When Genius Failed: The Rise and Fall of Long-Term Capital Management PDF is a 2000 book by Roger Lowenstein about the history and collapse of Long-Term Capital Management (LTCM), a highly leveraged hedge fund. It was published by Random House on October 6, 2000.
The core theme of When Genius Failed is how a group of highly successful and intelligent individuals, many of whom had backgrounds in mathematics, economics, and finance, were unable to successfully manage the risks associated with their leveraged trading strategies. Lowenstein argues that the failure was due to hubris and the lack of independent risk management processes.
The book has been praised by critics and won several awards, including the Loeb Award for Business Books, the Financial Times Best Business Book of the Year, and the Best Business Book Award from Strategy+Business Magazine. It has sold over 500,000 copies worldwide and is available in both print and digital formats.
When Genius Failed Summary
The book starts with an overview of the rise and fall of Long-Term Capital Management, a hedge fund created by John Meriwether in 1994. The fund was made up of top Wall Street traders and Nobel Prize-winning economists who used complex mathematical models to make aggressive bets on bonds, currencies, and other financial assets. These trades were extremely profitable at first, with the fund returning more than 40% in its first two years.
However, these investments soon became less profitable as the global economy shifted and the markets began to move against them. By 1998, Long-Term Capital’s bets had become so large and risky that they posed a risk to the entire financial system. The Federal Reserve Bank of New York stepped in to organize a bailout of the fund, but it was too late and Long-Term Capital Management eventually collapsed.
Lowenstein’s book chronicles this dramatic rise and fall, exploring both the hubris of those involved in Long-Term Capital Management and the broader implications for the financial system. He interviews many of those involved in the fund’s creation and eventual downfall, including Meriwether himself.
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Multiple Languages Editions of When Genius Failed Book
When Genius Failed book has been translated into multiple languages and is available in many countries. The translations include French, German, Spanish, Italian, Japanese, Korean, Chinese and Dutch.
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About the Author
Roger Lowenstein is an American journalist and author who wrote the book When Genius Failed: The Rise and Fall of Long-Term Capital Management. He graduated from Amherst College with a degree in philosophy, followed by a master’s degree in journalism from Columbia University.
Lowenstein is most well-known for his books on financial crises, including When Genius Failed, which he published in 2000. The book tells the story of Long-Term Capital Management (LTCM), a hedge fund created by two Nobel Prize-winning economists, who believed they had invented a way to beat the stock market. They raised billions of dollars from investors who also believed that this was possible.
In 1998, LTCM lost over four billion dollars in a single quarter and was ultimately bailed out by a consortium of banks. Lowenstein’s book looks at the managing partners, their strategies, what went wrong, and why it spiraled so quickly out of control. It is considered to be one of the most comprehensive accounts of LTCM’s collapse and has been praised for its investigative journalism and vivid storytelling.
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FAQs(Frequently Asked Questions)
What is the genre of When Genius Failed book about?
When Genius Failed is a non-fiction book by Roger Lowenstein that chronicles the spectacular rise.
How many pages are in the When Genius Failed pdf?
When Genius Failed is a 272-page hardcover book. It was also released in a paperback edition with the same number of pages.
How long does it take to read When Genius Failed book?
When Genius Failed can be read in a few hours.
What is the reading level of When Genius Failed book?
When Genius Failed has been rated as a book suitable for readers ages 14 and up.
Is When Genius Failed novel worth reading?
When Genius Failed is a well-researched and insightful look at the rise and fall of Long Term Capital Management.
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