Author Roger Lowenstein : Amazon.com: When Genius Failed: The Rise and Fall of Long–Term Capital Management eBook: Roger Lowenstein: Kindle Store – Epub Read

Roger Lowenstein ´ 0 Read

Amazon.com: When Genius Failed: The Rise and Fall of Long-Term Capital Management eBook: Roger Lowenstein: Kindle Store

Roger Lowenstein ´ 0 Read Summary ã PDF, DOC, TXT or eBook ´ Roger Lowenstein Amazon.com: When Genius Failed: The Rise and Fall of Long-Term Capital Management eBook: Roger Lowenstein: Kindle Store Read Ì 100 Ir disdainful condescension of potential investors who couldn t rise to their intellectual level netted a whopping billion The fund would seek to earn a tiny spread on thousands of trades as if it were vacuuming nickels that others couldn t see in the words of one of its Nobel laureate partners Myron Scholes And nickels it found In its first two years LTCM earned billion profits that exceeded percent even after the partners hefty cuts By the spring of it was holding billion in assets But the end was soon in sight and Lowenstein s detailed account of each successively worse month of culminating in a disastrous August and the partners subseuent panicked moves is riveting The arbitrageur s world is a complicated one and it might have served Lowenstein well to slow down and explain in greater detail the complex terms of theexotic species of investment flora that cram the book s pages However much of the intrigue of the Long Term story lies in its dizzying pace not to mention the dizzying amounts of money won and lost in the fund s short lifespan Lowenstein s smooth conversational but eually urgent tone carries it along well The book is a compelling read for those who ve always wondered what lay behind the Fed s controversial involvement with the LTCM hedge fund debacle S KetchumIn late September the New York Federal Reserve Bank invited a number of major Wall Street investment banks to enter a consortium to fund the multibillion dollar bailout of a troubl.

Free download Amazon.com: When Genius Failed: The Rise and Fall of Long-Term Capital Management eBook: Roger Lowenstein: Kindle Store

Roger Lowenstein ´ 0 Read Summary ã PDF, DOC, TXT or eBook ´ Roger Lowenstein Amazon.com: When Genius Failed: The Rise and Fall of Long-Term Capital Management eBook: Roger Lowenstein: Kindle Store Read Ì 100 Ed hedge fund No sooner was the billion plan announced than uestions arose about why usually independent banks would band together to save a single privately held fund The short answer is that the banks feared that the fund s collapse could destabilize the entire stock market The long answer which Lowenstein Buffett provides in undigested detail may panic those who shudder at the thought of bouncing a check Long Term Capital Management opened for business in February with billion in funds Armed with the cachet of its founders stellar credentials Robert Merton and Myron Scholes Nobel Prize laureates in economics were among the partners it uickly parlayed expertise at reading computer models of financial markets and seemingly limitless access to financing into stunning results By the end of it had tripled its euity capital and total assets had grown to billion Lowenstein argues that this kind of success served to enhance the fund s golden legend and sent the partners self confidence off the charts As he itemizes the complex mix of investments and heavy borrowing that made profitable years Lowenstein also charts the subtle drift toward riskier and ultimately disastrous ventures as the fund s traditional profit centers dried up What should have been a gripping story however has been poorly handled by Lowenstein who obscures his narrative with masses of data and overwritten prose Agent Melanie Jackson Author tour Sept Copyright Reed Business Information In.

Summary ã PDF, DOC, TXT or eBook ´ Roger Lowenstein

Roger Lowenstein ´ 0 Read Summary ã PDF, DOC, TXT or eBook ´ Roger Lowenstein Amazon.com: When Genius Failed: The Rise and Fall of Long-Term Capital Management eBook: Roger Lowenstein: Kindle Store Read Ì 100 On September the boardroom of the New York Fed was a tense place 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 is the gripping story of the Fed s unprecedented move the incredible heights reached by LTCM and the firm s eventual dramatic demise Lowenstein a financial journalist and author of Buffett The Making of an American Capitalist examines the personalities academic experts and professional relationships at LTCM and uncovers the layers of numbers behind its roller coaster ride with the precision of a skilled surgeon The fund s enigmatic founder John Meriwether spent almost years at Salomon Brothers where he formed its renowned Arbitrage Group by hiring academia s top financial economists 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 US Federal Reserve to join him in starting a hedge fund that would beat all hedge funds LTCM began trading in after completing a road show that despite the PhD touting partners lack of social skills and the.

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