Regulations change (as during the New Deal) when times are bad. In five weeks, the professors went from mega-rich geniuses to discredited failures. Hörbuch monatlich frei aus über 200.000 Titeln wählen, zusätzlich Audible Original Podcasts hören. Your display name should be at least 2 characters long. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. Your IP: 185.119.174.103 It seemed the geniuses in Greenwich couldn’t lose. We appreciate your feedback. Roger Lowenstein, the bestselling author of Buffett, captures Long-Term's roller-coaster ride in gripping detail. In Roger Lowenstein's hands, it is a brilliant tale peppered with fast money, vivid characters, and high drama. Hape Kerkeling, Autor: Lowenstein did a terrific job of introducing the reader to the quirky personalities at Long Term Capital and their interactions with Wall Street, European and Asian investment banks and the Fed. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. 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. Cloudflare Ray ID: 5e6a2e4ed803ce57 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. and a nice description of the perils and hiddent traps that led to the demise of LTC. For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss's return. Die Känguru-Chroniken berichten von den Abenteuern und Wortgefechten des Duos. A: Yes. Marc-Uwe Kling lebt mit einem Känguru zusammen. | 553 Minutes 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. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. Particularly the reasons why it ended up failing. When Genius Failed: The Rise and Fall of Long-Term Capital Management [Paperback]Roger Lowenstein (Author) GoodReads: 4.13 of 5 stars - 6,663 ratings Book Version: 236 pages ISBN: 375758259 (ISBN13: 9780375758256) When Genius Failed: The Rise and Fall of Long-Term Capital Management read by the author Free Audiobook Download 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. When Genius Failed was a great read. It is incredible how these guys operated and how confident they were in their smartness. You submitted the following rating and review. . ", " The takeaway from the LTCM episode - if you invest money you don't have, with the intent of making money you don't need, more often than not, you will end up in trouble. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. So self-certain were Long-Term’s traders that they borrowed with little concern about the leverage. 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 Kobo, we try to ensure that published reviews do not contain rude or profane language, spoilers, or any of our reviewer's personal information. The fund was long cloaked in secrecy, making the story of its rise . The one feature that does repeat, although in different forms, throughout financial history is that the people who get into trouble are the people who run up too much debt to survive a rainy day.Q: Somehow it makes sense that LTCM was based in the secret, monied playground of Greenwich, Connecticut. by Fourth Estate, Published 2009 We are experiencing technical difficulties. ", " It was intriguing to read the full story of this hedge fund, the good times and the bad. Download and start listening now! " For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss's return. Some of Meriwether’s former partners, who are partners with him now in a new venture, asked me to make changes because they thought sections of the book would be harmful to their future fund-raising efforts. © 2005 - 2020 AudioBookStore.com - All Rights Reserved. Und warum? 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. It's free and yours to keep. • A significant contribution to the craft of biography as well as an illuminating and comforting story for investors everywhere.