The Greatest Trade Ever by Gregory Zuckerman

Author:Gregory Zuckerman [Zuckerman, Gregory]
Language: eng
Format: epub
ISBN: 978-0-385-52993-8
Publisher: The Crown Publishing Group
Published: 2010-12-07T05:00:00+00:00

AS GREENE EDUCATED HIMSELF about the mortgage market, he continued to stay in touch with Paulson, e-mailing him insights about the market that he gleaned from conversations with various mortgage brokers. Paulson never followed up, though. Greene figured he was too busy, or just didn’t find his musings and tidbits of news that interesting.

In June, Greene made plans to sail his yacht to the Hamptons and New England. He was excited about seeing Paulson and a few other friends, as well as hosting a fortieth-birthday bash for Mike Tyson in Sag Harbor.

Before leaving, Greene sent Paulson an e-mail saying he now was interested in investing in his new fund. He mentioned that he’d done some of the trades by himself and had some questions.

Paulson fired an e-mail back.

“What trades?”

“The ones we discussed.”

“I can’t believe you did the trades; you went behind my back,” Paulson wrote. Greene, caught off-guard, could tell Paulson was fuming.

“Should I unwind it, J.P?”

“Yes, unwind it.”

Greene spent a few days thinking about whether to exit the trades. He didn’t want to anger his friend and thought he might not have done them properly.

It’s so fucking complicated, maybe I should just let him do it.

But Greene had done so much research, and the investments were hard to unwind because they didn’t trade very frequently. So Greene decided to hold on to his trades. It was a decision that would cost him dearly.

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