When Genius Failed: The Rise and Fall of Long-Term Capital Management
With a new Afterword addressing today's financial crisis A BUSINESS WEEK BEST BOOK OF THE YEAR 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.
NEWS & OPINION: The 2018 Financial Times and McKinsey Business Book of the Year
Posted November 13, 2018, 12:00 PM with category of Publishing IndustryBad Blood has been named the Financial Times and McKinsey Business Book of the Year. Read more
EDITOR'S CHOICE: The Gray Rhino: How to Recognize and Act on the Obvious Dangers We Ignore
Posted April 7, 2016, 12:00 PM with category of Innovation & CreativityMichele Wucker's new book helps us avoid crisis by engaging more thoroughly with reality, recognizing obvious threats and our own biases, and working to overcome them. Read more
JACK COVERT SELECTS: America's Bank: The Epic Struggle to Create the Federal Reserve
Posted October 22, 2015, 1:20 PM with category of Current Events & Public AffairsRoger Lowenstein has written a brilliant book on the founding of the Federal Reserve that informs and echoes the issues and arguments of today. Read more
NEWS & OPINION: More Meltdown Recommendations from The Wall Street Journal
Posted October 14, 2008, 2:44 PM with category of Current Events & Public AffairsThe Weekend Edition of The Wall Street Journal has a regular feature called Five Best, where the editors ask an expert about the five books that best represent a topic. They have done personal finance and advertising just to name a few. This past weekend, the subject was financial meltdowns. Read more
NEWS & OPINION: Business Books For The Current Credit Crunch
Posted September 29, 2008, 2:59 PM with category of Current Events & Public AffairsShelf Awareness, a great site that follows the book trade, requested book suggestions that would help explain the current credit crisis. On Friday, they ran the piece under the heading Meltdown Lit: Recommended Books for the Wall Street Debacle. Please go check out the whole piece. Read more
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