When Genius Failed by Roger Lowenstein
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 capital 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 is a tale of vivid characters, overwheening ambition and perilous drama told, in Roger Lowenstein's hands, with style and panache.| SKU | Unavailable |
| ISBN 13 | 9781841155036 |
| ISBN 10 | 1841155039 |
| Title | When Genius Failed |
| Author | Roger Lowenstein |
| Condition | Unavailable |
| Binding Type | Hardback |
| Publisher | HarperCollins Publishers |
| Year published | 2000-12-14 |
| Number of pages | 288 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |