"Most original in its opinions on what happens from here and how investors can profit. Tilson and Tongue argue that the mess is far from over in housing. . . That said, Tilson and Tongue argue that there are opportunities for stock pickers to profit. . . The book concludes with an interesting analysis of Wells Fargo, which the authors shorted at $30 a share but then went long on at $10. . . Overall, the book is well worth reading." (The Free Lance-Star
From the Inside Flap
The housing market has imploded and the stock market has followed suit, with stock portfolios, retirement accounts, and pension funds cut in half. The U.S. economy is reeling from the real estate meltdown and credit crunch. Not stopping at the border, the storm has broadened to Europe, Asia, and beyond throughout 2008 and into 2009. Is there anyone on the planet who has not been touched by this disaster?
Even though we've all been affected by the calamity and have heard no shortage of news about it, it still seems unfathomable and utterly incomprehensible to most people that the actions of certain banks, mortgage companies, and Wall Street firms could bring the economic engine of the world to a grinding halt. Now, for the first time, and in terms everyone can grasp, noted analyst and value investing expert Whitney Tilson, along with his partner Glenn Tongue, explains not only how it happened, but shows that the tsunami of credit problems isn't over. Another even larger wave is yet to come. If you know catastrophe is looming, you can sidestep the train wreck, and even profit, but you need to understand how bad times present opportunity and where to look.
Tilson, a columnist for Kiplinger's Personal Finance, featured on 60 Minutes, and a regular on CNBC, started presenting his findings to everyday people and found them clamoring for more. Now in More Mortgage Meltdown, Tilson explains in a clear and understandable way how misguided assumptions, insatiable greed, reckless risk taking, and government inaction led to the creation of the greatest asset bubble in history, the aftermath of which is the perfect economic storm. Then, he shows you why there's still much more pain to come and what we can expect from the ongoing crisis over the next few years.
Finally, More Mortgage Meltdown teaches you how to find investment opportunities within the rubble and position your portfolio to take advantage of the crisis. The book uses in-depth case studies of individual companies and stocks to show how to evaluate investments in these uncertain times. You will learn how to spot warning flags in the financial statements of companies that can help you avoid losing your hard-earned money. And you will learn how to spot undervalued businesses with competitive advantages or hidden assets that will likely emerge stronger from the crisis. It is important for all of us to understand how the credit and mortgage crisis happened. Equally important is the chance to potentially profit in its aftermath.