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

图书信息

作者	Roger Lowenstein
出版社	William Collins
ISBN	9780007375790
出版时间	2014-01-30
字数	52.4万
分类	进口书,外文原版书,经管,金融

读书简介

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.

目录

Cover

Title Page

Dedication

Epigraph

Contents

Introduction

The Rise of Long-Term Capital Management

1: Meriwether

2: Hedge Fund

3: On the Run

4: Dear Investors

5: Tug-of-War

6: A Nobel Prize

The Fall of Long-Term Capital Management

7: Bank of Volatility

8: The Fall

9: The Human Factor

10: At the Fed

Epilogue

Notes

Index

Author’s Note and Acknowledgments

About the Author

Other Works

Copyright

About the Publisher