When Genius Failed 2024 pdf epub mobi 電子書 下載


When Genius Failed

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When Genius Failed pdf epub mobi 著者簡介

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 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.


When Genius Failed pdf epub mobi 圖書描述

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

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發表於2024-12-22

When Genius Failed 2024 pdf epub mobi 電子書 下載

When Genius Failed 2024 pdf epub mobi 電子書 下載

When Genius Failed 2024 pdf epub mobi 電子書 下載



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When Genius Failed pdf epub mobi 讀後感

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每一本談論長期資本公司的著作,都會花些篇幅介紹它的全明星陣容:所羅門兄弟公司債券套利業務負責人梅裏韋瑟及其團隊,因BS模型獲得諾奬的墨頓與斯科爾斯,美聯儲副主席馬林斯…人們稱之為全球“每一平方厘米智力密度最高的地方”。 長期資本公司構建瞭精密的定價模型,采用高...  

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讀《賭金者》一書,竟耗去瞭一個半月。為裏麵的幾個關鍵點環節深深感慨。讀一個真實的具體的案例,遠勝於讀十本理論書。又感到作者羅格•洛溫斯坦那孜孜不倦的鑽研精神,打破沙煲紋到底的鍥而不捨的精神,書裏本著務求真實的精神,不妄加作者的主觀臆想,而能把故事如同曆史...  

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出版者:Random House Inc.
作者:Roger Lowenstein
出品人:
頁數:288
譯者:
出版時間:2001-10-9
價格:16.00美元
裝幀:平裝
isbn號碼:9780375758256
叢書系列:

圖書標籤: 金融  Finance  華爾街  LTCM  對衝基金  投資  美國  案例   


When Genius Failed 2024 pdf epub mobi 電子書 下載
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When Genius Failed pdf epub mobi 用戶評價

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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.

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readable and insightful history of LTCM

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好書!看得我心潮澎湃的~

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readable and insightful history of LTCM

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今年讀過的最好的商業書籍,對LTCM的興起與衰落進行瞭完整復盤。雖然作者很cynical,但既未為LTCM文過飾非,也沒有落井下石地對他們進行不公正的道德指責,忠實記錄瞭LTCM如何在成功投資後過於迷信自己的model而丟掉瞭謹慎,在貪婪和業績壓力下步入自己不熟悉的risk arbitrage領域投下重注,genius們的分歧、衝突,overuse the leverage on interest swaps,直到黑天鵝的齣現導緻credit spread飆升,市場走勢和模型預測完全相反,滿盤皆輸,最終被高盛敲下瞭棺材上的最後一根釘子。

When Genius Failed 2024 pdf epub mobi 電子書 下載


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