Monday, September 28, 2020
Home Stock Market Books When Genius Failed: The Rise and Fall of Long Term Capital Management

When Genius Failed: The Rise and Fall of Long Term Capital Management


Price: ₹ 242.34
(as of Aug 20,2020 20:35:07 UTC – Details)


Charts are best viewed on a tablet.

Picking up where Liar’s Poker left off (literally, in the bond dealer’s desks of Salomon Brothers) the story of Long-Term Capital Management is of a group of elite investors who believed they could beat the market and, like alchemists, create limitless wealth for themselves and their partners.

Founded by John Meriweather, a notoriously confident bond dealer, along with two Nobel prize winners and a floor of Wall Street’s brightest and best, Long-Term Captial Management was from the beginning hailed as a new gold standard in investing. It was to be the hedge fund to end all other hedge funds: a discreet private investment club limited to those rich enough to pony up millions.

It became the banks’ own favourite fund and from its inception achieved a run of dizzyingly spectacular returns. New investors barged each other aside to get their investment money into LTCM’s hands. But as competitors began to mimic Meriweather’s fund, he altered strategy to maintain the fund’s performance, leveraging capital with credit on a scale not fully understood and never seen before.

When the markets in Indonesia, South America and Russia crashed in 1998 LCTM’s investments crashed with them and mountainous debts accumulated. The fund was in melt-down, and threatening to bring down into its trillion-dollar black hole a host of financial instiutions from New York to Switzerland. It’s a tale of vivid characters, overwheening ambition, and perilous drama told, in Roger Lowenstein’s hands, with brilliant style and panache.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Effective Investments on Capital Markets: 10th Capital Market Effective Investments Conference (CMEI 2018) (Springer Proceedings in Business and Economics)

Price: (as of - Details) This proceedings volume presents current research and innovative solutions into capital markets, particularly in Poland. Featuring contributions...

How Finance Works: The HBR Guide to Thinking Smart About the Numbers

Price: (as of - Details) Based on a popular class taught by a Harvard Business School professor.If you're not a numbers person,...

Inside Technology Stocks: The Secrets to Investing in Today’s Hottest Companies

Price: (as of - Details) Technology stocks provide the wildest, most exhilarating, most profitable ride in the stock market today. This is...

Getting Started in Value Investing: 72

Price: (as of - Details) An accessible introduction to the proven method of value investing An ardent follower of Warren Buffett-the most...

Recent Comments