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LTCM was the fund that was too big to fail, the brightest star in the financial world. Built on genius, by legends of Wall Street and two Nobel laureates, it spiralled to ever greater heights, commanding unimaginable wealth. When it fell to earth in September 1998 it shook the world. This is the story of the rise and fall of LTCM and the legends behind it. A brave and ambitious work, Inventing Money was written by leading financial journalist Nicholas Dunbar.
- Sales Rank: #672269 in Books
- Published on: 2001-01-16
- Released on: 2000-12-13
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .62" w x 6.06" l, .87 pounds
- Binding: Paperback
- 262 pages
Review
"...a primer for those interested in the world of financial theory."
--Financial Times
"Inventing Money is not the last word on the subject, but it is a good start."
--The Economist
"Dunbar tells the full story of this most public of financial disasters, unveiling previously undisclosed information, in captivating and accessible terms."
--EuroBusiness
"Mr Dunbar has gained the rare distinction of writing an interesting and informative book on a very complex financial subject and for that he deserves much credit."
--Offshore Financial Review
"Dunbar offers us a well-written and informative account of how the company's culture developed, and why LTCM plummeted so dramatically."
--Balance Sheet
"It is a fast moving and readable account that explains the development of finance over the centuries before recounting the brief but eventful life of LTCM."
--Risk
"A fascinating tale, not to be missed."
--Chartered Secretary
"...his brave effort to explore the LTCM fiasco, its origins, and its ramifications. Dunbar is a former academician and journalist, making him an ideal writer to explore the theoretical origins of LTCM.
The author excels with his affectionate portrait of financial-theory giants such as the late Fischer Black. This book is a good source of information on the theoretical underpinnings of modern arbitrage."
--Business Week
"Nicholas Dunbar has written a fascinating account of this spectacular episode, and in doing so has provided an instructive insight into the functioning of global capitalism."
--CIB News
"Nicholas Dunbar's fascinating book is well-written. The book should appeal to a wide audience. Economists should certainly read it. Dunbar writes in a clear and accessible manner."
From the Inside Flap
In the story of Long-Term Capital Management the facts speak for themselves.
* December 1992, former Salomon Brothers' Vice-Chairman John Meriwether teams up with two Nobel laureates - Myron Scholes and Robert Merton - together with his team of huge-earning arbitrage traders to found LTCM
* in both 1995 and 1996 LTCM returns net profits of over 40%
* in November 1997 LTCM hands back US$2.7 billion "excess capital" to investors
* in early 1998 LTCM increased its portfolio of assets to US$130 billion and commanded a derivatives portfolio with a notional value of US$1.25 trillion
* in August/September 1998 the total value of assets on the world's markets declines by US$3 trillion
* by September 1998 LTCM loses 90% of its value and has to be bailed out to the tune of US$3.6 billion
* from September 1998 to the present day, the ripples of this collapse continue to be felt across the globe
But try to look behind these bald facts, and the picture becomes shrouded in mystery. The diverse nature of LTCM's trading, which only allowed insiders to know the full picture, has confused many onlookers seeking to piece together the puzzle. It has been described as the equivalent to three blind men standing by an elephant: the first grabs the tail and thinks it's a snake, the second leans against it and thinks it's a wall and the third reaches out to the trunk and believes it to be a branch. In Inventing Money Nicholas Dunbar strips away the shroud of mystery and complexity to tell the complete story of this most public of financial disasters in a captivating and accessible style. Inventing Money is in equal measure the story of the strategy and people behind the collapse of one of the world's largest hedge funds, an explanation of how the modern world of finance functions and a walk through the historical development of this multi-billion dollar industry.
From the Back Cover
LTCM was the fund that was too big to fail, the brightest star in the financial world. Built on genius, by legends of Wall Street and two Nobel laureates, it spiralled to ever greater heights, commanding unimaginable wealth. When it fell to earth in Spetember 1998 it shook the world. This is the story of the rise and fall of LTCM and the legends behind it.
"Inventing Money is a brave and ambitious book....a highly readable account of a financial drama of the highest kind."
—The Independent
"Nicholas Dunbar's fascinating book is a well-writen chronicle of these events....a book to enjoy."
—Times Higher Educational Supplement
"A substantial primer on the history of financial theory, not least because of Mr Dunbar's knack for colourful parallels that illuminate his arguments."
—New York Times
"...not the last word on the subject, but it is a good start."
—The Economist
"Dunbar's is....a highly readable introduction to the origins of alternative strategies employed throughout the industry today."
—Portfolio International
"...a fascinating account of this spectacular episode."
—CIB News
"A well researched book...very readable."
