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When Genius Failed Roger Lowenstein

When Genius Failed By Roger Lowenstein

When Genius Failed by Roger Lowenstein


£4,79
New RRP £16,99
Condition - Very Good
6 in stock

Summary

The story of a group of elite investors who believed they could beat the market and, like alchemists, create limitless wealth for themselves and their partners. In fact, they created a trillion-dollar hole in the banking system.

When Genius Failed Summary

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

Additional information

GOR001340385
9781841155036
1841155039
When Genius Failed: The Rise and Fall of Long Term Capital Management by Roger Lowenstein
Used - Very Good
Hardback
HarperCollins Publishers
2000-12-14
288
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us

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