When Genius Failed Book Reviews

AUTHOR
Roger Lowenstein
SCORE
4.5
TOTAL RATINGS
180

When Genius Failed by Roger Lowenstein Book Summary

“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York Times

NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK

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. Drawing 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 it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. 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. 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. 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.

Praise for When Genius Failed

“[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.”—BusinessWeek

“Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating.”—The Washington Post

“Story-telling journalism at its best.”—The Economist

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Book Name When Genius Failed
Genre Finance
Published
Language English
E-Book Size 1.27 MB

When Genius Failed (Roger Lowenstein) Book Reviews 2024

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When Genius Failed. Once in your hand you don't want to put it down till you finish reading it. It is totally worth your time to read it.

Enjoyed it!. Engaging writing style, which brought out much color in seemingly colorless personalities. A better story of hubris could not have been made up.

A financial Greek tragedy. The 2008 financial crisis isn’t a warning or a lesson, it’s a tragedy that could’ve been avoided if only one looked ten years back at the teachings of a much more contained tragedy. This is a story that is often ignored but serves as the father of black swan events that have happened since and will continue to occur in the future.

Leverage at its best. Must read as it reminds us how history can be prone to repeat itself. This should find itself on the bookshelf for generations to come as part of the history for current finance.

What a mess. The title isn’t to say the book is bad in any way; it is an incredible book to read. But by god, I never realized what a dumpster fire LTCM was. It’s genuinely amazing to read this book and know that a decade after LTCM’s end, the hubris and arrogance of Wall Street would ravage the US economy. Amazing read, 10/10, would recommend to anyone who wants a greater understanding of LTCM and its short but eventful history.

Greatness. Excellent read about greed in the stock market

A riveting, cautionary tale. This fascinating story, masterfully told, proved prophetic in light of the later financial crisis and government bailout of Wall Street in 2008. My only negative criticism of this text is the poor proofreading of the final chapters that contain a number of distracting typos.

A must read. A brilliant book on financial models run amuck. All models have assumptions, and assumptions are set by humans. And leverage can be your best friend and your worst enemy.

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Summary of When Genius Failed by Roger Lowenstein

The When Genius Failed book written by Roger Lowenstein was published on 12 September 2000, Tuesday in the Finance category. A total of 180 readers of the book gave the book 4.5 points out of 5.

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