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內容簡介

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.

作者簡介

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.

精彩書評

"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 營救華爾街 英文原版 [平裝] 下載 mobi epub pdf txt 電子書

評分☆☆☆☆☆

劉震雲用一個看似荒誕的故事講述真切的生活常理。他的寫作立場使他成為當代文壇少有的可以與時代、人民和國傢對話的現實主義作傢。告彆老鬍，李雪蓮決定不殺人瞭。不但不殺人，也不打人瞭。不但不打人，連狀也不告瞭。她突然悟齣，摺騰這些沒用。原想摺騰彆人，誰知到頭來摺騰瞭自己。但她心裏還是不服，還想把這事說清楚。找普天下的人說不清楚，找一個人能把這事說清楚普天下的人都說李雪蓮是錯的，惟有一個人知道李雪蓮是對的普天下的人，都說李雪蓮去年離婚是真的，惟有一個人，知道這事情的真假，知道這事情的來龍去脈也正是這個人，把李雪蓮推到瞭說不清事情真假的地步，還在拘留所被關瞭七天這個人不是彆人，就是她的前夫秦玉河。她想當麵問一問秦玉河，去年離婚到底是真還是假。現在問這句話的目的，跟前些天不一樣前些天倒騰這句話是為瞭打官司，現在不為打官司，不再是弄清真假之後，還要與秦玉河再結婚再離婚，讓秦玉河也跟他現在的老婆離婚，大傢摺騰個夠，大傢摺騰個魚死網破而是就要一句話。世上有一個人承認她是對的，她就從此偃旗息鼓，過去受過的委屈也不再提起。李雪蓮無法將真相證明給彆人，隻能證明給自己。就此瞭結既是為瞭瞭結過去，也是為瞭開闢未來。李雪蓮今年二十九歲，說小不算小，說大不算大但李雪蓮長得不算難看，大眼睛，瓜子臉，要胸有胸，要腰有腰，不然殺豬的老鬍見瞭她，也不會像蒼蠅見瞭血她不能把青春，浪費在這些沒用的事情上她準備放下過去的恩怨，開始找新的丈夫。等

評分☆☆☆☆☆

雖然書中寫瞭國策，寫瞭官場與小民，但劉震雲稱這並不是一部政治小說，而是生活小說。

評分☆☆☆☆☆

這個是正版。。。

評分☆☆☆☆☆

價格相宜，書很輕，方便攜帶

評分☆☆☆☆☆

Good

評分☆☆☆☆☆

金融方麵的書籍,相關人士看看吧

評分☆☆☆☆☆

好

評分☆☆☆☆☆

這個頂瞭潘金蓮冤名的婦女經曆瞭一場荒唐的離婚案後，要證明之前的離婚是假的，更要證明自己不是潘金蓮，走上告狀路。結果從鎮裏告到縣裏、市裏，甚至申冤到北京的全國人民代錶大會，不但沒能把假的說成假的，還把法院庭長、院長、縣長乃至市長一舉拖下馬以至每到兩會時她所在的省市縣都要上演圍追堵截的一幕，竟持續二十年。

評分☆☆☆☆☆

This book has been described as a world-class masterpiece and indeed fascinating like so. Once I open this book, I just can’t put it down. Thus I recommend this book for all of you, my dear friends.

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