John Wiley & Sons Inventing Money Cover In 1998, the highly secretive hedge fund Long-Term Capital Management, with a bond portfolio worth $.. Product #: 978-0-471-49811-7 Regular price: $23.27 $23.27 In Stock

Inventing Money

The Story of Long-Term Capital Management and the Legends Behind It

Dunbar, Nicholas

Cover

1. Edition November 2000
XVIII, 258 Pages, Softcover
Wiley & Sons Ltd

ISBN: 978-0-471-49811-7
John Wiley & Sons

Sample Chapter

Short Description

In 1998, the highly secretive hedge fund Long-Term Capital Management, with a bond portfolio worth $100 billion, suddenly collapsed--saved only by the $3.6 billion last minute rescue of 14 investment banks. How did it happen--especially when LTCM had based its financial future on seemingly infallible, Nobel Prize-winning science?
* In Inventing Money, author Nick Dunbar charts the rise and fall of LTCM, and tackles the larger question of the role of science in understanding and predicting the global financial markets.

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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.

Preface to the Paperback Edition.

Acknowledgements.

Introduction.

The Theory of Speculation.

The Science of Fear and Greed.

Trading in Time.

The Garden of Forking Paths.

The Warning.

The Dream Team.

Out of Control.

The Song of a Martingale.

Aftermath.

Sources and Further Reading.

Index.
Nicholas Dunbar studied physics in the UK at Manchester and Cambridge and finally in the US at Harvard University, where he gained a Master's degree in earth and planetary sciences. During this period his interests ranged from quantum mechanics and black holes to evolution and the history of global climate change. His teachers included Stephen Hawking at Cambridge and Stephen Jay Gould at Harvard.

In 1990, Dunbar decided to leave academia. He spent the next few years working in feature films and television, in a wide range of capacities. In 1996, after launching the television production company Flicker Films, a chance encounter with some old Harvard friends set him on a new path of finance and science writing, focusing on the derivatives industry. In 1998, he joined Risk magazine as technical editor.