{"product_id":"sold-short-uncovering-deception-in-the-markets-hardback-9780471383383","title":"Sold Short; Uncovering Deception in the Markets (Hardback) 9780471383383","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eSold Short\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eUncovering Deception in the Markets\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003e\"Asensio is the sort you would choose to lead an infantry change against a fortified position...the tone [of Sold Short] is pure Asensio: attack, attack, attack...Sold Short is most useful for the detail it provides on the stock promoter's bag of tricks...the standard work are not as revealing on the social, as well as the financial, patterns that fraud takes...Sold Short is a helpful book...\"--\u003ci\u003eFinancial Times\u003c\/i\u003e, May 5, 2001\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eManuel P. Asensio (Author), Jack Barth (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780471383383, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 9 May 2001\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e288 pages, Drawings: 3 B\u0026amp;W, 0 Color\u003cbr\u003e23.9 x 15.8 x 2.5 cm, 0.583 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003eHe's in the Index, Too\u003cbr\u003e Look for Wall Street and business-media types to scan index pages in the just-published Sold Short: Uncovering Deception in the Markets by famous short-seller Manuel P. Asensio. He delights in naming dozens of analysts, journalists and brokerages he says helped pump up dubious stocks that later tanked after he issued withering research reports. On the next-to-last page Asensio finally mentions the $75,000 fine he paid regulators last year to settle charges that, among other things, he and his Asensio \u0026amp; Co. overstated their own investment record.\u003cbr\u003e --Forbes May 28, 2001\u003cbr\u003e \u003cbr\u003e Short-sellers have a natural appeal to journalists. Members of\u003cbr\u003e both occupations require deep scepticism about the motives of\u003cbr\u003e the rich and powerful, and both engender a black humour that\u003cbr\u003e can be off-putting to the innocent and uninitiated.\u003cbr\u003e \u003cbr\u003e Short-selling is the sale of borrowed or never-owned securities\u003cbr\u003e with the intention of profiting from a decline in their price. The\u003cbr\u003e profit is made when the shares price has declined, and the\u003cbr\u003e short-seller is able to repay the loan of the securities or makes\u003cbr\u003e good the promise to deliver with securities bought at a lower\u003cbr\u003e price.\u003cbr\u003e \u003cbr\u003e The profit is limited to the price of the security at the time the\u003cbr\u003e short sale is made; the loss can be as high as a security's price\u003cbr\u003e can rise.\u003cbr\u003e \u003cbr\u003e There are quiet, behind-the-scenes short-sellers - and then\u003cbr\u003e there is Manuel Asensio. His brokerage house, Asensio\u003cbr\u003e Company, specialises in executing short sales for clients, some\u003cbr\u003e of which are almost certainly investment funds in which he has\u003cbr\u003e an interest.\u003cbr\u003e \u003cbr\u003e He searches for frauds and simple overvaluations in the\u003cbr\u003e securities market, sells them short on behalf of his clients, and\u003cbr\u003e then trumpets their shortcomings to the world.\u003cbr\u003e \u003cbr\u003e Along with other journalists, I have made use of Asensio's\u003cbr\u003e material, though not without checking it first. When I did, it\u003cbr\u003e turned out to be quite reliable.\u003cbr\u003e \u003cbr\u003e Not everyone has the same feeling about Asensio. He is\u003cbr\u003e regularly sued by promoters and others connected with the\u003cbr\u003e objects of his research and mockery. He has, however, only\u003cbr\u003e paid one fine to the National Association of Securities Dealers,\u003cbr\u003e and believes he has been vindicated after he agreed to that\u003cbr\u003e settlement.\u003cbr\u003e \u003cbr\u003e Now he has written a book, Sold Short, to tell the world how he\u003cbr\u003e does it.\u003cbr\u003e \u003cbr\u003e To use the type of military metaphor popular on Wall Street,\u003cbr\u003e Asensio is the sort you would choose to lead an infantry charge\u003cbr\u003e against a fortified position. However, as another short-seller\u003cbr\u003e says: \"I think I'd prefer to wait for the armoured division.