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内容简介

John Meriwether, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best--and the brainiest--bond arbitrage group in the world. A mysterious and shy midwesterner, he knitted together a group of Ph.D.-certified arbitrageurs who rewarded him with filial devotion and fabulous profits. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss's return. Then, in 1993, Meriwether made a historic offer. He gathered together his former disciples and a handful of supereconomists from academia and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. And so Long-Term Capital Management was born.

In a decade that had seen the longest and most rewarding bull market in history, hedge funds were the ne plus ultra of investments: discreet, private clubs limited to those rich enough to pony up millions. They promised that the investors' money would be placed in a variety of trades simultaneously--a "hedging" strategy designed to minimize the possibility of loss. At Long-Term, Meriwether & Co. truly believed that their finely tuned computer models had tamed the genie of risk, and would allow them to bet on the future with near mathematical certainty. And thanks to their cast--which included a pair of future Nobel Prize winners--investors believed them.

From the moment Long-Term opened their offices in posh Greenwich, Connecticut, miles from the pandemonium of Wall Street, it was clear that this would be a hedge fund apart from all others. Though they viewed the big Wall Street investment banks with disdain, so great was Long-Term's aura that these very banks lined up to provide the firm with financing, and on the very sweetest of terms. So self-certain were Long-Term's traders that they borrowed with little concern about the leverage. At first, Long-Term's models stayed on script, and this new gold standard in hedge funds boasted such incredible returns that private investors and even central banks clamored to invest more money. It seemed the geniuses in Greenwich couldn't lose.

Four years later, when a default in Russia set off a global storm that Long-Term's models hadn't anticipated, its supposedly safe portfolios imploded. In five weeks, the professors went from mega-rich geniuses to discredited failures. With the firm about to go under, its staggering $100 billion balance sheet threatened to drag down markets around the world. At the eleventh hour, fearing that the financial system of the world was in peril, the Federal Reserve Bank hastily summoned Wall Street's leading banks to underwrite a bailout.

Roger Lowenstein, the bestselling author of Buffett, captures Long-Term's roller-coaster ride in gripping detail. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein crafts a story that reads like a first-rate thriller from beginning to end. He explains not just how the fund made and lost its money, but what it was about the personalities of Long-Term's partners, the arrogance of their mathematical certainties, and the late-nineties culture of Wall Street that made it all possible.

When Genius Failed is the cautionary financial tale of our time, the gripping saga of what happened when an elite group of investors believed they could actually deconstruct risk and use virtually limitless leverage to create limitless wealth. In Roger Lowenstein's hands, it is a brilliant tale peppered with fast money, vivid characters, and high drama.

作者简介

Roger Lowenstein, author of the bestselling Buffett: The Making of an American Capitalist, reported for The Wall Street Journal for more than a decade, and wrote the Journal's stock market column "Heard on the Street" from 1989 to 1991 and the "Intrinsic Value" column from 1995 to 1997. He now writes a column in Smart Money magazine, and has written for The New York Times and The New Republic, among other publications. He has three children and lives in Westfield, New Jersey.

精彩书评

"This is a marvelous, unauthorized chronicle of the rise, fall, and re-emergence of Long-Term Capital Management, a private hedge fund that in September 1998 benefited from a Federal Reserve-orchestrated $3.6 billion bailout. Based primarily on interviews with key players from the six banks that participated in the rescue of the firm, Lowenstein, who previously wrote Buffett: The Making of an American Capitalist, presents a well-crafted, easy-to-follow text. Readers will better appreciate the inner workings of the firm; the nuances of the individual partners; primary differences among investing in stocks, bonds, and derivatives; the fallacy of the efficient market hypothesis; the impact of computers on financial trading; and the importance of moderation. Recommended for both academic and public libraries."
--DNorman B. Hutcherson, Kern Cty. Lib., Bakersfield, CA
When Genius Failed 营救华尔街 英文原版 [平装] 电子书 下载 mobi epub pdf txt

