The key lesson learned is that overconfidence and hubris will destroy a sound and potentially brilliant investment process. It's a good book for those who are seeking investment advice as being smart isn't the only thing you need to win in the game of investing.
An excellent book that details the origins, rise and the fall of Long Term Capital Management. Recommend this for those interested in an interesting financial history.
The voice is boring. The story is boring. It should have been so much better than it was. I couldn't get past 2 chapters. Maybe it was nothing I could relate to or understand. Maybe it was just a boring read. I will be returning this one.
Literally anyone else. I'm sure there was some pull to read your own words as you saw fit, but his reading was monotonous and weird and took away from a great story.
The author narrates. He speaks in 5-6 word bits, breaking the text up needlessly. And he uses a tone of voice that makes it sound like he's reading a bedtime story to a 3-year-old. Extremely irritating!!! By the end of an hour I couldn't take it anymore.
An interesting slice of economics history...
I don't read this type of book very often.
Another reader... I guess.
Did not have one those moments...
worth a credit..
There are a few histories of Wall Street that really stand out. The others are mostly written by Michael Lewis. So that puts this book in rarified company.
The humanization of the two protagonists, John Meriwether and Larry Hillebrand.
The final defeat of Hillebrand, when he's forced to finally open his books for the world to see, was moving. He's not a likable character, but you really feel sympathy for him in that moment.
Working mom (HRMgr/healthcare) in western Michigan. INTJ. Red Vines. Disneyfreak.
What to make of the fact that the dress rehearsal for the sub-prime bailout occurred in September 1998? What did we know then that we did not learn from? How can we prevent this from recurring or are we simply doomed to continue this? So many questions ...
Roger Lowenstein narrates his own book. I'm from the midwest and so, to me, he sounds distinctly northeastern. It takes a bit of getting used to, but after a couple of chapters, I was fine.
The story was a bit overwrought, especially in the middle. But I was very engaged in the early beginnings of the creation of something so spectacularly successful as Long Term Capital Management, the incredibly quick demise, and whether we learned anything from the whole thing.
Lowenstein does a fine job describing some fairly complex concepts such as bond arbitrage, volatility, and leverage. It helped me grasp many of the underpinnings. The characters were incredibly interesting to me - each genius and mad in their own individual way. They seemed to simultaneously bring out the best and the worst in each other.
This book is especially interesting in light of the subprime and global financial crises of 2008-2010. I can't help feeling as though we failed to heed a lesson.
I would only recommend this too people who are interested in the details of what happens on Wall Street. The reading of this book was well done, and the story was fine, but it was too narrowly focused for me to enjoy as much as I have other books about Wall Street.
Learning about arbitrage, leverage, and credit during market turmoil.
When LTCM had made obscene returns and started investing in areas they had no business touching.
No, I had to make myself finish it.