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

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Excellent book

Apr 14, 2007
Review by  
Rated a Very Helpful Review

Pros:Extremely well written book on a subject that many would find uninteresting.

Cons:More discussion on derivatives and what LCTM was trading would have been interesting.

The Bottom Line: I would absolutely recommend this book to anyone interesting in investing or finance.


Roger Lowenstein's book, When Genius Failed: The Rise and Fall of Long-Term Capital Management is an excellent book. A friend recommended this book to me, so I picked it up. I am very happy that he referred it to me. I have an understanding of the markets, but certainly not an in-depth knowledge. Even without knowing everything there is to know, this book was still very interesting, and explained things that I didn't understand.

LTCM was one of the largest and most powerful hedge funds on Wall Street. They got to the point where they were giving banks the conditions on which the banks would lend them money. Everyone wanted to be a part of this fund. They had come up with a mathematical way to "beat the street". For awhile they did very well and were seeing astronomical returns. The shareholders who had money in the hedge fund were very happy with all of it. However things started to unravel for the fund. Once things got bad, they quickly spiraled out of control.

Lowenstein masterfully tells the tale, and explains how and why things went wrong for LTCM. This book not only tells of what happened to the money and the hedge fund, but also talks about the key players and what happened to them.


Recommend this product? Yes

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