出版社: Random House Inc.
副标题: The Rise and Fall of Long-Term Capital Management
出版年: 2001-10-9
页数: 288
定价: 16.00美元
装帧: 平装
ISBN: 9780375758256
内容简介 · · · · · ·
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 extraordinaril...
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
When Genius Failed的创作者
· · · · · ·
作者简介 · · · · · ·
Roger Lowenstein (born in 1954) is an American financial journalist and writer. He graduated from Cornell University and reported for the Wall Street Journal for more than a decade, including two years writing its Heard on the Street column, 1989 to 1991. Born in 1954, he is the son of Helen and Louis Lowenstein of Larchmont, N.Y. Lowenstein is married to Judith Slovin.
He is a...
Roger Lowenstein (born in 1954) is an American financial journalist and writer. He graduated from Cornell University and reported for the Wall Street Journal for more than a decade, including two years writing its Heard on the Street column, 1989 to 1991. Born in 1954, he is the son of Helen and Louis Lowenstein of Larchmont, N.Y. Lowenstein is married to Judith Slovin.
He is also a director of Sequoia Fund. His father, the late Louis Lowenstein, was an attorney and Columbia University law professor who wrote books and articles critical of the American financial industry.
Roger Lowenstein's latest book, America's Bank: The Epic Struggle to Create the Federal Reserve (The Penguin Press) was released on October 20, 2015.
He has three children and lives in Westfield, New Jersey.
喜欢读"When Genius Failed"的人也喜欢的电子书 · · · · · ·
喜欢读"When Genius Failed"的人也喜欢 · · · · · ·
- The Big Short 8.8
- Den of Thieves 8.6
- Capital Ideas 8.4
- Liar's Poker 8.7
- Flash Boys 8.2
- Too Big to Fail 8.6
- Monkey Business 8.5
- F.I.A.S.C.O. 8.5
When Genius Failed的书评 · · · · · · ( 全部 60 条 )
Fear and Greed - When Genius Failed
这篇书评可能有关键情节透露
The difference between the market and Brownian motion lies within the greed and fear of investors. LTCM doomed with 30x leverage and skyrocking divergence of bond swap spreads in Sep. 1998, a month after Russia defaulted... John Meriwether, once the head o... (展开)简单的思想,复杂的实现
> 更多书评 60篇
论坛 · · · · · ·
在这本书的论坛里发言这本书的其他版本 · · · · · · ( 全部8 )
-
上海远东出版社 (2006)8.5分 704人读过
-
机械工业出版社 (2017)8.7分 591人读过
-
广东经济出版社 (2009)8.5分 307人读过
-
上海远东出版社 (2003)8.6分 275人读过
以下书单推荐 · · · · · · ( 全部 )
- 金融博物馆书院2012年1-3月推荐书单 (金融博物馆书院)
- 关于美国金融行业的基本入门书 (桂子山人)
- 好书系列1 ([已注销])
- 《财富》推荐的75本的商业必读书 (2sin18°)
- Goodreads评分4星+书单(万人以上评分) (潘多拉的书单)
谁读这本书? · · · · · ·
二手市场
· · · · · ·
订阅关于When Genius Failed的评论:
feed: rss 2.0
0 有用 ebullient 2012-05-14 03:05:55
就是看得太痛苦了……因为有deadline所以一直在拼死地看……毕竟看英文书的速度比不上看中文书啊……
0 有用 梅文女王殿下 2010-02-21 10:10:06
2008年读 事实说明,百年难遇的金融危机5年发生一次。
7 有用 Auguste 2011-11-29 21:45:06
后人哀之而不鉴之,亦使后人而复哀后人也
0 有用 不过如北 2016-02-18 10:43:58
An epic account of how the legendary LTCM, an investment Dream Team led by a hero of the Liar's Poker, quickly rose to stardom with its computerised and mathematics-based investment models, only to fi... An epic account of how the legendary LTCM, an investment Dream Team led by a hero of the Liar's Poker, quickly rose to stardom with its computerised and mathematics-based investment models, only to find itself lose it all in five weeks amid irrational market conditions, due to lax governance, excessive leverage and inherent flaws of the models. (展开)
0 有用 Keymaker Fu 2012-03-09 12:12:51
Nassim原来就是长期资本的反向操作呀
0 有用 恒星de恒心 2023-12-25 20:09:07 四川
以前叫量化,后来叫大数据,现在叫大模型,人们总是想从历史中找寻规律,殊不知跟自然客观规律不同的是,所有的风险和不确定性都是人为造成的,人性是算不出也算不准的。人类唯一能从历史中吸取的教训就是,人类从来都不会从历史中吸取教训。
0 有用 Andrew 2023-12-15 16:43:28 德国
During a crisis, the correlation always go to 1. 这本书的故事比大空头华尔街之狼精彩太多。一些尘封几年的学术知识被揭开,看书的时候让我多次回忆起本科学derivative pricing时候得挣扎,哦原来就是你小子发明的BS公式,哦你小子亏成这样…. 不仅Scholes,Merton出现在书本上,还有各种华尔街投行ceo,chairman的博弈。我... During a crisis, the correlation always go to 1. 这本书的故事比大空头华尔街之狼精彩太多。一些尘封几年的学术知识被揭开,看书的时候让我多次回忆起本科学derivative pricing时候得挣扎,哦原来就是你小子发明的BS公式,哦你小子亏成这样…. 不仅Scholes,Merton出现在书本上,还有各种华尔街投行ceo,chairman的博弈。我最喜欢的是the fed这一章,金融市场的弱肉强食,各大投行老板在一起讨论救与不救以及互相在背后打算盘的故事真的很上头,非常好看强烈推荐! (展开)
0 有用 霎誊 2023-10-30 23:32:50 美国
The media often attributes LTCM's downfall to excessive leverage and depletion of liquidity confronted by systemic risk. But the fatal blow lay in the misinterpretation of uncertainty. Unlike quantifi... The media often attributes LTCM's downfall to excessive leverage and depletion of liquidity confronted by systemic risk. But the fatal blow lay in the misinterpretation of uncertainty. Unlike quantifiable risks that can be assigned numerical values, uncertainty is immeasurable. Respect this inherent friction's prevalence and leave room to retreat. (展开)
0 有用 冯小刚几 2023-10-22 01:45:35 上海
p16 china-service,Waspish;Case studies:p45 interesting,p53 intricate for newbies;p122,LTCM在short options的时候buyers 下注的market decline是equity的roar导致trade的decline吧,这节有点绕;230828/终于读完一遍了。231022
0 有用 Glovesun 2023-09-12 12:31:46 辽宁
It is a compelling narrative that vividly illustrates how various forms of genius faltered when confronted with the unexpected arrival of the black swan.