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Open Preview See a Problem? Details if other :. Thanks for telling us about the problem. Return to Book Page. Preview — Inventing Money by Nicholas Dunbar. LTCM was the fund that was too big to fail, the brightest star in the financial world. Built on genius, by legends of Wall Street and two Nobel laureates, it spiralled to ever greater heights, commanding unimaginable wealth. When it fell to earth in September it shook the world. This is the story of the rise and fall of LTCM and the legends behind it.
A brave and ambi LTCM was the fund that was too big to fail, the brightest star in the financial world. A brave and ambitious work, Inventing Money was written by leading financial journalist Nicholas Dunbar. Get A Copy. Paperback , pages. Published December 22nd by Wiley first published December 31st More Details Original Title. Other Editions 7.
Friend Reviews. To see what your friends thought of this book, please sign up. To ask other readers questions about Inventing Money , please sign up. Lists with This Book. Community Reviews. Showing Average rating 4. Rating details. More filters. Sort order. Mar 13, Doug rated it it was amazing.
Easily one of the best books I have ever read. The knowledge I gained from this book is worth 10 times what I paid for it. When the global economy was put at risk a second time, 7 years after I read this book, I knew what to expect. Because of this book I have an understanding of debt-equity swaps, mortage-backed securities, arbitrage, and options trading. LTCM nearly brought down the world economy - and would have if it weren't for the bailout. It's amazing that history repeated itself less than Easily one of the best books I have ever read.
It's amazing that history repeated itself less than a decade later on a much larger scale. Nov 30, Athan Tolis rated it it was amazing Shelves: ec-and-finance , business. Transatlantic flight the other day, so spare time available. Pulled this off my shelf, where it had gathered dust for almost two decades. Lots of filler about the history of finance here, but in fairness it was good filler, especially for the year this little book was written. The story about how Samuelson discovered Bachelier must be in a good ten books, at this point, and chances are they all cribbed it from here!
So you get to find out what trades LTCM and its peers had on and what happened to those trades. The main Italian trade was much less heroic than this account claims it was: LTCM bought CcTs in the market, sold CcT asset swap packages to the world via a number of intermediaries, and all that left them with was a swap whereby LTCM received the coupons of the CcT bonds which the author correctly identifies as the results of BoT auctions with some margin on top and paid out lira LIBOR plus a spread.
Sep 12, Tim O'Hearn rated it really liked it Shelves: finance-non-fiction. In comparing the two books, it is interesting to see how certain aspects that were emphasized by Roger Lowenstein are minimized and glossed over by Nicholas Dunbar.
Overall, it was much less exciting to read though provided admirable descriptions of complex topics. Sep 15, Kathleen Chu rated it really liked it.
Accessible language. Interesting section on Martingale theory. View 1 comment. Mar 19, Nick Reminder rated it really liked it. Dunbar documents the preceding context well; who the players were, how the business worked, etc. We can then see how LTCM organically formed, burned incredibly bright, and exploded before our eyes in the late s, as widespread market irrationality and turmoil quickly exposed the oft taken-for-granted underlying assumptions of academic finance.
Mar 15, John rated it it was amazing Shelves: finporn. The best account of what happened at Long-Term Capital Management. Dunbar does a better job of detailing the trading strategies than Lowenstein's When Genius Failed.
Dunbar keeps it as simple as possible without dumbing it down nor being patronising, a very tough skill that he achieved very well. Markets would always be liquid, there would never eb more than three standard deviations etc. Even more astounding is reading the book post Do the smartest guys in the room never learn? Overly complicated illiquid products being bought and sold that no one understood!
Leveraging beyond what should be acceptable! Essentially people making massive, gargantuan, oversized bets when they had no idea of the risk of losing. It very, very good. Jan 08, Henrik Warne rated it really liked it. Inventing Money tells the story of the rise and fall of Long Term Capital Management and its main characters.
In parallel, it chronicles the development of much of modern finance theory, including the development of the Black-Scholes formula for option pricing. Therefore, this book is Inventing Money tells the story of the rise and fall of Long Term Capital Management and its main characters.
Therefore, this book is a good compliment to more technical books on option pricing etc. It was also very interesting to see how seemingly foolproof trading strategies could unravel very quickly when underlying fine-print assumptions like the assumption of liquid markets were violated, and how liquidity problems could have severe consequences. Also, the counterparties didn't know about the offsetting trades because of secrecy from LTCM , so they thought the risk was higher than it actually was.
Once there is a rumor that you are in trouble, you are in much more trouble. Everybody wants more collateral, and nobody wants to lend to you. It becomes a self-fulfilling prophecy. All in all an interesting and educational read. May 17, Crunknor rated it really liked it Shelves: economics , history , business. Jun 02, Jonathan Weinberger rated it really liked it. Better than Lowenstein's book. Of course, that financial crisis looks quaint now. Jun 05, Hasan Qureshi rated it really liked it.
I read it a while ago. I don't remember it well enough to give a detailed review. It's a well written book. I remember enjoying it when I read it. Feb 19, Jim rated it really liked it Shelves: non , fiction.
How brilliant academics and traders made and lost billions of dollars. Good job of explaining wickedly complex modern finance. Oct 17, Andy rated it really liked it. An alternative to " When Genius Failed ". Michael V. Cory, Jr rated it it was amazing Apr 09, Emma Geczko rated it it was amazing Mar 22, Eugene Shen rated it liked it Aug 08,
Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It
I was prompted into buying this book after seeing a truly hopeless Channel 4 documentary about the LTCM collapse which attempted - but failed entirely - to explain what LTCM was all about: What the Brick by brick, the editor of Risk magazine, builds the origin of the option and bond models, and introduces the cast of Nobel winning and big-buck trading characters. Well-researched, and worth Nicholas Dunbar , Nick Dunbar. The Washington Post described the collapse of the massive hedge fund Long-Term Capital Management as "one of the biggest financial missteps ever to hit Wall Street.
Nicholas Dunbar. Whatever we select for our library has to excel in one or the other of these two core criteria:. We rate each piece of content on a scale of 1—10 with regard to these two core criteria. Our rating helps you sort the titles on your reading list from adequate 5 to brilliant Here's what the ratings mean:. Innovative — You can expect some truly fresh ideas and insights on brand-new products or trends. We look at every kind of content that may matter to our audience: books, but also articles, reports, videos and podcasts.
Goodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. Error rating book.
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