Книга: Ловенстайн Р. / Roger Lowenstein «Когда гений терпит поражение. Взлет и падение компании Long-Term Capital Management, или Как один небольшой банк создал дыру в триллион долларов / When Genius Failed : The Rise and Fall of Long-Term C»

Производитель: "Олимп-бизнес"

416 стр. Вместе с Покером лжецов Майкла Льюиса эта книга составляет своеобразную дилогию. Одни найдут в ней документальную историю взлета и падения созданной по образцу и подобию инвестиционного банка Salomon Brothers компании LTCM, описание и анализ ее деятельности. Другие усмотрят интерпретацию вечного сюжета о конфликте разума и азарта, о несовпадении благих намерений одних с алчными интересами других. Перед нами увлекательный рассказ о недавней попытке группы ученых и нобелевских лауреатов применить глубоко рациональный закон больших чисел на рынке облигаций, но вместе с тем притча о человеческих страстях и пороках. Один нюанс этой истории будет особенно любопытен российскому читателю: августовский дефолт 1998 года в России, оказавшийся непредсказуемым и непостижимым даже для лауреатов Нобелевской премии. Книгапредназначена для широкого круга читателей On September 23, 1998, the boardroom of the New York Fed was a tense place. Around the table sat the heads of every major Wall Street bank, the chairman of the New York Stock Exchange, and representatives from numerousEuropean banks, each of whom had been summoned to discuss a highly unusual prospect: rescuing what had, until then, been the envy of them all, the extraordinarily successful bond-trading firm of Long-Term Capital Management. Roger Lowenstein s When Genius Failed is the gripping story of the Fed s unprecedented move, the incredible heights reached by LTCM, and the firm s eventual dramatic demise. Lowenstein, a financial journalist and author of Buffett: The Making of an American Capitalist, examines the personalities, academic experts, and professional relationships at LTCM and uncovers the layers of numbers behind its roller-coaster ride with the precision of a skilled surgeon. The fund s enigmatic founder, John Meriwether, spent almost 20 years at Salomon Brothers, where he formed its renowned Arbitrage Group by hiring academia s top financial economists. Though Meriwether left Salomonunder a cloud of the SEC s wrath, he leapt into his next venture with ease and enticed most of his former Salomon hires--and eventually even David Mullins, the former vice chairman of the U. S. Federal Reserve--to join him in starting a hedge fund that would beat all hedge funds. LTCM began tradingin 1994, after completing a road show that, despite the Ph. D.-touting partners lack of social skills and their disdainful condescension of potential investors who couldn t rise to their intellectual level, netted a whopping $1. 25 billion. The fund would seek to earn a tiny spread on thousands of trades, as if it were vacuuming nickels that others couldn t see, in the words of one of its Nobel laureate partners, Myron Scholes. And nickels it found. In its first two years, LTCM earned $1. 6 billion, profits that exceeded 40 percent even after the partners hefty cuts. By the spring of 1996, itwas holding $140 billion in assets. But the end was soon in sight, and Lowenstein s detailed account of each successively worse month of 1998, culminating in a disastrous August and the partners subsequent panicked moves, is riveting. The arbitrageur s world is a complicated one, and it might haveserved Lowenstein well to slow down and explain in greater detail the complex terms of the more exotic species of investment flora that cram the book s pages. However, much of the intrigue of the Long-Term story lies in its dizzying pace (not to mention the dizzying amounts of money won and lost inthe fund s short lifespan). ISBN:978-5-9693-0171-9

Издательство: "Олимп-бизнес" (2010)

Формат: 60x90/16, 416 стр.

ISBN: 978-5-9693-0171-9

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