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Download E-books When Genius Failed: The Rise and Fall of Long-Term Capital Management PDF

By Roger Lowenstein

With a brand new Afterword addressing today’s monetary crisis

A enterprise WEEK BEST ebook OF THE YEAR

In this enterprise classic—now with a brand new Afterword within which the writer attracts parallels to the hot monetary crisis—Roger Lowenstein captures the gripping roller-coaster trip of long term Capital administration. Drawing on exclusive inner memos and interviews with dozens of key avid gamers, Lowenstein explains not only how the fund made and misplaced its funds but in addition how the personalities of Long-Term’s companions, the boldness in their mathematical certainties, and the tradition of Wall highway itself contributed to either their upward thrust and their fall.

When it was once based in 1993, long term used to be hailed because the such a lot outstanding hedge fund in heritage. yet after 4 years during which the company dazzled Wall road as a $100 billion rewarding juggernaut, it without warning suffered catastrophic losses that jeopardized not just the largest banks on Wall highway however the balance of the economy itself. The dramatic tale of Long-Term’s fall is now a chilling harbinger of the challenge that might strike all of Wall road, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein exhibits that LTCM’s implosion may be noticeable no longer as a one-off drama yet as a template for industry meltdowns in an age of instability—and as a warning sign that Wall road and executive alike tragically overlooked.

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