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:Random House Inc.
作者:Roger Lowenstein
出品人:
页数:288
译者:
出版时间:2001-10-9
价格:16.00美元
装帧:平装
isbn号码:9780375758256
丛书系列:
图书标签:
  • 金融 
  • Finance 
  • 华尔街 
  • LTCM 
  • 对冲基金 
  • 投资 
  • 美国 
  • 案例 
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On September 23, 1998, the boardroom of the New York Fed was a tense place. Around the table sat the heads of every major Wall Street bank, the chairman of the New York Stock Exchange, and representatives from numerous European banks, each of whom had been summoned to discuss a highly unusual prospect: rescuing what had, until then, been the envy of them all, the extraordinarily successful bond-trading firm of Long-Term Capital Management. Roger Lowenstein's When Genius Failed is the gripping story of the Fed's unprecedented move, the incredible heights reached by LTCM, and the firm's eventual dramatic demise.

Lowenstein, a financial journalist and author of Buffett: The Making of an American Capitalist, examines the personalities, academic experts, and professional relationships at LTCM and uncovers the layers of numbers behind its roller-coaster ride with the precision of a skilled surgeon. The fund's enigmatic founder, John Meriwether, spent almost 20 years at Salomon Brothers, where he formed its renowned Arbitrage Group by hiring academia's top financial economists. Though Meriwether left Salomon under a cloud of the SEC's wrath, he leapt into his next venture with ease and enticed most of his former Salomon hires--and eventually even David Mullins, the former vice chairman of the U.S. Federal Reserve--to join him in starting a hedge fund that would beat all hedge funds.

LTCM began trading in 1994, after completing a road show that, despite the Ph.D.-touting partners' lack of social skills and their disdainful condescension of potential investors who couldn't rise to their intellectual level, netted a whopping $1.25 billion. The fund would seek to earn a tiny spread on thousands of trades, "as if it were vacuuming nickels that others couldn't see," in the words of one of its Nobel laureate partners, Myron Scholes. And nickels it found. In its first two years, LTCM earned $1.6 billion, profits that exceeded 40 percent even after the partners' hefty cuts. By the spring of 1996, it was holding $140 billion in assets. But the end was soon in sight, and Lowenstein's detailed account of each successively worse month of 1998, culminating in a disastrous August and the partners' subsequent panicked moves, is riveting.

The arbitrageur's world is a complicated one, and it might have served Lowenstein well to slow down and explain in greater detail the complex terms of the more exotic species of investment flora that cram the book's pages. However, much of the intrigue of the Long-Term story lies in its dizzying pace (not to mention the dizzying amounts of money won and lost in the fund's short lifespan). Lowenstein's smooth, conversational but equally urgent tone carries it along well. The book is a compelling read for those who've always wondered what lay behind the Fed's controversial involvement with the LTCM hedge-fund debacle. --S. Ketchum

具体描述

读后感

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Lowenstein是典型的journalist的写作风格,讲一个故事,每逢一个人物出现就絮絮叨叨的要把这个人物的小学经历开始说一遍。看你喜不喜欢这个风格了,不大的一件事情,可以被他写的很长,而且都是成熟性质的话。我是无爱的。LTCM这个故事其实一篇长文就可以解决的,被他搞得非常...  

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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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洛恩斯坦的《赌金者》(When Genius Failed)。他们的想法是通过金融工程技术算出各种衍生产品的价值,然后根据对这些衍生产品未来价格的趋势作出相应的操作以获取差价。长期资本管理公司的“特点”在于他们利用非常高的财务杠杆比率融到高于本金几十倍的资金,然后把...

评分

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...  

用户评价

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作者是记者出身,精彩的语言和叙事把这件事情写的如同小说一般,不过技术上似乎没有涉及太多,然后跟Michael Lewis一样太罗嗦了!以及这哥们跟克林顿和莱温斯基有啥过节么,拉链门被提到了3次。。

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这本书简直就是在啪啪打金融工程的脸(但人家依旧是最好找工作的专业……)

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Nothing genius about the story

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其实挺多细节没有读懂的(汗颜...),不过关于LTCM的失败,有一点还是很有警醒作用的,即像对冲基金这种看似高端的金融产物,如果脱离了对社会各方面的了解,失败就成为了必然。Meriwether召集的精英们,从前美联储副主席到诺贝尔获奖者,可以说是一支让人叹为观止的强大队伍,可是他们败就败在目中无人。如果他们从数学公式里走出来,多了解基层的状况,也许他们就不会从98年俄罗斯违约这一事件开始一败涂地。

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作者是记者出身,精彩的语言和叙事把这件事情写的如同小说一般,不过技术上似乎没有涉及太多,然后跟Michael Lewis一样太罗嗦了!以及这哥们跟克林顿和莱温斯基有啥过节么,拉链门被提到了3次。。

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