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Title	:	When Genius Failed: The Rise and Fall of Long-Term Capital Management
Author	:	Roger Lowenstein
Book Format	:	Paperback
Book Edition	:	Deluxe Edition
Pages	:	Pages: 264 pages
Published	:	October 9th 2001 by Random House Trade Paperbacks (first published January 1st 2000)
Categories	:	Economics. Finance. Business. Nonfiction. History

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

Roger Lowenstein

Paperback | Pages: 264 pages

Rating: 4.19 | 22157 Users | 622 Reviews

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

With a new Afterword addressing today’s financial crisis A BUSINESS WEEK BEST BOOK OF THE YEAR 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.

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Original Title:	When Genius Failed: The Rise and Fall of Long-Term Capital Management
ISBN:	0375758259 (ISBN13: 9780375758256)
Edition Language:	English

Rating Based On Books When Genius Failed: The Rise and Fall of Long-Term Capital Management

Ratings: 4.19 From 22157 Users | 622 Reviews

Assessment Based On Books When Genius Failed: The Rise and Fall of Long-Term Capital Management

(3.5) Eerily similar to a crisis almost exactly 10 years laterAn interesting, well-told if brief account of the rise and fall of Long-Term Capital Management (you remember that one, don't you?). When things get heated it was along the lines of Sorkin's Too Big to Fail, but otherwise a decent treatment of the significant events in the life and death of LTCM.Don't have too much more to share other than how prescient the following quotation (the book was written in 2000) was (or, perhaps how Wall

This is a great book detailing one of the biggest debacles in financial history, LTCM fall. I had the case study on this before, but background and involvement of pretty much investment bank gets clear from this book. Some of the details about how the fund was floated are a tad boring. Overall it unfolds like a crime novel and keeps oen interested. As someone in financial services industry, I would recommend it to people interested in the field. A lot of current risk management practices stem

Lowenstein crafts a superb narrative around the failure of the immense hedge fund, Long Term Capital Management. The details of the failure are complex, but I found myself returning to the fact that so many factors cited as contributing to the near-collapse of the financial system in 2008 were evident ten years earlier with the demise of LTMC:* Unregulated shadow banks* Spiraling complexity of derivatives which few understood* Over-reliance upon computer models which failed to account for the

Roger Lowenstein gives a detailed account of the unprecedented success and abrupt collapse of Long Term Capital Management. LTMC was founded by John Meriwether, ex bond trader at Salomon Brothers in 1994, and the fund mostly relied on convergence trading. The returns were astonishing in its early days, but the exorbitantly high leverage coupled with the financial meltdown in Asia and Russia forced the Fed to mediate a bailout of the fund in 1998.

I started reading this book in summer of 2007 and then picked it up again this fall. In 1997 I was blithely running around France checking out art while this country's financial system nearly came to a halt, the Fed had to step in and major banks suffered huge losses as a result of hubris and lack of understanding the true risks they were taking. Lowenstein brilliantly takes us behind this scenes to unravel how real geniuses-- Long-Term's marketing strategy was touting the number of Nobel



Great finance book - definitely on par with "The Big Short" and "Liar's Poker". Obviously very satisfying to read about brash Wall Street "geniuses" whose overconfidence precipitated their spectacular crash. There were a lot of very fascinating takeaways about markets:- "Markets conspire against the weak". Once the fund started to lose money, a number of fatal processes were kickstarted that accelerated the fall. First, LTCM was so massive in its positions that any move it made would move the