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1、A06-99-0020Long-TermCapitalManagementTechnicalNoteonaGlobalHedgeFundIntroductionTuesday,September22,8:30pm,theFederalReserveBankofNewYork(Fed).ItwasameetingatwhichallofWallStreet’sbiggestpowerplayerswerepresent.InattendancewereSandyWarner,chairmanofJPMorgan
2、;DavidKomansky,chairman,andHerbAllison,presidentofMerrillLynch;FrankNewman,chairmanofBankersTrust;JonCorzine,co-chairmanofGoldmanSachs,andRobertKatz,themanag-ingdirector;DeryckMaughan,co-CEOofSalomonSmithBarney;AllenWheat,chairmanofCreditSuisseFirstBoston;P
3、hilipPurcell,chairmanofMorganStanley;JimmyCayne,presidentofBearStearns&Co,andWarrenSpector,deputypresident.UnlikepreviousgatheringsattheFedforwhichfestiveoccasionswerecelebrated,thismeetingwasagrimone.TheyweretheretohelprescueLong-TermCapitalManagement,anun
4、regulatedhedgefundwhichwasthreateningtospinoutofcontrol,takingtheglobalcapitalmarketswithit.1BackgroundLongTermCapitalManagement(LTCMortheFund)wasfoundedin1994asanunregulatedhedgefund.Ahedgefundisdefinedasanypooledinvestmentvehiclethatisprivatelyorganized,a
5、dministeredbyprofessionalinvestmentmanagers,andnotwidelyavailabletothepublic.Theprimaryinvestorsinhedgefundsareinstitutionsandwealthyindividuals.Hedgefundsareusuallyorganizedaslimitedpartnerships,orlimitedliabilitycompanies.2Thesetypeoffundsgenerallychargea
6、dvisoryfeesbasedonperformanceandtendtouseshort-terminvestmentstrategies.Anotherimportantaspectofhedgefundsisthattheyusuallyemployanaggressivelevelofleverage.Leverageallowshedgefundstomagnifytheirrisk,aswellasincreasetheirtotalassetholdings.LTCMwasabletoobta
7、ingreaterleveragebyinvestingininstrumentssuchasrepurchaseagree-ments,derivativesandshortcontracts.TheFundwasalsoactivelytradinginthetraditionalsecuritiesmarkets.TheFundbuiltupaccumulatedassetsof$125billion,onabaseof$4billionoverafour-yearperiod,mostlycollat
8、eralizedwithhigh-gradesecurities.31DavidSherreff.“TheEveofDestruction.”Euromoney,November1998.2“HedgeFunds,Leverage,andtheLessonsofLong-TermCapitalManagement.”ReportofThePresident’sWorkingGrouponFinanc
