Roger Lowenstein

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


Скачать книгу

of financial Veg-O-Matics were slicing and dicing financial assets into potent, newfangled securities—IOs and POs—that investors were scooping up with reckless élan. What was worse, investors had rediscovered their thirst for leverage. With double-digit bond yields a thing of the past, investors—particularly the new hedge funds that were “popping up all over”—were resorting to borrowing to inflate their returns. How could investors be so certain that markets would always be liquid?, Klarman wondered. He feared that investors were turning “a blind eye to the consequences of ‘Outlier’ events,” such as the sudden disturbances and occasional crashes that, historically, have always upset the best-laid plans of investors. In general, Klarman warned, “Successful investors have positioned themselves to avoid the 100-year flood. Increasingly, that way of thinking has become passé.” Turning to the former Salomon traders’ fund—that is, to Long-Term—Klarman noted that, given its projected leverage, even a single serious mistake would put a “major dent” in the fund’s capital. “Two major errors at the same time, of course, would be catastrophic.”22

      Конец ознакомительного фрагмента.

      Текст предоставлен ООО «ЛитРес».

      Прочитайте эту книгу целиком, купив полную легальную версию на ЛитРес.

      Безопасно оплатить книгу можно банковской картой Visa, MasterCard, Maestro, со счета мобильного телефона, с платежного терминала, в салоне МТС или Связной, через PayPal, WebMoney, Яндекс.Деньги, QIWI Кошелек, бонусными картами или другим удобным Вам способом.

/9j/4AAQSkZJRgABAQEAYABgAAD/4QC0RXhpZgAASUkqAAgAAAAGAD4BBQACAAAAVgAAAD8BBQAG AAAAZgAAAAIDAgAWAAAAlgAAABBRAQABAAAAAY5pMhFRBAABAAAAIy4AABJRBAABAAAAIy4AAAAA AAAlegAAoIYBAIOAAACghgEA//kAAKCGAQDpgAAAoIYBADB1AACghgEAYOoAAKCGAQCYOgAAoIYB AG8XAACghgEAUGhvdG9zaG9wIElDQyBwcm9maWxlAP/iDFhJQ0NfUFJPRklMRQABAQAADEhMaW5v AhAAAG1udHJSR0IgWFlaIAfOAAIACQAGADEAAGFjc3BNU0ZUAAAAAElFQyBzUkdCAAAAAAAAAAAA AAABAAD21gABAAAAANMtSFAgIAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAEWNwcnQAAAFQAAAAM2Rlc2MAAAGEAAAAbHd0cHQAAAHwAAAAFGJrcHQAAAIEAAAA FHJYWVoAAAIYAAAAFGdYWVoAAAIsAAAAFGJYWVoAAAJAAAAAFGRtbmQAAAJUAAAAcGRtZGQAAALE AAAAiHZ1ZWQAAANMAAAAhnZpZXcAAAPUAAAAJGx1bWkAAAP4AAAAFG1lYXMAAAQMAAAAJHRlY2gA AAQwAAAADHJUUkMAAAQ8AAAIDGdUUkMAAAQ8AAAIDGJUUkMAAAQ8AAAIDHRleHQAAAAAQ29weXJp Z2h0IChjKSAxOTk4IEhld2xldHQtUGFja2FyZCBDb21wYW55AABkZXNjAAAAAAAAABJzUkdCIElF QzYxOTY2LTIuMQAAAAAAAAAAAAAAEnNSR0IgSUVDNjE5NjYtMi4xAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAABYWVogAAAAAAAA81EAAQAAAAEWzFhZWiAA AAAAAAAAAAAAAAAAAAAAWFlaIAAAAAAAAG+iAAA49QAAA5BYWVogAAAAAAAAYpkAALeFAAAY2lhZ WiAAAAAAAAAkoAAAD4QAALbPZGVzYwAAAAAAAAAWSUVDIGh0dHA6Ly93d3cuaWVjLmNoAAAAAAAA AAAAAAAWSUVDIGh0dHA6Ly93d3cuaWVjLmNoAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAGRlc2MAAAAAAAAALklFQyA2MTk2Ni0yLjEgRGVmYXVsdCBSR0IgY29s b3VyIHNwYWNlIC0gc1JHQgAAAAAAAAAAAAAALklFQyA2MTk2Ni0yLjEgRGVmYXVsdCBSR0IgY29s b3VyIHNwYWNlIC0gc1JHQgAAAAAAAAAAAAAAAAAAAAAAAAAAAABkZXNjAAAAAAAAACxSZWZlcmVu Y2UgVmlld2luZyBDb25kaXRpb24gaW4gSUVDNjE5NjYtMi4xAAAAAAAAAAAAAAAsUmVmZXJlbmNl IFZpZXdpbmcgQ29uZGl0aW9uIGluIElFQzYxOTY2LTIuMQAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAdmlldwAAAAAAE6T+ABRfLgAQzxQAA+3MAAQTCwADXJ4AAAABWFlaIAAAAAAATAlWAFAAAABX H+dtZWFzAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAACjwAAAAJzaWcgAAAAAENSVCBjdXJ2AAAA AAAABAAAAAAFAAoADwAUABkAHgAjACgALQAyADcAOwBAAEUASgBPAFQAWQBeAGMAaABtAHIAdwB8 AIEAhgCLAJAAlQCaAJ8ApACpAK4AsgC3ALwAwQDGAMsA0ADVANsA4ADlAOsA8AD2APsBAQEHAQ0B EwEZAR8BJQErATIBOAE+AUUBTAFSAVkBYAFnAW4BdQF8AYMBiwGSA