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When Genius Failed: The Rise and Fall of Long-Term Capital Management - Roger Lowenstein
Vergriffenes Buch, derzeit bei uns nicht verfügbar.
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Roger Lowenstein:
When Genius Failed: The Rise and Fall of Long-Term Capital Management - Taschenbuch

2001, ISBN: 0375758259

[SR: 8788], Paperback, [EAN: 9780375758256], Random House Trade Paperbacks, Random House Trade Paperbacks, Book, [PU: Random House Trade Paperbacks], 2001-10-09, Random House Trade Paperbacks, With a new Afterword addressing today’s financial crisisA BUSINESS WEEK BEST BOOK OF THE YEARIn 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 governme, On September 23, 1998, the boardroom of the New York Fed was a tense place. Around the table sat the heads of every major Wall Street bank, the chairman of the New York Stock Exchange, and representatives from numerous European banks, each of whom had been summoned to discuss a highly unusual prospect: rescuing what had, until then, been the envy of them all, the extraordinarily successful bond-trading firm of Long-Term Capital Management. Roger Lowenstein's When Genius Failed is the gripping story of the Fed's unprecedented move, the incredible heights reached by LTCM, and the firm's eventual dramatic demise. Lowenstein, a financial journalist and author of Buffett: The Making of an American Capitalist, examines the personalities, academic experts, and professional relationships at LTCM and uncovers the layers of numbers behind its roller-coaster ride with the precision of a skilled surgeon. The fund's enigmatic founder, John Meriwether, spent almost 20 years at Salomon Brothers, where he formed its renowned Arbitrage Group by hiring academia's top financial economists. Though Meriwether left Salomon under a cloud of the SEC's wrath, he leapt into his next venture with ease and enticed most of his former Salomon hires--and eventually even David Mullins, the former vice chairman of the U.S. Federal Reserve--to join him in starting a hedge fund that would beat all hedge funds. LTCM began trading in 1994, after completing a road show that, despite the Ph.D.-touting partners' lack of social skills and their disdainful condescension of potential investors who couldn't rise to their intellectual level, netted a whopping $1.25 billion. The fund would seek to earn a tiny spread on thousands of trades, "as if it were vacuuming nickels that others couldn't see," in the words of one of its Nobel laureate partners, Myron Scholes. And nickels it found. In its first two years, LTCM earned $1.6 billion, profits that exceeded 40 percent even after the partners' hefty cuts. By the spring of 1996, it was holding $140 billion in assets. But the end was soon in sight, and Lowenstein's detailed account of each successively worse month of 1998, culminating in a disastrous August and the partners' subsequent panicked moves, is riveting. The arbitrageur's world is a complicated one, and it might have served Lowenstein well to slow down and explain in greater detail the complex terms of the more exotic species of investment flora that cram the book's pages. However, much of the intrigue of the Long-Term story lies in its dizzying pace (not to mention the dizzying amounts of money won and lost in the fund's short lifespan). Lowenstein's smooth, conversational but equally urgent tone carries it along well. The book is a compelling read for those who've always wondered what lay behind the Fed's controversial involvement with the LTCM hedge-fund debacle. --S. Ketchum, 2542, Company Profiles, 2538, Biography & History, 3, Business & Money, 1000, Subjects, 283155, Books, 2591, Free Enterprise, 2581, Economics, 3, Business & Money, 1000, Subjects, 283155, Books, 2602, Theory, 2581, Economics, 3, Business & Money, 1000, Subjects, 283155, Books, 2633, Banks & Banking, 2581, Economics, 3, Business & Money, 1000, Subjects, 283155, Books, 10020674011, Financial Risk Management, 2604, Finance, 3, Business & Money, 1000, Subjects, 283155, Books, 2665, Investing, 10020703011, Analysis & Strategy, 2666, Bonds, 2667, Commodities, 2668, Futures, 2670, Introduction, 2671, Mutual Funds, 886504, Online Trading, 2672, Options, 2653, Real Estate, 2674, Stocks, 3, Business & Money, 1000, Subjects, 283155, Books

