In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability-and as a wake-up call that Wall Street and government alike tragically ignored. In this One Win Book Review, we take a look at When Genius Failed by Roger Lowenstein.Check out the video above to hear Adam's one win that you can take away. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. Against the tanned hordes of Hollywood grifters, cads, creeps, prima donnas, egomaniacs and nepo babies, Tom Hanks stands like a warrior clad in decency and girded in goodness. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. In this business classic-now with a new Afterword in which the author draws parallels to the recent financial crisis-Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management.ĭrawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.

When Genius Failed: The Rise and Fall of Long-Term Capital Management. A few words about When Genius Failed: The book describes in detail how the fund collapsed.

When genius failed review