| Leverage, Intrigue and a lesson in Markets (ny) July 5, 2005 - 5.0/5 stars ... |
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| Book - Customer Review:27
When Genius Failed: The Rise and Fall of Long-Term Capital Management Roger Lowenstein 
Rating: 4.5/5 Stars Rank: 681 (ny) July 5, 2005 - 5.0/5 stars When Genius Failed Continuing with my book tree that started with Warren Buffett's letters to shareholders we take a look at, "When Genius Failed" by Roger Lowenstein. I don't know about you, but if I read a smartly written quote or two selected from a book and it's on a topic I'm interested in, I buy the book, just like that. I admit, I'm an addict. Here are a few memorable quotes from When Genius Failed: "Markets can remain irrational longer than you can remain solvent." - John Maynard Keynes (page 121) This is an interesting quote from John Meriwether when an employee asked his opinion on a decision he was wrestling with, "My trade was when I hired you" "Unique in Wall St. history, the fund had blazed across the financial skies like a luminous rocket, a half man, half-machine that seemingly reduced an uncertain world to rigorous, cold-blooded odds. Like visitors from a remote future, the professors seemed to have superseded the random luck and ill fate that had ever lurked in the shadows of markets." (page 233 - Epilogue,) "No investment-Internet wunderkinds included-can be judged on the basis of half a cycle alone" (page 233 - Epilogue,) If your into historical financial, make billions, lose billions type of stories where you always learn something from, this book is a must read. A few things you walk away having reinforced about markets are: trends often go farther than imaginable, one thing that is always predictable is that markets are unpredictable and the tide always turns and when it does it takes everything with it. Also made perfectly clear is the potential for unheard of profits by leveraging up in up markets. At one time Long Term Capital was leveraged 100-to-1, and leverage of 25 or 35-to-1 was the norm from the get go. Then like a slap in the face wake up call the reminder that when the tide turns and a trend changes leverage will take you apart faster than imaginable. I would venture that similar the six degree of separation that supposedly separates all human beings from anyone else in the world; there is probably something like a 3 -4 degree of separation in regards to business books. There are many more books quoted and referenced in the above tree, I tried to stick to the ones that were of interest to me http://www.bloglines.com/blog/KevinKingston
Customer Review: 27 of 55
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Editorials(11) | Product Info | Product Listings Customer ReviewsWhen Genius Failed: The Rise and Fall of Long-Term Capital Management Roger Lowenstein Customer Review
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