Good investors, traders, Wall Streeters in general, need to know as much as possible to win, and you never know where you might pick up a lesson.
That’s why we’re asking people on The Street about books that have taught them a lot about finance. Today, it’s legendary short-seller Jim Chanos’ turn.
The founder of Kynikos Investments chose ‘The Match King’ by Frank Paternoy — you’ll soon see why.
It’s the story of a 20th century Swedish businessman named Ivar Kreugar, who convinced everyone that he’s a tycoon in the match business. Really, he just borrowed money in the U.S. and loaned it out in Europe in exchange for match companies. It was only after his suicide in 1932 that his scam was discovered.
A shoddy company with a sneaky boss? Sounds pretty good — and right up Chanos’ alley.