The book discusses the history of Long-Term Capital Management, a group of elite investors who believed they could outperform the market and generate unlimited wealth. The founder of Long-Term Capital Management was John Meriwether, in collaboration with two Nobel Prize winners and other prominent stock market professionals. This hedge fund quickly became a favorite among banks and managed to deliver impressive returns from the start of its operations.
However, Meriwether's strategy changed as competitors began to mimic his model. In an attempt to maintain the fund's performance, he used overlapping financing with loans on a scale that was not fully understood. When the markets in Indonesia, South America, and Russia collapsed in 1998, LCTM's investments also collapsed, resulting in the accumulation of debts.
This story, filled with ambitious and dramatic characters, is revealed in an exceptional style by Roger Lowenstein.
Pages: 288, Year of Publication: 0102, Dimensions: 12.9x12.9cm
