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1、ContentsTitlePageDedicationEpigraphAuthor’sNoteandAcknowledgmentsIntroductionTHERISEOFLONG-TERMCAPITALMANAGEMENT1•Meriwether2•HedgeFund3•OntheRun4•DearInvestors5•Tug-of-War6•ANobelPrizeTHEFALLOFLONG-TERMCAPITALMANAGEMENT7•BankofVolatility8•TheFall9•TheHumanFactor10•AttheFedEpilogueNot
2、esAbouttheAuthorAlsobyRogerLowensteinCopyrightToMauryLaskyandJaneRuthMairsPastmaybeprologue,butwhichpast?—HENRYHUAUTHOR’SNOTEANDACKNOWLEDGMENTSThishistoryofLong-TermCapitalManagementisunauthorized.Attheproject’soutset,Iwasgrantedseveralformalinterviewswithtwoofthefirm’spartners,EricRo
3、senfeldandDavidMullins,butsuchformalcooperationquicklyceased.Subsequentattemptstoresumetheinterviews,andtogainformalaccesstoJohnW.Meriwether,thefounder,andothersofthepartners,provedfruitless.Nonetheless,overthecourseofmyresearch,Irepeatedlyconveyed(viae-mailandtelephone)seeminglyendle
4、sslistsofquestionstoRosenfeld,andhegenerouslyconsentedtoanswermanyofmyqueries.Inaddition,variousLong-Termemployeesatalllevelsofthefirmprivatelyaidedmeinmyresearch,helpingmetounderstandboththeinnerworkingsofthefirmandthenuancesofmanyoftheindividualpartners;Iamdeeplygratefultothem.Myoth
5、erprimarysourceswereinterviewsconductedatthemajorWallStreetinvestmentbanks,includingthesixbanksthatplayedacrucialroleinthegenesisandultimaterescueofLong-Term.WithoutthecooperationofmanypeopleatBearStearns,GoldmanSachs,J.P.Morgan,MerrillLynch,SalomonSmithBarney,andUnionBankofSwitzerlan
6、d,thisbookcouldnothavebeenwritten.Ialsohadgeneroustutorsineconomics.Therewereothers,butPeterBernstein,EugeneFama,JohnGilster,BruceJacobs,ChristopherMay,andMarkRubinsteinhelpedmetounderstandtheworldofoptions,hedging,bellcurves,andfattailswhereLong-Termplieditstrade.Inaddition,theconfid
7、entialmemorandumonthefund’sdebaclepreparedbyLong-Term’spartnersinJanuary1999providedfactsandfiguresonthefund’scapital,assettotals,leverage,andmonthlyreturnsthroughoutthelifeofthefund,aswellasinformationontheresultsofinvestors.Itwasaninvaluableresourceand,indeed,thesourceofmanyofthefig
8、uresi