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When Genius Failed: The Rise and Fall of Long-Term Capital Management - Roger Lowenstein
Vergriffenes Buch, derzeit bei uns nicht verfügbar.
(*)
Roger Lowenstein:
When Genius Failed: The Rise and Fall of Long-Term Capital Management - Taschenbuch

2001, ISBN: 0375758259

[SR: 19573], Paperback, [EAN: 9780375758256], Random House Trade Paperbacks, Random House Trade Paperbacks, Book, [PU: Random House Trade Paperbacks], 2001-10-09, Random House Trade Paperbacks, On September 23, 1998, the boardroom of the New York Fed was a tense place. Around the table sat the heads of every major Wall Street bank, the chairman of the New York Stock Exchange, and representatives from numerous European banks, each of whom had been summoned to discuss a highly unusual prospect: rescuing what had, until then, been the envy of them all, the extraordinarily successful bond-trading firm of Long-Term Capital Management. Roger Lowenstein's When Genius Failed is the gripping story of the Fed's unprecedented move, the incredible heights reached by LTCM, and the firm's eventual dramatic demise. Lowenstein, a financial journalist and author of Buffett: The Making of an American Capitalist, examines the personalities, academic experts, and professional relationships at LTCM and uncovers the layers of numbers behind its roller-coaster ride with the precision of a skilled surgeon. The fund's enigmatic founder, John Meriwether, spent almost 20 years at Salomon Brothers, where he formed its renowned Arbitrage Group by hiring academia's top financial economists. Though Meriwether left Salomon under a cloud of the SEC's wrath, he leapt into his next venture with ease and enticed most of his former Salomon hires--and eventually even David Mullins, the former vice chairman of the U.S. Federal Reserve--to join him in starting a hedge fund that would beat all hedge funds. LTCM began trading in 1994, after completing a road show that, despite the Ph.D.-touting partners' lack of social skills and their disdainful condescension of potential investors who couldn't rise to their intellectual level, netted a whopping $1.25 billion. The fund would seek to earn a tiny spread on thousands of trades, "as if it were vacuuming nickels that others couldn't see," in the words of one of its Nobel laureate partners, Myron Scholes. And nickels it found. In its first two years, LTCM earned $1.6 billion, profits that exceeded 40 percent even after the partners' hefty cuts. By the spring of 1996, it was holding $140 billion in assets. But the end was soon in sight, and Lowenstein's detailed account of each successively worse month of 1998, culminating in a disastrous August and the partners' subsequent panicked moves, is riveting. The arbitrageur's world is a complicated one, and it might have served Lowenstein well to slow down and explain in greater detail the complex terms of the more exotic species of investment flora that cram the book's pages. However, much of the intrigue of the Long-Term story lies in its dizzying pace (not to mention the dizzying amounts of money won and lost in the fund's short lifespan). Lowenstein's smooth, conversational but equally urgent tone carries it along well. The book is a compelling read for those who've always wondered what lay behind the Fed's controversial involvement with the LTCM hedge-fund debacle. --S. Ketchum, 935528, Company Profiles, 935524, Biography & History, 935522, Business & Investing, 927726, Subjects, 916520, Books, 935620, Free Enterprise, 935606, Economics, 935522, Business & Investing, 927726, Subjects, 916520, Books, 935636, Theory, 935606, Economics, 935522, Business & Investing, 927726, Subjects, 916520, Books, 935660, Banks & Banking, 935648, Finance, 935522, Business & Investing, 927726, Subjects, 916520, Books, 11591974011, Financial Risk Management, 935648, Finance, 935522, Business & Investing, 927726, Subjects, 916520, Books, 935764, Investing, 11591994011, Analysis & Strategy, 935766, Bonds, 935768, Commodities, 11591997011, Derivatives, 935770, Futures, 935774, Introduction, 935776, Mutual Funds, 935778, Options, 11591998011, Portfolio Management, 935732, Real Estate, 935780, Stocks, 935522, Business & Investing, 927726, Subjects, 916520, Books, 935534, Policy & Current Events, 355943011, Popular Economics, 935522, Business & Investing, 927726, Subjects, 916520, Books, 951610, Free Enterprise, 951594, Economics, 951502, Accounting & Finance, 950756, Professional & Technical, 927726, Subjects, 916520, Books, 951626, Theory, 951594, Economics, 951502, Accounting & Finance, 950756, Professional & Technical, 927726, Subjects, 916520, Books, 951580, Finance, 951550, Banks & Banking, 951586, Corporate Finance, 951572, Foreign Exchange, 951592, Inflation, 951590, Interest, 951502, Accounting & Finance, 950756, Professional & Technical, 927726, Subjects, 916520, Books, 951550, Banks & Banking, 951504, Industries & Professions, 951502, Accounting & Finance, 950756, Professional & Technical, 927726, Subjects, 916520, Books

