The release date for the English version of 'When Genius Failed: The Rise and Fall of Long-Term Capital Management' by
Roger Lowenstein is Oct 2001. If you enjoy this novel, it is available for buy as a paperback from Barnes & Noble or Indigo, as an ebook on the Amazon Kindle store, or as an audiobook on Audible.
"A captivating narrative that transcends the realm of the market to convey a universal message about failure and hubris, as well as risk and success."— The Times of London
Listed by Business Week as one of the best books of the year
Roger Lowenstein depicts the thrilling roller-coaster journey of Long-Term Capital Management in this business classic, which is now enhanced with a new Afterword in which the author draws similarities to the current financial crisis. Lowenstein explains not only how the fund made and lost its money, but also how the personalities of Long-Term's partners, the conceit of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and fall. Lowenstein does this by drawing on secret internal memos and interviews with dozens of important players.
Long-Term was heralded as the most remarkable hedge fund in history when it was established in 1993. However, after four years in which the company wowed Wall Street with its $100 billion profit-making machine, it unexpectedly experienced disastrous losses that put the stability of the financial system at risk in addition to the largest Wall Street banks. Now, ten years later, the dramatic tale of Long-Term's demise serves as a terrifying premonition of the financial catastrophe that would rock Wall Street from Lehman Brothers to AIG. In his updated Afterword, Lowenstein demonstrates how the collapse of LTCM should not be seen as a one-time event but rather as a model for market collapses in an unstable era—a wake-up call that Wall Street and the government both fatally disregarded.
Accolades for When Ingenuity Fail
"[Roger] Lowenstein has penned a vile and engrossing story of international avarice and, most importantly, conceit." IndustryWeek
The fund was shrouded in secret for a considerable amount of time, which added to the intrigue of the tale of its ascent and eventual demise. — The Post of Washington
"The best kind of journalism is storytelling." – A Financial Times