If You're Curious About These Questions...
You should listen to this audiobook
- What's the secret to the 'black edge,' the controversial strategy that allowed a hedge fund giant to beat the market for decades?
- Have you ever wondered how a billionaire mogul could remain legally untouchable even after his entire firm was caught in the crosshairs of a massive FBI investigation?
- Did you know that some of the most profitable trades in Wall Street history were actually fueled by a hidden network of illegal tips and corporate spies?
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Key Takeaways from Black Edge
- Understand how Steve Cohen built his massive fortune by cultivating a 'black edge'—an unfair and illegal advantage gained through systematic insider trading.
- Discover how SAC Capital actively recruited traders with a 'fundamental edge,' specifically targeting individuals with deep industry ties to extract confidential company information.
- Learn how aggressive hedge funds manipulate the market by spreading false, negative rumors about targeted companies to profit massively when their stock prices crash.
- Uncover the shady reality of 'expert networks' on Wall Street, and how traders use paid consultations with executives to secretly gather unreleased financial data.
- Find out how SAC Capital exploited confidential medical research by using insider details about a highly anticipated Alzheimer's drug to generate $273 million in illicit profits.
Learning Tools
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Mind Map
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Black Edge — Full Chapter Overview
Chapter 1: Recommendation
Chapter 2: Steve Cohen was a skilled trader with early success, yet he would later confront charges of insider trading.
Chapter 3: Cohen created his own firm, SAC Capital, that systematically pursued illicit insider information relentlessly.
Chapter 4: SAC confronted accusations of manipulating share prices, and a culture of chasing insider information took root.
Chapter 5: In 2008, SAC leveraged Alzheimer’s research to profit through massive insider trading schemes.
Chapter 6: By the late 2000s, U.S. regulators started honing in on insider trading across Wall Street.
Chapter 7: In 2011, SAC trader Mathew Martoma and Dr. Sidney Gilman drew the attention of U.S. federal authorities.
Chapter 8: In late 2012, Mathew Martoma was arrested, and SAC paid a record fine to settle insider trading charges brought.
Chapter 9: SAC agreed to another fine, and Martoma was sentenced to prison, yet Cohen still walked free.
Black Edge Summary & Overview
Black Edge (2017) tells the real-life tale of greed and financial crime on Wall Street during the 2000s. It describes large-scale, illegal insider trading at SAC Capital Advisors, a hedge fund founded by star investor Steve Cohen. SAC maintained a culture of trading on inside information, but while some traders at SAC were convicted of insider trading, US authorities could never stop Steve Cohen himself from making his millions – and he was never convicted of any crime.
Who Should Listen to Black Edge?
- Investors and analysts
- Lawyers and investigators
- The 99 percent who don’t benefit from Wall Street trading
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