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When Genius Failed
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.
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.
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