In this business classic, Roger Lowenstein details the riveting highs and lows of Long-Term Capital Management. Drawing upon classified internal memos and interviews with dozens of key players, this book narrates not just how the fund crumbled, but also how the dispositions of LTCM’s partners, the contempt of the fund's mathematical certainties, and the culture of Wall Street itself took part to both their rise and their fall. In his new Afterword, Lowenstein warns that LTCM’s crumbling is not a one-off drama but should be seen as a guide for market meltdowns in times of instability and as a wake-up call which Wall Street and the government tragically ignored.
“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
“[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.”
“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.”