\"\u003cbr\u003e \u003cbr\u003e Even though the book has a professional co-author, Jack Barth,\u003cbr\u003e the tone is pure Asensio: attack, attack, attack. Promoters are\u003cbr\u003e scum. Establishment companies are corrupted by greed. A\u003cbr\u003e typical sentence reads: \"The bad guys were on the other side of\u003cbr\u003e the river, laughing, with their saddlebags full of loot.\" Asensio\u003cbr\u003e was wise to choose short-selling over a career in the diplomatic\u003cbr\u003e service.\u003cbr\u003e \u003cbr\u003e Sold Short is most useful for the detail it provides on the stock\u003cbr\u003e promoter's bag of tricks. You can get more stringent, academic\u003cbr\u003e detail on securities valuation from such classics as Graham and\u003cbr\u003e Dodd's Securities Analysis, but the standard works are not as\u003cbr\u003e revealing on the social, as well as the financial, patterns that\u003cbr\u003e fraud takes.\u003cbr\u003e \u003cbr\u003e Another short-seller said Asensio's analysis was good, but that\u003cbr\u003e the market values of the companies he goes after were too\u003cbr\u003e small to have the liquidity a large fund needed.\u003cbr\u003e \u003cbr\u003e Asensio's response was an unrelenting lecture on the market\u003cbr\u003e caps of his targets along with cutting inferences about the\u003cbr\u003e courage and work habits of the unnamed commentator.\u003cbr\u003e \u003cbr\u003e Sold Short is a helpful book, though not a literary masterpiece.\u003cbr\u003e The reader and the market participant should be fully aware that\u003cbr\u003e Asensio is talking up (or down) his position. But he's very\u003cbr\u003e straightforward about that.\u003cbr\u003e \u003cbr\u003e --Financial Times May 5, 2001\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eManuel Asensio gehört zu den wenigen erfolgreichen Leerverkäufern, die über ihre Geschäfte reden. Viele professionelle und individuelle Anleger praktizieren Shortverkäufe - aber darüber redet man nicht. Asensio wird viel gelobt und auch heftig kritisiert, aber seine Methode funktioniert. \"Sold Short\" ist eine spannende und faszinierende Lektüre mit zahlreichen Anekdoten über Asensios Leben und die mitunter mysteriöse Praxis der Leerverkäufe. \u003cbr\u003e Bei Leerverkäufen verkauft man geliehene Aktien, d.h. Aktien, die man nicht besitzt, um durch einen anschließenden Kursrutsch durch Rückkauf dieser Aktien Gewinne zu erzielen. Asensio nutzt diese Methode mit großem Erfolg. Er vertraut auf das kapitalistische System, in dem jeder von steigenden Kursen profitieren will und kritisiert, wie manche Unternehmen durch manipulierte Informationen die Kurse beeinflussen. Auf diese Kurse konzentriert sich Asensio bevorzugt bei seinen Leerverkäufen und deckt damit Aktienmanipulationen von skrupellosen Unternehmen auf, die häufig in den Schlagzeilen zu finden sind, wie z.B. General Nutrition Corp. und Network Solutions. Hier verrät er einige seiner bewährten Techniken zur Minimierung des bestehenden und oft auch unvermeidbaren Risikos bei Leerverkäufen, aber auch zur Maximierung von Gewinnen.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eDiana Day Afternoon.\u003cbr\u003e \u003cbr\u003e Making of the Short Seller.\u003cbr\u003e \u003cbr\u003e The First Short: General Nutrition Takes Ill.\u003cbr\u003e \u003cbr\u003e Diana: \"The Switch Works!\"\u003cbr\u003e \u003cbr\u003e Solv-Ex: Something Oily.\u003cbr\u003e \u003cbr\u003e Schonberg's List.\u003cbr\u003e \u003cbr\u003e By-the-Numbers Stock Promotions.\u003cbr\u003e \u003cbr\u003e Gross Mismanagement.\u003cbr\u003e \u003cbr\u003e Abusing the Process.\u003cbr\u003e \u003cbr\u003e How to Sell Short.\u003cbr\u003e \u003cbr\u003e Get Ready for a Big One.\u003cbr\u003e \u003cbr\u003e Index.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52475077394712,"sku":"9780471383383","price":45.39,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9780471383383.jpg?v=1785804240","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/sold-short-uncovering-deception-in-the-markets-hardback-9780471383383","provider":"Freshly Printed Books","version":"1.0","type":"link"}