When Genius Failed pdf: The Rise and Fall of Long-Term Capital Management is a book by Roger Lowenstein, published in 2000, that chronicles the rise and fall of the hedge fund Long-Term Capital Management (LTCM).
The book details the events leading up to the fund’s near collapse in 1998, as well as the actions that were taken by the Federal Reserve and other financial institutions to prevent a wider economic crisis. This novel has received millions of positive reviews from all readers.
Overall, the book tells about how a group of highly intelligent, respected, and accomplished individuals was brought down by a failure to properly understand and manage the risks they were taking. The story illustrates the dangers of unchecked hubris and the importance of risk management in the financial industry.
For the interest of all readers, this book is obtainable in numerous formats including audiobook, paperback, and hardcover.
Summary of When Genius Failed
The book, tells the story of how LTCM rose to prominence and how the fund’s downfall was a result of the hubris of its founders, who believed that their mathematical models made them invulnerable to market fluctuations.
The book also describes how the financial industry’s failure to properly assess LTCM’s risks contributed to the crisis. LTCM was founded in 1994 by John Meriwether, a former vice chairman of the Salomon Brothers, and a group of highly-respected economists and traders, including Myron Scholes and Robert C. Merton, who were later awarded the Nobel Memorial Prize in Economic Sciences.
The fund used complex mathematical models to make investments in a wide variety of markets, and it was extremely successful in its early years, posting annual returns of over 40%. However, in the summer of 1998, a series of events caused LTCM’s portfolio to lose value rapidly.
When Genius Failed Book Details
|Book||When Genius Failed|
|Publisher||Random House Publishing Group|
|Category||Business Books, Biography|
|Number of Pages||243|
About the Author
Roger Lowenstein is an American financial journalist and author. He has written several books on finance and investing, with a focus on the history and inner workings of Wall Street. The author is a contributing editor to the Wall Street Journal, where he writes a column on investing and the economy.
He also writes for other publications such as The New York Times and Bloomberg. Lowenstein is best known for his book “When Genius Failed: The Rise and Fall of Long-Term Capital Management” which was published in 2000.
Other notable books by Lowenstein include “Buffett: The Making of an American Capitalist” (1995) which is a biography of Warren Buffett, the investment guru, and CEO of Berkshire Hathaway, “The End of Wall Street” (2010) which is a history of the financial crisis of 2008, and America’s Bank.
Lowenstein has a degree in economics from Amherst College and an MBA from Harvard Business School. He has also been a visiting scholar at the Russell Sage Foundation, and a fellow at the Center for the Study of American Business at Washington University in St. Louis.
When Genius Failed Book Multiple Languages Editions
This novel has been translated into multiple languages such as English. You can search for this book all across the world.
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FAQs (Frequently Asked Questions)
Is When Genius Failed hard to read?
It depends on the reader’s familiarity with finance and economics. It is written for a general audience and presents complex financial concepts in a way that is relatively easy to understand.
What is the reading level of When Genius Failed?
The reading level of When Genius Failed is generally considered to be at the level of a general audience.
What is the genre of When Genius Failed?
It is a non-fiction book that falls into the genre of business and finance.
What is the main theme of When Genius Failed?
The main theme of When Genius Failed is the rise and fall of Long-Term Capital Management (LTCM), a hedge fund, and the impact of its failure on the global economy.
Who is the main author of When Genius Failed?
The main author of When Genius Failed is Roger Lowenstein, an American financial journalist, and author.