
When Genius Failed
The Rise and Fall of Long-Term Capital Management
Roger Lowenstein(Author)
Random House Inc (Publisher)
Published on 9. October 2001
Book
Paperback/Softback
304 pages
978-0-375-75825-6 (ISBN)
Description
"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
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 details
Language
English
Place of publication
New York
United States
Publishing group
Random House USA Inc
Product notice
Paperback (trade)
Dimensions
Height: 204 mm
Width: 134 mm
Thickness: 22 mm
Weight
243 gr
ISBN-13
978-0-375-75825-6 (9780375758256)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions

E-Book
01/2001
Random House
€16.99
Available for download
Person
Roger Lowenstein