When Genius Failed: The Rise and Fall of Long-Term Capital Management
| Author | : | |
| Rating | : | 4.33 (763 Votes) |
| Asin | : | 0375758259 |
| Format Type | : | paperback |
| Number of Pages | : | 304 Pages |
| Publish Date | : | 2016-09-22 |
| Language | : | English |
DESCRIPTION:
Richard Bobb said Roger Lowenstein’s book contains an extraordinary amount of detail.. Roger Lowenstein’s book contains an extraordinary amount of detail. There’s nothing wrong with that.The gist of the story is that no amount of financial modelling can overcome a “black swan” event, even though the term “black swan” was not a known term at the tim. History doesn't repeat itself, but it rhymes. There is a scene late in the book, where all the major bankers are hanging out in the halls of the Fed.Thy may not get the money from the Fed, but in the end the central bank has to come in as an intermediary.That scene, though ten years early, is so reminiscent of the scene in 2008 when all the ba. "Very entertaining and lessons for all traders" according to Meritt J Finer. When Genius Failed was a great read. Lowenstein did a terrific job of introducing the reader to the quirky personalities at Long Term Capital and their interactions with Wall Street, European and Asian investment banks and the Fed. The real genius of the book was that Lowenstein nailed WHY genius f
Ketchum. --S. Though Meriwether left Salomon under a cloud of the SEC's wrath, he leapt into his next venture with ease and enticed most of his former Salomon hires--and eventually even David Mullins, the former vice chairman of the U.S. Around the table sat the heads of every major Wall Street bank, the chairman of the New York Stock Exchange, and representatives from numerous European banks, each of whom had been summoned to discuss a highly unusual prospect: rescuing what had, until then, been the envy of them all, the extraordinarily successful bond-trading firm of Long-Term Capital Management. Roger Lowenstein's When Genius Failed
Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored.. With a new Afterword addressing today’s financial crisisA BUSINESS WEEK BEST BOOK OF THE YEARIn this business classic—now with a new Afterword in which the author draws parallels to the recen