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When Genius Failed: The Rise And Fall Of Long Term Capital Management
By Roger Lowenstein (Paperback, 2001)
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 partnersFounded 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 millionsIt 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 beforeWhen 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
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 beforeWhen 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
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