—Investors Chronicle
"...a penetrating look at this enthralling story, stripping away the shroud of mystery surrounding the drama that rocked the financial world.... Dunbar tells the full story of this most public of financial disasters, unveiling previously undisclosed information, in captivating and accessible terms."
—Euro Business
"...a fast moving and readable account that explains the development of finance over the centuries before recounting the brief but eventful life of LTCM. It gives a strong flavour of the people and the times, their resentments and motivations."
—Risk
"...an essential insight into the development of financial markets and the history of man's attempt to predict investor behaviour.... It should be required reading for anyone considering investing in financial markets."
—Allianz Global Risk Report
Most helpful customer reviews
50 of 50 people found the following review helpful.
Great story - and a nice primer for the financial markets
By Olly Buxton
I was prompted into buying this book after seeing a truly hopeless Channel 4 documentary about the LTCM collapse which attempted - but failed entirely - to explain what LTCM was all about: What the Black/Scholes formula did, how Meriwether and cohorts used it to make money, and how they managed to singlehandedly bring western world as we know it to the brink of financial collapse with a formula which is supposed to completely eliminate risk.
Dunbar's very readable book scores on two fronts: firstly, it succeeds in explaining how these putatively "risk free" trades manage to make profit and be (to 'all' intents and purposes) perfectly hedged, when conventional wisdom would suggest that a perfectly hedged position must by definition be 'flat', and secondly, it serves as an excellent primer for anyone wanting to understand how the debt markets in general, and credit derivatives in particular, work. And all this in a little over 200 pages. Great going!
The subject matter isn't easy, but nor (at the level to which Dunbar takes it) is it rocket science, and to his immense credit Dunbar manages to resist the temptation to write it off as 'baffling rocket science by Harvard Graduates which is far too hard for the stupid reader to understand' (which is what said Channel 4 documentary did) or to insert unpenetrable graphs, equations and formulae to show just how clever he and the LTCM sort of person is.
Still, while the casual observer of the Stock Market (you know, the sort who watches the news each night to see if it went up or down) might find little in this book to light their candle, those in the industry and short on specific knowledge, or with aspirations of getting into it, could hardly find a better place to start.
40 of 43 people found the following review helpful.
Enjoyable on Many Levels
By Neil A. Chriss is President and Chief Operating Officer of ICor Brokerage Inc. and author of Black-Scholes and Beyond: Modern Option Pricing.
Nick Dunbar's literate, compact volume takes the reader from the beginnings of the financial revolution marked by Black, Scholes and Merton's discovery of the heralded "Black-Scholes Options Pricing Forumula" through the heady days of John Merriwether's "Bond Arb" group and the treasury scandal that threatened to end his career, to the formation and ultimate demise of Long Term Capital Management, perhaps the most famous hedge fund in history. With minimal technical jargon, Nick Dunbar manages to tell the story with sufficient detail that the unititiated can appreciate the complexity of the financial instruments and models employed by Long Term Capital. These same details are often swept aside in journalistic accounts as generic "highly sophisticated financial instruments" and well-known "mind-bogglingly complex mathematical models". Details notwithstanding, Inventing Money never takes its eye off the human side of the story: money was made and lost, careers soared and plummeted, reputations were shattered and many questions were raised as a result of this important episode in the history of financial markets.
The book blends an historical perspective of the developments in financial markets over the past 25 years that led to the opportunities as well as the risks presented to the partners of Long Term Capital with a well-researched account of the fund's operations and ultimate demise. Properly researching the rise and fall of LTCM could only have been a daunting task. In its heyday details of the funds operation were kept mainly private and could only have become more so as the proverbial sh-t hit the proverbial f-n.
Despite these obstacles, Dunbar does a fine job piecing together published accounts (some not likely to have been seen by the average reader, like statements by David Modest at the "Measurement and Management of Global Financial Risk" conference held at Wharton, April 29-30 1999, a conference I spoke at) and private interviews with key players to arrive at a book that is coherent and likely to provide something new for almost any reader.
0 of 1 people found the following review helpful.
Captivating
By a.d.
When reading this book, I had a strange deja vu feeling.
All of this sounded very familiar to me: an overconfident group of very intelligent people, inventing and implementing complex strategies with complete confidence that they are failproof and that no matter what risky things they do, nothing can possibly go wrong. Finally, I realized where I have seen a very similar scenario: a description of a failed (and foolish) experiment which lead to a Chernobyl nuclear disaster in 1986. Similarities in arrogant attitudes of main dramatic personae are indeed striking.
Dunbar created a fascinating account of the world of financial engineering (aka financial alchemy). He does an outstanding job of describing complex financial strategies with the minimum of technical baggage (though, I think, the book could benefit from a diagram or two). Highly recommended for anyone interested in financial engineering!
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