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. Thanks to their cast - which included a pair of future Nobel Prize winners - investors believed them. 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. The firm's 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 hastily summoned Wall Street's leading banks to underwrite a bailout.
Best selling author Roger Lowenstein 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-90s culture of Wall Street that made it all possible.
Executive Producer: Dan Zitt
Producer: Paul Ruben
Original cover design Kapo Ng
©2000 by Roger Lowenstein
(P)2001 Random House, Inc.
"This book is story-telling journalism at its best." (The Economist)
"Lowenstein [is] one of the best financial journalists there is¿" (New York Times Book Review)
What a mess!
John William Meriwether was my favorite character because his portrayl within the book as the most sensitive and rife with Greek tragedy. (For those options enthusiasts reading this, the pun was absolutely intended!)
The reading was crisp on the ear and very easy to listen to.
Um, it's about bankers. I cheered when they went down in flames!
Superb story telling. If you are at all interested in the saga of Long-Term Capital Management, download this and give it a listen. I loved it!
The story of LTCM is fascinating, especially for financial scandal junkies who have plowed through books on Enron, Madoff etc. This story is well paced and easy to follow - no small feat given the dry nature of the subject matter HOWEVER, this audiobook could have been greatly improved by a professional reader. Having the writer read it does not do it justice. He has a limited vocal range. The publisher would be wise to re-issue this recording with another narrator.
At this point in time with more than a decade past since the failure of Long Term Capital Managment, this book reads more like a historical account of what happened. There are also a great many timeless observations that can also be noted. Sadly many of these have been repeated since.
Recommended for anyone in or attracted to Wall Street to help them avoid the same pitfalls.
Some authors are great narrators...this guy is just passable. His voice is gruff and nasal and does not hold attention.
The book itself is easily worth four stars; both for content and prose. Unfortunately however, the narration was so poor that I had to abandon the audio adaptation after the first few chapters. I ended up reading the hard copy and thoroughly enjoyed it. It's a great follow up to Michael Lewis' "Liar's Poker".
if you ever want to hear what a book read by jim rome (the sports head) would sound like here is your chance. it is so painful to listen to i had to give up which is a shame because the book is pretty well written. it is a great story especially given what has happened to the global financial markets over the last several years. shame more of the market regulators and banks didn't learn anything from the experience
I was definitely educated on the terrible harm overconfidence and a coincidentally favorable market can wreak on a portfolio. Excellent story, kept me listening the whole time.
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