WhenGeniusFailed_TheRiseandFallofLong-Te.epub - (EPUB全文下载)

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Contents
Title Page
Dedication
Epigraph
Author’s Note and Acknowledgments
Introduction
THE RISE OF LONG-TERM CAPITAL MANAGEMENT
1 • Meriwether
2 • Hedge Fund
3 • On the Run
4 • Dear Investors
5 • Tug-of-War
6 • A Nobel Prize
THE FALL OF LONG-TERM CAPITAL MANAGEMENT
7 • Bank of Volatility
8 • The Fall
9 • The Human Factor
10 • At the Fed
Epilogue
Afterword, 2010
Notes
About the Author
Also by Roger Lowenstein
Copyright
To
Maury Lasky
and
Jane Ruth Mairs
Past may be prologue, but which past?
—HENRY
HU
AUTHOR’S NOTE AND ACKNOWLEDGMENTS
This history of Long-Term Capital Management is unauthorized. At the project’s outset, I was granted several formal interviews with two of the firm’s partners, Eric Rosenfeld and David Mullins, but such formal cooperation quickly ceased. Subsequent attempts to resume the interviews, and to gain formal access to John W. Meriwether, the founder, and others of the partners, proved fruitless. Nonetheless, over the course of my research, I repeatedly conveyed (via e-mail and telephone) seemingly endless lists of questions to Rosenfeld, and he generously consented to answer many of my queries. In addition, various Long-Term employees at all levels of the firm privately aided me in my research, helping me to understand both the inner workings of the firm and the nuances of many of the individual partners; I am deeply grateful to them.
My other primary sources were interviews conducted at the major Wall Street investment banks, including the six banks that played a crucial role in the genesis and ultimate rescue of Long-Term. Without the cooperation of many people at Bear Stearns, Goldman Sachs, J. P. Morgan, Merrill Lynch, Salomon Smith Barney, and Union Bank of Switzerland, this book could not have been written.
I also had generous tutors in economics. There were others, but Peter Bernstein, Eugene Fama, John Gilster, Bruce Jacobs, Christopher May, and Mark Rubinstein helped me to understand the world of options, hedging, bell curves, and fat tails where Long-Term plied its trade.
In addition, the confidential memorandum on the fund’s debacle prepared by Long-Term’s partners in January 1999 provided facts and figures on the fund’s capital, asset totals, leverage, and monthly returns throughout the life of the fund, as well as information on the results of investors. It was an invaluable resource and, indeed, the source of many of the figures in this book. Finally, I am grateful to the Federal Reserve Bank of New York for its free-s ............

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