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

Extended Audio Sample When Genius Failed: The Rise and Fall of Long-Term Capital Management Audiobook, by Roger Lowenstein Click for printable size audiobook cover
4 out of 54 out of 54 out of 54 out of 54 out of 5 4.00 (4,977 ratings) (rate this audio book) Author: Roger Lowenstein Narrator: Roger Lowenstein Publisher: Penguin Random House Format: Abridged Audiobook Delivery: Instant Download Audio Length: Release Date: September 2001 ISBN: 9780375418563
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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.

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Listener Opinions

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Bijo Mani | 2/20/2014

    " An excellent read for any one who is involved in finance or financial markets... "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Alex Rusnak | 2/18/2014

    " A very important book that has to be re-read from time to time. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Jeremy | 2/5/2014

    " A good reminder of the paradigm that LTCM was, especially when so much history of derivatives and leverage occurred nearly a decade after the collapse of LTCM and many of the people involved were still creating or managing the banks in 2008. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Christian | 2/3/2014

    " It was intriguing to read the full story of this hedge fund, the good times and the bad. Particularly the reasons why it ended up failing. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Beth | 1/18/2014

    " Nicely written. Good scope and level of detail "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Judith Deborah | 1/5/2014

    " An incredible story, very well told. Most interesting and enjoyable. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Hilary | 1/4/2014

    " Another vacation book and although I am a finance major I think this is a good book for anyone. I learned a lot about the hedge fund world and the banking world in general that I didn't know before. A good book about greed and what people think they can get away with. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Tom Kamei | 1/2/2014

    " Lowenstein does a good job capturing the diverse set of characters in his rise and fall of LCTM - again show that brains don't outweigh the negative effects of hubris and an irrational crowd. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Peter | 11/28/2013

    " Good book, presaged the problems of 2008-2009 with the mortgage market very well. The author loses points for excessive use of italics. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Maurice | 8/22/2013

    " Highly recommended. Well research, does an excellent job in making complex financial topics accessible. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Bert | 8/3/2013

    " If you think your might like a book on Wall Street and hedge funds, you will like it. If that sounds totally boring, you probably will not. Focuses on both the personalities and the methods. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Gekko | 3/31/2013

    " A well-written and fascinating account of the LTCM meltdown. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Siddharth | 1/13/2013

    " The takeaway from the LTCM episode - if you invest money you don't have, with the intent of making money you don't need, more often than not, you will end up in trouble. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Nico | 1/8/2013

    " Very real recount of an unreal story. Perfect mix of emotions and naked numbers. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Dkujawinski | 11/21/2012

    " I read this book in about 5 days. It was facinating and well written. I did not completely understan most of the financial interactions and still am not completely sure how these people made money or were supposed to make money, but it is fascinating that such things exist. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Joe | 11/5/2012

    " This book talks about a crazy hedge fund that thought they were so smart they could leverage forever and make billions and never have any problems. Unfortunately, we didn't learn anything from this and deregulated Wall Street even more...fast forward to 2008... "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Christian Pappas | 9/19/2012

    " Scary how history repeated itself. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 alan | 4/7/2012

    " Actually not bad, better than I expected. But probably not that interesting for anyone who isn't a douchebag. The main story can be summarized in a good 250 words, the rest is pleasant, but not groundbreaking. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Kristin | 4/4/2012

    " Books about hedge funds failing apart are always fun & its pretty relevant to all the stuff happening in the markets now. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Lara | 2/28/2012

    " made finance fun! hard to believe "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Murugan | 6/17/2011

    " they fail big and take the fucking economy down with them "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Jennifer | 5/4/2011

    " You would think that people might have learned something from Long Term Capital Management's collapse, but sadly, no. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Mary | 5/2/2011

    " pre 9-11 books read like fairy tails. this is as exciting and telling as harry markopoulos and michael lewis made it out to be! "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Siddharth | 4/12/2011

    " The takeaway from the LTCM episode - if you invest money you don't have, with the intent of making money you don't need, more often than not, you will end up in trouble. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Brad | 4/9/2011

    " Good book to learn about the inner workings of wall street financial products and the people behind them. Somewhat difficult to understand all the lingo and concepts if you're not in the industry. Good investigation on lowenstein's part. Seems very thorough. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Lily | 4/6/2011

    " I knew absolutely nothing about this before I read it. More than a few times I had to go back and re-read whole sections, and it's certainly not a page-turner, but I learned a ton. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 David | 1/27/2011

    " Great book. Amazing story of LTCM. It is incredible how these guys operated and how confident they were in their smartness. Had it not been for some amazing one time events like Russia defaulting on their debt they would have actually made billions of dollars. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Omarquina | 1/22/2011

    " love it this is like a nice prequel to the financial meltdown of 08.
    a great view and description of the high stakes trade of the quants that left salomon bro. and a nice description of the perils and hiddent traps that led to the demise of LTC. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Kim | 1/5/2011

    " omg! this was the hardest book i have ever almost finished reading! i still don't understand it all, but i'm still very intrigued! "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 David | 12/29/2010

    " Reads like a thriller, with the race of Long Term Capital to fix their hedges after realizing their formula was not loss-proof. Only complaint is that I would have like more details as to the mechanics of the derivatives that led to the massive losses. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Colin | 12/27/2010

    " Interesting review of the steps leading to and events during the LTCM failure "

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About the Author
Author Roger Lowenstein

Roger Lowenstein is a financial journalist and writer. He graduated from Cornell University and reported for the Wall Street Journal for more than a decade. Lowenstein is the author of a number of books and articles, including The End of Wall Street, Origins of the Crash: The Great Bubble and Its Undoing.