When Genius Failed: The Rise and Fall of Long-Term Capital Management

Roger Lowenstein

In "When Genius Failed", bestselling author Lowenstein captures the entire roller-coaster ride of long-term capital management 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.

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Book Information

Publisher: Random House Trade
Publish Date: 10/09/2001
Pages: 304
ISBN-13: 9780375758256
ISBN-10: 0375758259
Language: English

What We're Saying

April 27, 2007

I think AdAge jumped the gun a bit in their accusation that Conde Nast's new business magazine, Portfolio, was going light on their book reviews. I think their coverage is through, critical, and refreshing. Roger Lowenstein (When Genius Failed) wrote an extensive review of Taleb's The Black Swan. READ FULL DESCRIPTION

October 14, 2008

The Weekend Edition of The Wall Street Journal has a regular feature called Five Best, where the editors ask an expert about the five books that best represent a topic. They have done personal finance and advertising just to name a few. This past weekend, the subject was financial meltdowns. READ FULL DESCRIPTION

September 29, 2008

Shelf Awareness, a great site that follows the book trade, requested book suggestions that would help explain the current credit crisis. On Friday, they ran the piece under the heading Meltdown Lit: Recommended Books for the Wall Street Debacle. Please go check out the whole piece. READ FULL DESCRIPTION

July 18, 2008

Joe Nocera is a columnist for The New York Times who writes about big business, and yesterday my inbox was filled with notes pointing me to his blog. His latest post recommends what he believes are the best business books ever. Here is Nocera's list with his commentary: "Liar's Poker," by Michael Lewis (even though I've since become convinced that the anecdote that gives the book its title never happened). READ FULL DESCRIPTION

October 22, 2015

Roger Lowenstein has written a brilliant book on the founding of the Federal Reserve that informs and echoes the issues and arguments of today. READ FULL DESCRIPTION

April 07, 2016

Michele Wucker's new book helps us avoid crisis by engaging more thoroughly with reality, recognizing obvious threats and our own biases, and working to overcome them. READ FULL DESCRIPTION

Full Description

"A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure."--The New York Times NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK In this business classic--now with a new Afterword in which the author draws parallels to the recent financial crisis--Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term's partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term's fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM's implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability--and as a wake-up call that Wall Street and government alike tragically ignored. Praise for When Genius Failed "[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris."--BusinessWeek "Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating."--The Washington Post "Story-telling journalism at its best."--The Economist

About the Author

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.

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