$20 million is a big amount, in any country in the world. Very few of us earn this kind of wealth over entire lifetimes. So, when one hears about a guy who made $20 million EVERY WORKING DAY OF A YEAR, one is compelled to wonder - what did this guy do? What makes him special? What makes him tick?
Answering these questions is "The Greatest Trade Ever" by The Wall Street Journal's reporter Greg Zuckerman. The book traces the history, demeanor and turning points in John Paulson's life, as well as the thoughts behind the trade that led to a $4 billion payout in 2008.The book is a definite page-turner, focusing on the human interest stories and very light on the technical aspects. This is definitely a good thing, since a lot more people will be able to enjoy the colourful stories told here - whether of Andrew Lahde, who dropped out, hustled big time to raise peanuts, and then had the best investment run of all time, only to drop out again (the letter he wrote thumbing his nose to the Establishment is a classic), or of Jeff Greene, who stole Paulson's trade and (almost) suffered big time, or of Paolo Pellegrini, the 46 year old starting from the lowest rung in Paulson's fund, working with 20 year olds.
Comparisons are odious, but since this is the 3rd (and last) book I've read on the subprime trade (others reviewed here and here), it makes sense to rank the 3. I would rate the Greatest Trade Ever up at #1 place, very very marginally ahead of The Big Short, with Roger Lowenstein bringing up a mediocre third. While a lot of the characters in the 1st 2 books are the same, its just that The Greatest Trade Ever has a lot more, covered in lesser detail. This makes it less involved, but also lighter reading (not that Michael Lewis is any slouch in that department).
Overall, a good investment of time and money!
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