When Genius Failed

“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 ...

When Genius Failed

When Genius Failed

“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

More Books:

When Genius Failed
Language: en
Pages: 288
Authors: Roger Lowenstein
Categories: Business & Economics
Type: BOOK - Published: 2001-01-18 - Publisher: Random House

“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
When Genius Failed
Language: en
Pages: 264
Authors: Roger Lowenstein
Categories: Hedge funds
Type: BOOK - Published: 2001 - Publisher:

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
Big Mistakes
Language: en
Pages: 192
Authors: Michael Batnick
Categories: Business & Economics
Type: BOOK - Published: 2018-06-13 - Publisher: John Wiley & Sons

A Must-Read for Any Investor Looking to Maximize Their Chances of Success Big Mistakes: The Best Investors and Their Worst Investments explores the ways in which the biggest names have failed, and reveals the lessons learned that shaped more successful strategies going forward. Investing can be a rollercoaster of highs
The End of Wall Street
Language: en
Pages: 384
Authors: Roger Lowenstein
Categories: Business & Economics
Type: BOOK - Published: 2010-04-06 - Publisher: Penguin

Watch a Video Watch a video Download the cheat sheet for Roger Lowenstein's The End of Wall Street » The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist. The End of Wall Street is a blow-by-blow
Management and Organization Paradoxes
Language: en
Pages: 330
Authors: Stewart Clegg
Categories: Business & Economics
Type: BOOK - Published: 2002-01-01 - Publisher: John Benjamins Publishing

This text on management and organization paradoxes includes contemporary work in comparative management and intercultural comparison and studies of organizational culture, communication and aesthetics. Purely theoretical as well as empirically based studies are included.

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