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John Meriwether, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best--and the brainiest--bond arbitrage group in the world. A mysterious and shy midwesterner, he knitted together a group of Ph.D.-certified arbitrageurs who rewarded him with filial devotion and fabulous profits. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss's return. Then, in 1993, Meriwether made a historic offer. He gathered together his former disciples and a handful of supereconomists from academia and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. And so Long-Term Capital Management was born. In a decade that had seen the longest and most rewarding bull market in history, hedge funds were the ne plus ultra of investments: discreet, private clubs limited to those rich enough to pony up millions. They promised that the investors' money would be placed in a variety of trades simultaneously--a "hedging" strategy designed to minimize the possibility of loss. At Long-Term, Meriwether & Co. truly believed that their finely tuned computer models had tamed the genie of risk, and would allow them to bet on the future with near mathematical certainty. And thanks to their cast--which included a pair of future Nobel Prize winners--investors believed them. From the moment Long-Term opened their offices in posh Greenwich, Connecticut, miles from the pandemonium of Wall Street, it was clear that this would be a hedge fund apart from all others. Though they viewed the big Wall Street investment banks with disdain, so great was Long-Term's aura that these very banks lined up to provide the firm with financing, and on the very sweetest of terms. So self-certain were Long-Term's traders that they borrowed with little concern about the leverage. At first, Long-Term's models stayed on script, and this new gold standard in hedge funds boasted such incredible returns that private investors and even central banks clamored to invest more money. It seemed the geniuses in Greenwich couldn't lose. Four years later, when a default in Russia set off a global storm that Long-Term's models hadn't anticipated, its supposedly safe portfolios imploded. In five weeks, the professors went from mega-rich geniuses to discredited failures. With the firm about to go under, its staggering $100 billion balance sheet threatened to drag down markets around the world. At the eleventh hour, fearing that the financial system of the world was in peril, the Federal Reserve Bank hastily summoned Wall Street's leading banks to underwrite a bailout. Roger Lowenstein, the bestselling author of Buffett, captures Long-Term's roller-coaster ride in gripping detail. Drawing on confidential internal memos and interviews with dozens o When Genius Failed: The Rise and Fall of Long-Term Capital Management Lowenstein, Roger, Random House Trade

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When Genius Failed: The Rise and Fall of Long-Term Capital Management - Roger Lowenstein
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ISBN: 9780375758256

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When Genius Failed: The Rise and Fall of Long-Term Capital Management John Meriwether, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best--and the brainiest--bond arbitrage group in the world. A mysterious and shy midwesterner, he knitted together a group of Ph.D.-certified arbitrageurs who rewarded him with filial devotion and fabulous profits. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss's return. Then, in 1993, Meriwether made a historic offer. He gathered together his former disciples and a handful of supereconomists from academia and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. And so Long-Term Capital Management was born. In a decade that had seen the longest and most rewarding bull market in history, hedge funds were the ne plus ultra of investments: discreet, private clubs limited to those rich enough to pony up millions. They promised that the investors' money would be placed in a variety of trades simultaneously--a "hedging" strategy designed to minimize the possibility of loss. At Long-Term, Meriwether & Co. truly believed that their finely tuned computer models had tamed the genie of risk, and would allow them to bet on the future with near mathematical certainty. And thanks to their cast--which included a pair of future Nobel Prize winners--investors believed them. From the moment Long-Term opened their offices in posh Greenwich, Connecticut, miles from the pandemonium of Wall Street, it was clear that this would be a hedge fund apart from all others.Though they viewed the big Wall Street investment banks with disdain, so great was Long-Term's aura that these very banks lined up to provide the firm with financing, and on the very sweetest of terms. So self-certain were Long-Term's traders that they borrowed with little Bücher / Fremdsprachige Bücher / Englische Bücher 978-0-375-75825-6, Random House Inc

