When Genius Failed by Roger Lowenstein Summary
Overview of When Genius Failed
When Nobel laureates gambled Wall Street, Long-Term Capital Management collapsed spectacularly. "When Genius Failed" reveals how brilliance, arrogance, and $1.25 trillion in leveraged positions nearly broke the global financial system - a cautionary tale still haunting quantitative investors today.
Similar books to When Genius Failed
著者の声を通じて本を感じる
知識を魅力的で例が豊富な洞察に変換
キーアイデアを瞬時にキャプチャして素早く学習
楽しく魅力的な方法で本を楽しむ
重要なポイント
When Geniuses Gambled with the World
Four Nobel laureates, legendary Wall Street traders, and the most sophisticated mathematical models money could buy-what could possibly go wrong? In August 1998, a Connecticut hedge fund with positions worth over $1 trillion nearly brought the global financial system to its knees. This wasn't some reckless startup run by cowboys. Long-Term Capital Management was the most intellectually decorated investment firm ever assembled, a collection of financial geniuses who genuinely believed they had conquered risk itself. Their spectacular implosion became the defining cautionary tale of modern finance, yet its lessons remain hauntingly unlearned. John Meriwether built his reputation at Salomon Brothers on a deceptively simple philosophy: ride your losses until they turn into gains. The insight came from classic arbitrage-finding two nearly identical securities trading at different prices, buying the cheap one, shorting the expensive one, and waiting for the gap to close. It didn't matter whether markets rose or fell; all that mattered was convergence. In 1979, when securities dealer J.F. Eckstein faced bankruptcy from arbitrage trades gone wrong, Meriwether convinced Salomon to absorb his positions. Though initially hemorrhaging money, the prices eventually converged exactly as predicted, earning substantial profits and cementing Meriwether's mystique. This philosophy would eventually threaten the entire global economy.
Building the Cathedral of Leverage and Recruiting Genius
The Culture of Certainty and Early Triumphs
The Fatal Flaw in the Models
Chasing Returns into Dangerous Territory
The Perfect Storm and System-Wide Panic
The Lessons We Refuse to Learn
クイックサマリーモード - 『When Genius Failed』の要約を10分で読む・聴く
『When Genius Failed』の核心的なアイデアを分かりやすいポイントに分解し、革新的なチームがどのように創造、協力、成長するかを理解します。
フラッシュカードモード - 『When Genius Failed』から厳選した10の洞察
『When Genius Failed』を素早い記憶のヒントに凝縮し、率直さ、チームワーク、創造的な回復力の主要原則を強調します。
エンタメモード - 『When Genius Failed』のレッスンを19分のストーリーで
鮮やかなストーリーテリングを通じて『When Genius Failed』を体験し、イノベーションのレッスンを記憶に残り、応用できる瞬間に変えます。
パーソナライズモード - 『When Genius Failed』の要約を0分で読む・聴く
何でも質問し、声を選び、本当にあなたに響く洞察を一緒に作り出しましょう。
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"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
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