When Genius Failed 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2025


When Genius Failed

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Roger Lowenstein 作者
Random House Inc.
譯者
2001-10-9 出版日期
288 頁數
16.00美元 價格
平裝
叢書系列
9780375758256 圖書編碼

When Genius Failed 在線電子書 圖書標籤: 金融  Finance  華爾街  LTCM  對衝基金  投資  美國  案例   


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發表於2025-02-07

When Genius Failed 在線電子書 epub 下載 mobi 下載 pdf 下載 txt 下載 2025

When Genius Failed 在線電子書 epub 下載 pdf 下載 mobi 下載 txt 下載 2025

When Genius Failed 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2025



When Genius Failed 在線電子書 用戶評價

評分

你不能把賭場當提款機啊。。。

評分

今年讀過的最好的商業書籍,對LTCM的興起與衰落進行瞭完整復盤。雖然作者很cynical,但既未為LTCM文過飾非,也沒有落井下石地對他們進行不公正的道德指責,忠實記錄瞭LTCM如何在成功投資後過於迷信自己的model而丟掉瞭謹慎,在貪婪和業績壓力下步入自己不熟悉的risk arbitrage領域投下重注,genius們的分歧、衝突,overuse the leverage on interest swaps,直到黑天鵝的齣現導緻credit spread飆升,市場走勢和模型預測完全相反,滿盤皆輸,最終被高盛敲下瞭棺材上的最後一根釘子。

評分

你不能把賭場當提款機啊。。。

評分

作者是記者齣身,精彩的語言和敘事把這件事情寫的如同小說一般,不過技術上似乎沒有涉及太多,然後跟Michael Lewis一樣太羅嗦瞭!以及這哥們跟剋林頓和萊溫斯基有啥過節麼,拉鏈門被提到瞭3次。。

評分

後人哀之而不鑒之,亦使後人而復哀後人也

When Genius Failed 在線電子書 著者簡介

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.


When Genius Failed 在線電子書 著者簡介


When Genius Failed 在線電子書 pdf 下載 txt下載 epub 下載 mobi 在線電子書下載

When Genius Failed 在線電子書 圖書描述

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

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When Genius Failed 在線電子書 讀後感

評分

索罗斯曾经说过,凡是人类构建的东西,都有着天然的巨大缺陷。尤其是金融市场,最易出现崩溃。这次美国次贷危机,给他的这一认识提供了最新的佐证,华尔街的最大清算银行贝尔斯登在两周内沦陷,当年每股数百美元的股价今天只能以2美元卖给了摩根,因为摩根认为他的净资产值...  

評分

比the big short和the greatest trade ever读起来晦涩一些,想搞明白要反复思考。难读的原因并非写作水平,而是基金公司的商业模式远比做空房地产市场复杂。长期资本交易所依赖的Black-Schole模型曾荣获诺贝尔经济学奖,交易中大量运用hedging和arbitrage,而Paulson取胜的关键...  

評分

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...

評分

告诉我,什么叫荣耀 ——《赌金者——长期资本管理公司的升腾与陨落》 有些执着,赢,赢得世界,输,输掉一切。 长期资本管理公司的一生很短,屈指五年;长期资本管理公司的一生很长,是一段历史。 如果说历史是一面镜子,在越黑暗的时候越明亮,《赌金者》就是一...  

評分

读《赌金者》一书,竟耗去了一个半月。为里面的几个关键点环节深深感慨。读一个真实的具体的案例,远胜于读十本理论书。又感到作者罗格•洛温斯坦那孜孜不倦的钻研精神,打破沙煲纹到底的锲而不舍的精神,书里本着务求真实的精神,不妄加作者的主观臆想,而能把故事如同历史...  

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