This week’s book was written by Roger Lowenstein.
A business classic, When Genius Failed: The Rise and Fall of Long-Term Capital Management captures the gripping roller-coaster ride of Long-Term Capital Management. 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.
If you haven't time to read the book, just remember PLY’s contemporary recounting of the crisis: “LTCM had impeccably perfect maths, alas the universe displayed slight flaws.”
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