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

             

Author: Roger Lowenstein

8.2/10

READ

In case you haven't heard of it, Long-Term Capital Management (LTCM) was a hedge fund that made impressive returns in the first few years of its operation (it doubled its investors' money in less than 3 years which is impressive), but it then imploded during the Russian debt crisis and nearly brought the whole market down with it.

The book is very readable, highly enjoyable, and gives you insights as regards hubris after success, as well as a very important distinction: markets are easy if you are an academic wihout any skin in the game and much more difficult if you are trying to make money from them.

READ IF: You want to get important insights into LTCM and why it collapsed (spoiler: leverage)

PASS IF: You want a book that tells you how to buy stocks/bonds

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