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When Genius Failed : The Rise and Fall of Long-Term Capital Management by Roger Lowenstein (2001, Trade Paperback)

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ISBN: 0375758259. Author: Lowenstein, Roger. Condition: New. Qty Available: 1.

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"A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure."-- The New York Times NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK In this business classic--now with a new Afterword in which the author draws parallels to the recent financial crisis--Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term's partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term's fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM's implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability--and as a wake-up call that Wall Street and government alike tragically ignored. Praise for When Genius Failed "[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris." --BusinessWeek "Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating." -- The Washington Post "Story-telling journalism at its best." -- The Economist

Product Identifiers

Publisher
Random House Publishing Group
ISBN-10
0375758259
ISBN-13
9780375758256
eBay Product ID (ePID)
1932070

Product Key Features

Book Title
When Genius Failed : the Rise and Fall of Long-Term Capital Management
Author
Roger Lowenstein
Format
Trade Paperback
Language
English
Topic
Banks & Banking, Finance / Financial Risk Management, Industries / Financial Services, Corporate Finance / General, Corporate & Business History, Investments & Securities / General
Publication Year
2001
Genre
Business & Economics
Number of Pages
304 Pages

Dimensions

Item Length
8in
Item Height
0.6in
Item Width
5.2in
Item Weight
7.4 Oz

Additional Product Features

Lc Classification Number
Hg4930 .L69 2000
Reviews
"A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure."-- The New York Times "[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris."-- Business Week "Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating."-- The Washington Post "Story-telling journalism at its best."-- The Economist, "A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure."-- The New York Times "[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris."-- Business Week "Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating."-- The Washington Post "Story-telling journalism at its best."-- The Economist, "A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure."- The New York Times "[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris."- Business Week "Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating."- The Washington Post "Story-telling journalism at its best."- The Economist
Copyright Date
2000
Target Audience
Trade
Lccn
00-028091
Dewey Decimal
332.6
Dewey Edition
21

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4.5 out of 5 stars based on 6 product ratings

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Most relevant reviews

5 out of 5 stars
by southern_recons...Aug 07, 2009
A cogent exposition and one still pertinent
An excellent dissection of the particular and the general. In particular, the workings of the Long-Term Capital Management hedge-fund explains in detail the history of the enterprise and the personalities who brought it about...and down. Reading this in light of the current Great Recession (as some refer to the results of the mortgage-fund et al. meltdowns which have forever changed the corporate landscape in which most of us have grown up), one can conclude that the seeds of disaster were certainly planted in part under the aegis of the high-rolling philosophy that embraces the something-for-nothing boom and bust. The arcane financial entities and procedures are explained so that the interested reader--and I speak as someone who at one time was licensed as a stock-broker and still did not grasp some of these concepts--can get something of a handle on just how unreal the financial world can be, and what the inevitable consequences will be.Read full review
5 out of 5 stars
by lakerfanatic71Aug 26, 2009
When genius failed.
This book was a very well written example of how men are called "Genius" when they were merely men who took idiotic chances with other peoples money, only to lose. This book was easy to read for anyone that wants to get a glimpse into how traders convinced bankers that they had found a new way to make money and keep the bankers making 15 to 20% returns on the money, while giving their customers 5 to 10%, which was not bad, but they were hardly able to continue this charade. this was the beginning of the bank failures (depression) we see today, because alot of banks involved very quietly.
2 out of 5 stars
by visoli0Sep 22, 2016
Book condition
The book is not in a very good condition as the description said
Verified purchase: Yes | Condition: Pre-owned
5 out of 5 stars
by jrw52003Mar 03, 2007
Good books hold their value
The Longterm Capital Management story, a must buy for any finance major. Sheds some light on the myth preached by so many that Buffet bailed out LTCM. Explains how the fund ran into trouble and the positions that ate its capital. Even covers in brief some of the practices employed by the LTCM arbitragers such as, Yield curve trades,Bond convergence, merger arbitrage.

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When Genius Failed : The Rise and Fall of Long-Term Capital Management by Roger Lowenstein (2001, Trade Paperback)

About this product

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Ratings and Reviews

Most relevant reviews

A cogent exposition and one still pertinent

When genius failed.

Book condition

Good books hold their value

Best Selling in Books

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