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Why Main Street blames financial speculation for economic crashes
Disdain for short selling is as American as apple pie, dating back to our nation’s founding. But as Bob Sloan argues in Don’t Blame the Shorts, short selling lies at the heart of every Wall Street transaction and fuels the financial system.
Sloan explains that without shorting, credit in high-yield, distressed, convertible bonds and equities vanishes, thus choking economic activity. This eye-opening look at short selling in America provides new insight into our hostile relationship with shorting—a relationship that turns out to be unhealthy and counterproductive.
- Sales Rank: #1757659 in eBooks
- Published on: 2009-11-19
- Released on: 2009-12-04
- Format: Kindle eBook
About the Author
Robert Sloan is the Managing Partner of S3 Partners, a global financing specialist firm dedicated to helping its hedge fund clients optimize and best manage prime broker relationships, which he founded in 2003.
His book How History is Repeating Itself was nominated for Spear's book awards shortlist--financial history book of the year; Bloomberg and The Economist recognized it as one of the top business books of the year. Sloan has appeared on CNBC, CNBC Europe and C-SPAN.
Prior to S3 Partners, Sloan was a Managing Director, the Global Head of prime brokerage, equity finance & delta one products, and a Member of both the securities division operating committee and the product managers committee at Credit Suisse First Boston. In 1998, he founded and chaired the Dow Jones Credit Suisse Index Co. This was the first investable benchmark index for alternative investments.
From 1989 to 1996, Sloan worked at Lehman Brothers in the equity derivatives and central funding unit. Prior to his career on Wall Street, he was a speech writer and translator for the Ministry of International Trade & Industry (MITI), Tokyo, Japan. Sloan holds a Bachelor of Arts from Washington & Lee University.
Most helpful customer reviews
9 of 11 people found the following review helpful.
Don't Blame the Shorts!
By Elizabeth C. Howorth
I have never been very interested in books about Wall Street, especially now. But "Don't Blame the Shorts" engaged me from the word "go." I left the book thinking that I've been very misled about the way that the government and the media portrays short-sellers. According to the author, they are not forces of evil, but rather, they at like market regulators. We all know that short-sellers do what they do in order to make money, but Mr. Sloan proves that they also play a crucial role in maintaining the honesty and integrity of financial institutions.
Since we are passing through an era when the real truth about companies seems so hard to disentangle, the author picked the right moment to point out that it is actually the short-sellers who are trying to make Wall Street more transparent.
It's worth noting, also, that even though this author is a trained financial professional, his book isn't too complicated for someone from a different profession. While I would have been interested to read about a few more examples of his point, I won't take issue with a book that is slim and lively.
1 of 1 people found the following review helpful.
Praise For Don't Blame The Shorts
By Henrik Brun
Any lover of the history of our nation and the struggle between politicians and Wall Street will find Robert Sloan's book a delight to read. This unique book should be on everyone's Top 10 books for understanding our complex financial system from inception until now, especially for the regulators of our markets. Unlike the dry policy-based books out there, Mr. Sloan's book weaves together history lessons from the Pecora Commission to Richard Whitney's Senate testimonies (someone who knew the liquidity benefits of short selling, but due to his character flaws lacked credibility) to show that short selling is neither the cause of bear markets (old fashioned selling of long positions is) nor is prohibiting it during bear markets the best method of maintaining an orderly market (it's ironic that politicians never seem to point a finger at short sellers in a rising market).
Upon presenting readers with an overwhelming amount of historical evidence about the benefits that short sellers provide, the flawed attempts to stabilize the equity markets during the financial crisis become very clear. For example, the ban on short selling during the financial crisis shut down the convertible bond market when corporations desperately needed capital thereby exacerbating the economic contraction that followed. We must ask ourselves how this can be a good policy and hope that the next time a crisis occurs at least bona fide hedgers can provide financing to American businesses.
We all know that short sellers are an easy target during times of market turmoil, but that's not a valid excuse for misdirected regulations. Why didn't the regulators enforce pre-existing rules on naked short selling prior to the crisis? Had we all read Mr. Sloan's book we would have had a better understanding that leverage was much more of a culprit of the bear market during the financial crisis just as it was in 1929-1932. For example, market participants may recall that during the financial crisis most of the major market swings occurred from 3-4 pm. These are the prime hours when ETFs such as SDS (Proshares Ultra Short S&P 500 Index) have to trade to deliver 2X or 3X the daily performance of the underlying index. Was it short selling that made the bear market worse or a period of deleveraging on a global scale? Read Mr. Sloan's book to find out!
1 of 1 people found the following review helpful.
A Needed Look at the History of Short Selling and Government Regulation
By LizLab
In light of the market events of the past few years - both the financial meltdown and the government response to it - Bob's Sloan's book comes at just the right time to both present an entertaining look at short selling during the past 400 years and clarify many of the public misperceptions about the practice. The book is a perfect mix of objective history and subjective commentary by someone who empirically and historically shows that short selling is far from a nefarious, back-room practice that many politicians and the media would have us believe it is. As he takes us through the history of shorting (and the on-again, off-again regulation that has been enacted for the past four centuries), Sloan makes a convincing and nuanced case that shorting is a socially beneficial practice that tempers "irrational exuberance," keeps management honest, and provides incentives for ALL types of information to enter the marketplace, not just positive information. In essence, short sellers are the private-sector market watchdogs who indirectly encourage transparency and disclosure and directly help investors minimize risk while adding liquidity to the market. Furthermore, he shows how, in a tenuous marriage of convenience with corporate executives, government has consistently pandered to populist urges to curb short sellers (and their First Amendment right to express an opinion), what he describes as "serving public opinion without serving the public." He also exposes the hypocrisy of bank executives who, when lobbying for short selling bans, bite the hands that feed them and their prime brokerage businesses (i.e. the short sellers that pay for their services).
With politicians and the media in a race to the bottom to oversimplify complex subjects in order to gain public approval or ratings, books like "Don't Blame the Shorts" are more valuable than ever to someone who wants to block out all the "noise" and gain a more comprehensive understanding of how the markets work, who the major players are, and the role of government in it all. Simply put, I would highly recommend this book for anyone - finance professionals, academics, students, anyone interested in finance or the stock market - hoping to make sense of the modern financial world and the events of the day. It's educational, highly original, and a much-needed addition to the literature on finance and investing.
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