Asensio is the most famous practitioner of an investment technique called short selling, in which one profits from a stock's decline. Although this practice has a bad reputation, Asensio argues that it is legal and even ethical. He often chooses to publish his research, issuing reports explaining precisely why his stocks should go down; this, along with his unmatched six-year record for spotting overhyped and fraudulent stocks, makes him very unpopular on Wall Street. His book offers amusing accounts of companies whose stock prices were irrationally buoyed by management's optimistic press releases (amusing, that is, to readers who didn't buy the stocks). Some companies had no products, others did not have the rights to the products they touted, and still others hawked failed drugs or previously discredited inventions. Readers' amusement will turn to concern, however, as the book documents the complicity of large institutions in these frauds. Asensio shows that the best-known...

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