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When Genius Failed: The Rise and Fall of Long-Term Capital Management - Roger Lowenstein
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ISBN: 9780375758256

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John Meriwether, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best--and the brainiest--bond arbitrage group in the world. A mysterious and shy midwesterner, he knitted together a group of Ph.D.-certified arbitrageurs who rewarded him with filial devotion and fabulous profits. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss´s return. Then, in 1993, Meriwether made a historic offer. He gathered together his former disciples and a handful of supereconomists from academia and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. And so Long-Term Capital Management was born. In a decade that had seen the longest and most rewarding bull market in history, hedge funds were the ne plus ultra of investments: discreet, private clubs limited to those rich enough to pony up millions. They promised that the investors´ money would be placed in a variety of trades simultaneously--a ´´hedging´´ strategy designed to minimize the possibility of loss. At Long-Term, Meriwether & Co. truly believed that their finely tuned computer models had tamed the genie of risk, and would allow them to bet on the future with near mathematical certainty. And thanks to their cast--which included a pair of future Nobel Prize winners--investors believed them. From the moment Long-Term opened their offices in posh Greenwich, Connecticut, miles from the pandemonium of Wall Street, it was clear that this would be a hedge fund apart from all others.Though they viewed the big Wall Street investment banks with disdain, so great was Long-Term´s aura that these very banks lined up to provide the firm with financing, and on the very sweetest of terms. So self-certain were Long-Term´s traders that they borrowed with little When Genius Failed: The Rise and Fall of Long-Term Capital Management Buch (fremdspr.) Bücher>Fremdsprachige Bücher>Englische Bücher, Random House Inc

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

Lowenstein, Roger

Titel:

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

ISBN-Nummer:

John Meriwether, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best--and the brainiest--bond arbitrage group in the world. A mysterious and shy midwesterner, he knitted together a group of Ph.D.-certified arbitrageurs who rewarded him with filial devotion and fabulous profits. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss's return. Then, in 1993, Meriwether made a historic offer. He gathered together his former disciples and a handful of supereconomists from academia and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. And so Long-Term Capital Management was born. In a decade that had seen the longest and most rewarding bull market in history, hedge funds were the ne plus ultra of investments: discreet, private clubs limited to those rich enough to pony up millions. They promised that the investors' money would be placed in a variety of trades simultaneously--a "hedging" strategy designed to minimize the possibility of loss. At Long-Term, Meriwether & Co. truly believed that their finely tuned computer models had tamed the genie of risk, and would allow them to bet on the future with near mathematical certainty. And thanks to their cast--which included a pair of future Nobel Prize winners--investors believed them. From the moment Long-Term opened their offices in posh Greenwich, Connecticut, miles from the pandemonium of Wall Street, it was clear that this would be a hedge fund apart from all others.Though they viewed the big Wall Street investment banks with disdain, so great was Long-Term's aura that these very banks lined up to provide the firm with financing, and on the very sweetest of terms. So self-certain were Long-Term's traders that they borrowed with little

Detailangaben zum Buch - When Genius Failed: The Rise and Fall of Long-Term Capital Management


EAN (ISBN-13): 9780375758256
ISBN (ISBN-10): 0375758259
Taschenbuch
Erscheinungsjahr: 2001
Herausgeber: RANDOM HOUSE
304 Seiten
Gewicht: 0,209 kg
Sprache: eng/Englisch

Buch in der Datenbank seit 05.06.2007 12:31:58
Buch zuletzt gefunden am 05.04.2017 14:32:56
ISBN/EAN: 9780375758256

ISBN - alternative Schreibweisen:
0-375-75825-9, 978-0-375-75825-6


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