Mr. Market Miscalculates

Foreword

One: Gallery of the Immortals

First There Was J. Pierpont Morgan

Emulate Henry Singleton

Inside Isaac’s Head

At the Bank of Graham and Dodd

Thomson Hankey was Right

Two: On Planet Stock Market

Crisis of the Big Guys

The Economic Consequences of Air Conditioning

Just in Case

Bull-to-Bull

Three: New Eras on Parade

Thank Mother Russia

Real Estate 36,000

Nasdaq’s Peak was Greenspan’s

Meet the New Mary Meeker

Whom Blodget Displaced

Snoopy Deploys Capital

Four: Perils of Tranquility

Parable of Perception

There Ought to be Deflation

Deflation a la Eisenhower

Not Too Big to Hit the Wall

Fill in the Suez Canal

Five: Mr. Market Buys a House

Hock-a-Home

Rope for the Neck of the Homeowner

Meet “Mr. I.O.–P.O.”

For a Considerable Period

Your Home is Your Debt

The 29th Bubble

In Kansas We Busted

House Prices: Prepare for the Impossible

Six : Mortgage Science Projects

Find That Risk

Inside ACE Securities’ HEL Trust, Series 2005–HE5

Age of Aquarius

Inside the Mortgage Machine

Up the Capital Structure

Wheezing CDO Machine

Seven: Mr. Market in the Dock

Carter Glass, R.I.P.

The Miscreants We Deserve

Mr. Market’s Shiner

Houses of Ill Repute

The Peoples’ Wrath—Delayed

Eight: Federalized Interest Rates

Monetary Regime Change

So It’s the Government’s Yield Curve

Mission Creeps

Bonds: The Next Generation

Nine: Bonfire of the Currencies

Paper Tigers

Money Less Bad

Broadside of the Barn

End of the Honor System

Ten: Lenders Don Lampshades

Missing Bankruptcies

Value at Risk

Our Friends, the Creditors

Subprime Companies

Fire the Brainiacs

Eleven: The Fine Art of Security Analysis

Pariahs’ Club

Bearish on Corning

Risk in a Cheap Stock

Glowworm Will—Eventually—Turn

Three Years Later and Still Not Cheap

Bullish on Tata

Swing and a Miss

Postscript: The Close of the Era of Peace and Quiet

Index