When genius failed

ong-Term was founded in 1993 and its visionary albeit aggressive tactics delighted Wall Street for all the four years that it made money off speculation. Long-Term’s arbitrage policies were nothing short of high handed. However it was backed by Nobel laureates who claimed their intellectual capacity made it impossible to rebuke the validity of the suspicious accounts. Lowenstein doesn’t stop at the chilling story of Long-Term by merely stating facts or imploring dubious economic theories. He makes it a point to set the whole story straight by driving a pick into the vital organs of this organization.The elusive John Meriwether, the board of directors and the Nobel laureates, Myron Scholes and Robert C. Merton have all been accounted for in this historical excavation. Capital market theory and the arbitrage policies and modus operandi of traders have all been investigated into by Lowenstein. Why Genius Failed: The Rise And Fall Of Long-Term Capital Management 1st Edition doesn’t just back up the narrative with the authorities involved but also provides analogies to the recent financial crisis.