Download When Genius Failed PDF

2001
Title When Genius Failed
Authors
Genres Economics Books Finance Books Business Books
Publisher Random House Publishing Group
ISBN 9780375758256
“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York TimesNAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEKIn 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 Books You May Like
Captain Underpants and the Tyrannical Retaliation of the Turbo Toilet 2000
Captain Underpants and the Tyrannical Retaliation of the Turbo Toilet 2000
Dav Pilkey

CAPTAIN UNDERPANTS returns for an eleventh adventure in this highly illustrated comic book style series. Just when you t...

The Vanishing Half
The Vanishing Half
Brit Bennett

This book has everything: enticing plot, memorable characters and beautiful, melodic writing -- Books of the Year * Prim...

(Download PDF) Demon Dentist
(Download PDF) Demon Dentist
David Walliams

The latest jaw-achingly funny, number-one bestselling novel from David Walliams - now out in paperback. Make your appoin...

The New Wilderness
The New Wilderness
Diane Cook

Helen Phillips meets Miranda July in this daring and imaginative debut novel that explores a moving mother-daughter rela...

Nothing to Be Frightened Of
Nothing to Be Frightened Of
Julian Barnes

"I don’t believe in God, but I miss him." So begins Julian Barnes’s brilliant new book that is, among many things, a...

A Time to Kill (Jake Brigance #1)
A Time to Kill (Jake Brigance #1)
John Grisham

In this searing courtroom drama, best-selling author John Grisham probes the savage depths of racial violence... as he d...

Long Way Down Graphic Novel
Long Way Down Graphic Novel
Jason Reynolds

The award-winning, bestselling verse novel is now a stunning graphic novel with illustrations by Danica Novgorodoff.SHOR...