When Genius Failed: The Rise and Fall of Long-Term Capital Management by Roger Lowenstein
this is another great book i’ve been wanting to listen to for a long time … the rise and the fall of LTCM. ever since debating about the bail-out with my friend Richard Voon, i’ve been fascinated with how so many smart people could create a financial model that produced such staggering losses.
it is simply amazing. essentially, they were fooled by randomness a bit.
Lowenstein is a very good author who seems very fair and keeps the saga fast-moving while still going into a great deal of detail.