I’ve Learned 235
Notes 237
Glossary 241
About the Author 249
Index 251
