The Gambler (The Rise and Fall of Long-Term Capital Management (LTCM))

Author: (USA) Robert J. Loewenstein
Publisher:
Publish Date: 2006-07-01
Features: In the mid-1990s, Long-Term Capital Management (LTCM), a dazzlingly successful hedge fund on Wall Street, achieved an incredible 285% return in just four years, creating a Wall Street legend. However, under the excessive manipulation of its brilliant traders, LTCM lost $4.5 billion in just two months and fell into ruin. This follow-up work by the author of the bestseller Buffett: The Making of an American Capitalist introduces this historical transformation of Wall Street. Together, two Nobel laureates in economics, a former Vice Chairman of the Federal Reserve, and one of Wall Street's most successful arbitrage traders bring to life one of the most gripping and tragic stories in financial market history. Long-Term Capital Management (LTCM): A fund management company that existed for only five years but remains the most influential arbitrage fund to date; once a celebrated star on Wall Street, it ultimately triggered a disaster in the history of the Street; a group of speculative geniuses who once viewed the uncertain world as a cold-blooded gamble, only to lose everything in the end; a vivid case study of the capital market that is enough to make investors, fund managers, and regulatory authorities reflect. Together, two Nobel laureates in economics, a former Vice Chairman of the Federal Reserve, and one of Wall Street's most successful arbitrage traders bring to life one of the most gripping and tragic stories in financial market history. Long-Term Capital Management (LTCM): A fund management company that existed for only five years but remains the most influential arbitrage fund to date; once a celebrated star on Wall Street, it ultimately triggered a disaster in the history of the Street; a group of speculative geniuses who once viewed the uncertain world as a cold-blooded gamble, only to lose everything in the end; a vivid case study of the capital market that is enough to make investors, fund managers, and regulatory authorities reflect.