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

Management

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

Management

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Amazon Business : For business-only pricing, quantity discounts and FREE Shipping. Register a free

business account Paperback: 304 pages Publisher: Random House Trade Paperbacks; Reprint edition

(October 9, 2001) Language: English ISBN-10: 9780375758256 ISBN-13: 978-0375758256 ASIN:

0375758259 Product Dimensions: 5.2 x 0.6 x 8 inches

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Book 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


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