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“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.” — The New York TimesNAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEKIn 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 ke
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Book ID Asin: 0375758259
Book Title: When Genius Failed: The Rise and Fall of Long-Term Capital Management
Book Author: Roger Lowenstein
Book Format and Price:
Book Format Name: Kindle
Book Format Price: $5.99
Book Format Name: Audiobook
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Book Format Name: Hardcover
Book Format Price: $55.45
Book Format Name: Paperback
Book Format Price: $11.94
Book Format Name: Spiral-bound
Book Format Price: $11.43
Book Price: $11.94
Book Category: Books, Business & Money, Biography & History and unknown
Book Rating: 1,481 ratings
When Genius Failed: The Rise and Fall of Long-Term Capital Management by Roger Lowenstein Book Review
Name: Lionel S. Taylor
Rating: 3.0 out of 5 stars
Title: AnotherStoryofReallySmartGuysTryingToBeatTheMarketAndFailing
Date: Reviewed in the United States on February 10, 2020
Review: There is a saying that all successful people do the same things to be successful but it is the failures that are unique. This book is a story about failure in the bond market. This is not an unusual story. Wall Street is paved with failures. What makes this unique is the amount of confidence and arrogance associated with this failure. Using cutting edge (for the time) computer models Long Term Capital Management had found a way to achieve spectacular profits in the bond market. This resulted in spectacular growth and, unfortunately, spectacular arrogance. Low and behold the even in the “rational” market that is supposed to be a once in one hundred year event ends up happening in just a few years into Long Term’s history and the firm crashes and burns losing billions of dollars and ends up in the care of a team of banks. What makes this story interesting is not what happens. You know that from the beginning but how it unravels. If you are not interested in finance and familiar with a few terms this book may not be for you. The author assumes the reader has some familiarity with financial terms but it is an interesting book and in light of the financial crisis that follows a decade later revels some of the mentality that leads to it. This is an older book but is still useful is reveling the attitude of the market and the refusal to accept the fact that the MARKET CANNOT BE PREDICTED.
Name: Sonny Laskin
Rating: 5.0 out of 5 stars
Title: TheSequeltoLiarsPoker
Date: Reviewed in the United States on May 16, 2020
Review: The doleful tale of the ineluctable failure of Long-Term Capital Management. The tale starts from the winsome early days of the fund in 1994, when all of Wall Street was eager to invest in a who’s who of Wall Street and academia to the improvident paroxysm of its investments going bad against the firm during its last days in 1998. The author does a good job in detailing all the major players at Long Term (Merriweather, Haghani, Hilbrand…etc) and its eventual succor of the Banks. He also presages more financial crises like this coming in the future (Enron &’08) due to the unregulated derivatives market. If you buy the latest version of this book, the author gives an updated epilogue from a post ’08 financial crisis perspective written in 2010. Overall, a great book to read even if you’re not a finance geek or interested in financial economics. I knew about this event happening back when it happened in 1998 but I didn’t have an understanding of the characters at LTCM or the people bailing them out. This book gives me a better overall view of this collapse, especially Merriweather, who I read about in Liar’s Poker but the book didn’t delve into his character and traits. This book gives a lot more depth of information regarding Merriweather. I view this book as a sequel to Liar’s Poker. A book about the rise of bond arbitrageurs at Salomon but this book I view as the sequel of Liar’s Poker of the downfall of the arbitrageurs who left Salomon to form their own hedge fund to only end up blowing it up. Major financial lessons I learned from this book was that nine sigma (more properly should be fat tail events) are a common norm to financial markets not an exception! Some more lessons were markets don’t care what has happened in the past and you can’t model the future. Phase transitions make trend predictions moot when determining future financial prices. Over leveraging too much is a patent but essential point of the author. The last important lesson I took was diversification goes out the window in a short term liquidity crunch. Even negatively correlated assets become directly positively correlated during a calamity, where all assets go down. The quote I loved reading in the book from John Maynard Keynes is “one bet soundly considered is preferable to many poorly understood.”
Name: Richard Bobb
Rating: 5.0 out of 5 stars
Title: RogerLowensteinsbookcontainsanextraordinaryamountofdetail
Date: Reviewed in the United States on April 11, 2015
Review: Roger Lowenstein’s book contains an extraordinary amount of detail. There’s nothing wrong with that.The gist of the story is that no amount of financial modelling can overcome a “black swan” event, even though the term “black swan” was not a known term at the time of these events.Fast forward from 1998 to 2008 and the term “black swan” has become a key piece of “financial lexicon” when considering what unforseen uncertainty might do to the value of financial assets and liabilities.With the benefit of hindsight, some of the geniuses at Long Term Capital Management might have considered financial modelling for a “black swan” event.The story is also one for detailing the shortcoming and weakness of human character. For example:• Hubris v humility;• Arrogance v meekness• Over confidence v modesty;• Pride v humility;• Condescension v respect;• Disdain v respect;• Contempt v admirationand so it goes on.A reader is somewhat reminded by the verse “as you shall sow, then so shall you reap”. Such an apt phrase seemingly applies throughout the book, but the one stand out is when management decides to fully redeem the capital of the outside investors, with a view to increasing management’s share of the pie, only to find that the geniuses at Long-Term Capital Management had failed to realise that by shafting these investors, they had (in the end) shafted themselves.
Name: Meritt J Finer
Rating: 5.0 out of 5 stars
Title: Veryentertainingandlessonsforalltraders
Date: Reviewed in the United States on February 22, 2017
Review: When Genius Failed was a great read. Lowenstein did a terrific job of introducing the reader to the quirky personalities at Long Term Capital and their interactions with Wall Street, European and Asian investment banks and the Fed. The real genius of the book was that Lowenstein nailed WHY genius failed. The same lessons the professors and traders at Long Term Capital failed to learn are the ones that all traders need to know. Trading in the financial markets is art as well as science. Knowing what quantitative models can and cannot do, and knowing when a model’s underlying assumptions are violated are key to successful trading. And finally, having the humility to accept that no matter how smart you are (or think you are) the financial markets can and will periodically make you look like an idiot.
