When Genius Failed

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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.

出版者:Fourth Estate
作者:Roger Lowenstein
出品人:
页数:275
译者:
出版时间:2002-01
价格:USD 16.50
装帧:Paperback
isbn号码:9781841155043
丛书系列:
图书标签:
  • 金融 
  • Finance 
  • 对冲基金 
  • Hedge_Fund 
  • 经济学 
  • 投资 
  • 基金 
  • 商业经典 
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Picking up where Liar's Poker left off (literally, in the bond dealer's desks of Salomon Brothers) the story of Long-Term Capital Management is of a group of elite investors who believed they could beat the market and, like alchemists, create limitless wealth for themselves and their partners. Founded by John Meriweather, a notoriously confident bond dealer, along with two Nobel prize winners and a floor of Wall Street's brightest and best, Long-Term Captial Management was from the beginning hailed as a new gold standard in investing. It was to be the hedge fund to end all other hedge funds: a discreet private investment club limited to those rich enough to pony up millions. It became the banks' own favourite fund and from its inception achieved a run of dizzyingly spectacular returns. New investors barged each other aside to get their investment money into LTCM's hands. But as competitors began to mimic Meriweather's fund, he altered strategy to maintain the fund's performance, leveraging capital with credit on a scale not fully understood and never seen before. When the markets in Indonesia, South America and Russia crashed in 1998 LCTM's investments crashed with them and mountainous debts accumulated. The fund was in melt-down, and threatening to bring down into its trillion-dollar black hole a host of financial instiutions from New York to Switzerland. It's a tale of vivid characters, overwheening ambition, and perilous drama told, in Roger Lowenstein's hands, with brilliant style and panache.

具体描述

读后感

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每一本谈论长期资本公司的著作,都会花些篇幅介绍它的全明星阵容:所罗门兄弟公司债券套利业务负责人梅里韦瑟及其团队,因BS模型获得诺奖的墨顿与斯科尔斯,美联储副主席马林斯…人们称之为全球“每一平方厘米智力密度最高的地方”。 长期资本公司构建了精密的定价模型,采用高...  

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每一本谈论长期资本公司的著作,都会花些篇幅介绍它的全明星阵容:所罗门兄弟公司债券套利业务负责人梅里韦瑟及其团队,因BS模型获得诺奖的墨顿与斯科尔斯,美联储副主席马林斯…人们称之为全球“每一平方厘米智力密度最高的地方”。 长期资本公司构建了精密的定价模型,采用高...  

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这本书英文原版2000年就有了,中文版06年又重版了。但不知为什么这本书在豆瓣上没有,于是我就加上了,顺便再写点推荐的文字。 推荐这本书基于两种推荐:其一,这本书作为书写一段历史——一个公司和一群人的历史是成功的,非常好读,还把事情描述得很清楚,把枯燥的事件变成了...  

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金融/投资必读。很多老生常谈的道理,读LTCM rise and fall的真实故事更有真切感受。三个让我回味的教训: 1) Markets can stay irrational longer than you can remain solvent. 即便你能正确判断市场出错并采取行动,市场回归正确的时间可能抹平你的收益、回归正确的起伏过程...  

用户评价

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LGBT对对冲基金好奇的可以看这个。meriwether老兄的经历说明一越有才华的人越容易自负;二你倒霉一次可能紧接着会倒霉第二次甚至第三次。

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哪怕是最顶尖的公司和最顶尖的大脑也无法忽视风险控制,无法逃脱人性弱点,而前者可以让后者极端放大。又一堂生动的风险控制课。。。

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An in-depth review of LTCM. BTW: I'm sure Roger is a successful writer but he needs to stay away from reading audiobooks...

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Excellent professional book about what has happened in LTCM. However I doubt they are genius or more average human, who nonetheless are controlled by their own fear and greed as well as the others. Other thing is it is again showed how modelling is diffcult for a financial market!

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LTCM死掉了,只是历史的必然,不要过分苛责该公司的每一个管理者(除了小罗特莫顿)

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