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When Genius Failed

By Roger Lowenstein

When Genius Failed Politics & Society

When Genius Failed

0 - Used - very good
Description
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 institutions 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.
Product details
Binding:
Paperback
Number of Pages:
288
Release Date:
2002-01-02
Publication Date:
2002-01-02
Publisher:
Harper Collins Publ. UK
Languages:
Original: English
ISBN10:
1841155047
ISBN13:
9781841155043
GPSR Manufacturer Reference:
[email protected]
Weight:
197 g
Height:
132 cm
Width:
198 cm
Thickness:
20 cm
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