It is a narrative history of the hedge fund Long Term Capital Management. The fund's enigmatic founder, Meriwether joined hands with many including three Nobel prize winners in economics to start a hedge fund that would beat all other hedge funds. LTCM began trading in 1994. In not more than two years, it tripled its equity capital and total assets grown to $140 billion. But the end soon came in 1998 when the markets went against LTCM. LTCM's bankruptcy threatened the world economy badly so the New York Federal Reserve Bank steps in to broker a rescue. The author, Roger Lowenstein, a financial journalist explains reasons behind the Fed's controversial involvement with the LTCM hedge fund failure. This book is a compelling read for all interested financial minds.