评分☆☆☆☆☆

好。。。。。。。。。。。。。。。。。。。。。

评分☆☆☆☆☆

是原版 很清楚

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刘震云用一个看似荒诞的故事讲述真切的生活常理。他的写作立场使他成为当代文坛少有的可以与时代、人民和国家对话的现实主义作家。告别老胡，李雪莲决定不杀人了。不但不杀人，也不打人了。不但不打人，连状也不告了。她突然悟出，折腾这些没用。原想折腾别人，谁知到头来折腾了自己。但她心里还是不服，还想把这事说清楚。找普天下的人说不清楚，找一个人能把这事说清楚普天下的人都说李雪莲是错的，惟有一个人知道李雪莲是对的普天下的人，都说李雪莲去年离婚是真的，惟有一个人，知道这事情的真假，知道这事情的来龙去脉也正是这个人，把李雪莲推到了说不清事情真假的地步，还在拘留所被关了七天这个人不是别人，就是她的前夫秦玉河。她想当面问一问秦玉河，去年离婚到底是真还是假。现在问这句话的目的，跟前些天不一样前些天倒腾这句话是为了打官司，现在不为打官司，不再是弄清真假之后，还要与秦玉河再结婚再离婚，让秦玉河也跟他现在的老婆离婚，大家折腾个够，大家折腾个鱼死网破而是就要一句话。世上有一个人承认她是对的，她就从此偃旗息鼓，过去受过的委屈也不再提起。李雪莲无法将真相证明给别人，只能证明给自己。就此了结既是为了了结过去，也是为了开辟未来。李雪莲今年二十九岁，说小不算小，说大不算大但李雪莲长得不算难看，大眼睛，瓜子脸，要胸有胸，要腰有腰，不然杀猪的老胡见了她，也不会像苍蝇见了血她不能把青春，浪费在这些没用的事情上她准备放下过去的恩怨，开始找新的丈夫。等

评分☆☆☆☆☆

经典好书，值得好好学习。

评分☆☆☆☆☆

切

评分☆☆☆☆☆

书太小，纸张很烂。

评分☆☆☆☆☆

刘震云用一个看似荒诞的故事讲述真切的生活常理。他的写作立场使他成为当代文坛少有的可以与时代、人民和国家对话的现实主义作家。告别老胡，李雪莲决定不杀人了。不但不杀人，也不打人了。不但不打人，连状也不告了。她突然悟出，折腾这些没用。原想折腾别人，谁知到头来折腾了自己。但她心里还是不服，还想把这事说清楚。找普天下的人说不清楚，找一个人能把这事说清楚普天下的人都说李雪莲是错的，惟有一个人知道李雪莲是对的普天下的人，都说李雪莲去年离婚是真的，惟有一个人，知道这事情的真假，知道这事情的来龙去脉也正是这个人，把李雪莲推到了说不清事情真假的地步，还在拘留所被关了七天这个人不是别人，就是她的前夫秦玉河。她想当面问一问秦玉河，去年离婚到底是真还是假。现在问这句话的目的，跟前些天不一样前些天倒腾这句话是为了打官司，现在不为打官司，不再是弄清真假之后，还要与秦玉河再结婚再离婚，让秦玉河也跟他现在的老婆离婚，大家折腾个够，大家折腾个鱼死网破而是就要一句话。世上有一个人承认她是对的，她就从此偃旗息鼓，过去受过的委屈也不再提起。李雪莲无法将真相证明给别人，只能证明给自己。就此了结既是为了了结过去，也是为了开辟未来。李雪莲今年二十九岁，说小不算小，说大不算大但李雪莲长得不算难看，大眼睛，瓜子脸，要胸有胸，要腰有腰，不然杀猪的老胡见了她，也不会像苍蝇见了血她不能把青春，浪费在这些没用的事情上她准备放下过去的恩怨，开始找新的丈夫。等

评分☆☆☆☆☆

书看起来好久的啊，价格老贵了，老贵了。。。。。。。。

评分☆☆☆☆☆

之前看书的时候有个作者推荐的，很喜欢

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