当天才失败时
When Genius Failed
Roger Lowenstein · 初版 2000 年
35人推荐
59位读者提及
70次提及
为什么值得读
- 生动还原长期资本管理公司的兴衰与崩盘
- 展现信贷市场的运作方式与非理性机制
- 剖析顶尖学者在实际金融操作中的盲点
“John Meriwether 是 Wall Street 一位赫赫有名的成功交易员，他在 20 世纪 80 年代担任 Salomon Brothers 的合伙人，组建了全球顶尖——也是最聪明——的 bond arbitrage 团队。这位神秘而腼腆的中西部人聚拢了一群拥有 Ph.D. 头衔的 arbitrageurs，他们以孝子般的忠诚和惊人的利润回报了他。随后在 1991 年，由于旗下交易员卷入丑闻，Meriwether 突然辞职。在接下来的两年里，他那些坚信老板是不公受害者的极度忠诚的团队，一直在密谋筹划老大的回归。接着在 1993 年，Meriwether
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如果你有兴趣多了解一点长期资本管理公司（LTCM）的崩盘，我推荐 Roger Lowenstein 写的《天才的陨落》（When Genius Failed，想体会更深的话，建议先看 Michael Lewis 的《大空头前传：说谎者的扑克牌》）。如果你想看关于高频交易/对冲基金初创团队的精彩记录，那值得买本二手…
If you're interested in reading some more about the collapse of LTCM, I recommend When Genius Failed by Roger Lowenstein (for a fuller appreciation, read Liar's Poker by Michael Lewis first). If you're interested in reading an excellent account of a startup HFT/hedge fund, it's worth ordering a secondhand…
…说了这是好事，我只是说‘流动性差’和‘垃圾’在定义上不是一回事。我就说了这些。我甚至懒得去回你那个别克汽车的类比。去读读这本书吧——http://www.amazon.com/When-Genius-Failed-Long-Term-Managemen...——它会让你清楚了解信贷市场是如何运作的，以及它们是如何做出非理性行为的。眼下最大的问题是谁都不知道该怎么给自己估值，因为没人…
…said this was good, I said that 'illiquid' and 'crappy' are not by definition the same thing. That's all I said. I'm not even going to address your Buick analogy. Read this book - http://www.amazon.com/When-Genius-Failed-Long-Term-Managemen... - it will give you a good idea how credit markets operate and how they can act irrationally. Right now the major issue is that no one knows how to value themselves because no one…
…很多内容是“借鉴”了这本书：http://www.amazon.com/Inventing-Money-Long-Term-Capital-Mana... 大多数人都读过那本，但我认为上面这本写得好得多。http://www.amazon.com/When-Genius-Failed-Long-Term-Managemen... 如果你对此类题材感兴趣，我建议两本都读，按列出的顺序看就行。既然这篇文章主要是讲 LTCM 的，看看他们的…
…was "borrowed" very heavily from this book: http://www.amazon.com/Inventing-Money-Long-Term-Capital-Mana... Most people read this book but I think the above book is much better. http://www.amazon.com/When-Genius-Failed-Long-Term-Managemen... I'd recommend reading both if this sort of thing interests you, in the order that they are listed. Since this article is mostly about LTCM, its kindof interesting to look at their…
漫步华尔街 一个股票作手的话忆录 当天才遭遇失败 非常的成功 然后平时就多读财经新闻、追踪市场，直到你能练就一双识别忽悠的火眼金睛。
A random walk down wall Street Reminisces of a stock operator When genius failed Unconventional success And generally just read financial news and follow markets until you develop a sense for spotting BS.
…是因为他拿到了一个新游戏，并不是因为那个游戏的设计师水平次。而华尔街吸引着全世界最绝顶聪明的一批人。读读 Roger Lowenstein 的《天才的陨落》吧，讲的是几位诺贝尔经济学奖得主如何创办了一家对冲基金（长期资本管理公司/LTCM），又在 1997 年经历了灾难性的自爆。其他聪明人其实知道他们错在哪，但这并没有…
…because he got a new video game, it is not because the video game's designers were 2nd rate. And Wall Street attracts people seemingly as smart as you would ever want to be. Read Roger Lowenstein's "When Genius Failed" about how a coupla Nobel Prize winners in econ started a hedge fund (Long Term Capital Management) which blew up spectacularly in 1997. Other smart people knew what they were doing wrong, but that didn't…
…金融机构每天都通过回购协议（repo）来平账。（这个市场体量极度庞大。）投行也有 repo 的需求，但他们经常把杠杆推向丧心病狂的极限。LTCM 也是用 repo 搞超高杠杆。（《天才的陨落》是本很有趣的书；本质上 2007 年的危机就是放大版的 LTCM。）2007 年的金融危机实际上就是发生在回购市场上的一场银行挤兑。投行通过滚动…
…Financial institutions balance their books daily with repos. (The market is HUGE.) IB's have a need for repo's also, but they often push the limits of sanity. LTCM used repos for large leverage also. (When Genius Failed is an interesting book to read; essentially the crisis of 2007 was LTCM on a larger scale.) The financial crisis of 2007 was actually a run on banks through the repo market. IB's used repos on a rolling…