When Genius Failed 營救華爾街 英文原版 [平裝] epub pdf mobi txt 電子書 下載 2024

When Genius Failed 營救華爾街 英文原版 [平裝] epub pdf mobi txt 電子書 下載 2024

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When Genius Failed 營救華爾街 英文原版 [平裝] epub pdf mobi txt 電子書 下載 2024

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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] epub pdf mobi txt 電子書 下載 2024

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

評分☆☆☆☆☆

質量不錯，好評。

評分☆☆☆☆☆

東西很好

評分☆☆☆☆☆

之前看書的時候有個作者推薦的，很喜歡

評分☆☆☆☆☆

書的內容很不錯，推薦閱讀！

評分☆☆☆☆☆

:10.360.5021089309.當代著名作傢劉震雲獲茅奬後的第一部長篇，也是他第一部以女性為主角的小說。直逼現實，書寫民苦，使我不是潘金蓮成為一句頂一萬句的姊妹篇。

評分☆☆☆☆☆

值得收藏 價廉物美 推薦

評分☆☆☆☆☆

好

評分☆☆☆☆☆

書本看起來很小，不過很輕，可能跟總的紙有關係

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。

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