【中商原版】拯救华尔街 赌金者 LTCM When Genius Failed 英文原版 罗杰洛温斯坦 Roger Lowenstein 商业书
赌金者：长期资本管理公司(LTCM)的升腾与陨落 When Genius Failed: The Rise and Fall of Long-Term Capital Management
基本信息
Format Paperback | 304 pages
Dimensions 131 x 203 x 16mm | 215g
Publication date 09 Oct 2001
Publisher Random House USA Inc
Imprint Random House Inc
ISBN10 0375758259
ISBN13 9780375758256
页面参数仅供参考，具体以实物为准
书籍简介
★这是一本令人振奋的书，它超越了市场的范畴，讲述了关于风险和胜利、关于傲慢和失败的普遍现象。
★被《商业周刊》评为年度书籍之一
在这本商业经典中，现在又有了新的后记，作者在其中将其与近期的金融危机相提并论，罗杰·洛文斯坦捕捉到了长期资本管理中那扣人心弦的过山车之旅。洛温斯坦利用机密的内部备忘录和对几十个关键人物的采访，不仅解释了基金是如何赚钱和亏钱的，而且还解释了长期资本管理公司合伙人的个性、他们在数学上的确定性的傲慢以及华尔街的文化本身是如何促成他们的崛起和衰落的。
------------
1994年，华尔街。一家名为长期资本管理公司的对冲基金成立了。这家基金是天才的“梦之队”：掌门人是被誉为能“点石成金”的华尔街“套利之父”约翰·梅里韦瑟；合伙人包括以期权定价模型而荣膺1997年诺贝尔经济学奖的罗伯特·默顿和马尔隆·斯科尔斯以及前美国财政部副部长兼美联储副主席戴维·马林斯等。
这样一支号称“每平方英寸智商密度高于地球上任何其他地方”的梦之队，在成立之初就毫不费力地说服80名创始投资者每人至少拿出1000万美元。这些投资者包括：
前贝尔斯登董事长兼首席执行官詹姆斯·凯恩；美林证券在当时也购买了其一大笔股份，用来出售给自己的大客户；瑞士联合银行几乎在一夜之间，就把长期资本管理公司定位为其投资对象……
在50个月之内，该基金的资本由一开始的12.5亿美元上升到48亿美元，实现了约40％的年均回报率和185％的总资本收益率。
然而，在1998年3-9月的短短6个月内，该基金却整整亏掉50亿美元，甚至在这年的某一天之内就亏掉5.53亿美元。然后濒临破产，连美联储都不得不出面召集由14家大银行组成的银团对其救助……
-----------------
"[罗杰]洛文斯坦写了一个肮脏而迷人的故事，讲述了世界的贪婪和狂妄。"——《商业周刊》。
"令人信服。该基金长期以来一直被掩盖在秘密之中，这使得它的崛起，以及毁灭的结局故事使这本书变得更加精彩。"--《华盛顿邮报》
“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York Times
NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK
In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.
When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored.
Praise for When Genius Failed
“[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.”—BusinessWeek
“Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating.”—The Washington Post
作者简介
罗杰·洛温斯坦
在Smart Money杂志工作期间，通过对长期资本管理公司几位主要合伙人与6家主要参与救助长期资本管理公司的银行高层人物的多次采访，在一些著名经济学家的帮助下，成功地创作了此书。当年该书一上市，便轰动全球，至今仍被投资者、基金管理者、金融监管当局奉为经典。
罗杰·洛温斯坦有3个孩子，现居住于新泽西州西野市。
Roger Lowenstein, author of the bestselling Buffett: The Making of an American Capitalist, reported for The Wall Street Journal for more than a decade, and wrote the Journal's stock market column "Heard on the Street" from 1989 to 1991 and the "Intrinsic Value" column from 1995 to 1997. He now writes a column in Smart Money magazine, and has written for The New York Times and The New Republic, among other publications. He has three children and lives in Westfield, New Jersey.
Shipping Overview:
• Shipping: Standard Domestic Shipping within the United States charges USD 4.99. Standard International Shipping from United Kingdom, Germany and Japan to the United States charges 14.99.
• Order Processing: Please allow 1-2 business days for order processing and preparation before shipment.
• Domestic Shipping: Orders within the U.S. are shipped via USPS or FedEx, depending on the origin of the product. The average transit time is 3-7 business days.
• International Shipping: Currently, we only ship within the USA.
• Tracking Information: Every order is trackable. You will receive a tracking number once your order has been shipped. Products may be shipped from various global fulfillment centers.
Shipping Delays:
Please note that shipping times may vary due to factors beyond our control, such as weather conditions, natural disasters, or peak holiday periods. While we strive to ensure timely delivery, the exact arrival time cannot be guaranteed and is managed by the shipping carrier.
Shipping Options:
-
Standard Delivery: Most orders are shipped within 3-7 business days. Larger items may utilize LTL shipping for safe handling.
-
Handling Time: We handle shipments on business days (Monday - Friday), with a preparation time of 1-2 days.
-
Additional Charges: Some items require additional shipping charges due to their size, weight, or special handling. These charges are specified on the product pages and are not eligible for shipping discounts.
-
Exclusions: Gift cards, packaging, taxes, and prior purchases do not count toward the minimum purchase requirement for free shipping. This offer is valid only for shipments to U.S. addresses, including Puerto Rico.
Delivery Details:
-
Estimates: Standard shipping within the US typically takes 3-7 business days. These are estimates and not guarantees.
-
Shipping Restrictions: We ship to all 50 states, Washington, DC, U.S. territories, and APO/FPO/DPO addresses. Shipping options vary based on the delivery address.
-
Remote Areas: Shipments to remote areas may incur additional charges or require pickup from a nearby shipping partner’s location.
Shipping Confirmation:
You will receive a shipping confirmation email with a tracking number as soon as your order is dispatched. If you do not receive this email immediately, please be assured that your items will arrive within the estimated delivery window provided at checkout.
Order Modifications:
If you need to cancel or modify your order, please contact our customer support immediately.
Issues with Delivery:
If your order shows as delivered but you have not received it, please contact the shipping carrier directly to resolve the issue. For persistent problems, contact our customer service at cs@everymarket.com.
Customer Support:
Our team is available 24/7 to assist you with any questions or concerns regarding your order. We are committed to ensuring a smooth shopping experience.
Return & Refund Policy Overview
Please review our return and refund policies below to ensure a smooth transaction process.
Return Policy
-
Duration: You have 30 days from receiving your item to initiate a return.
-
Condition: Items must be unworn, unwashed, with original tags and packaging intact.
-
Shipping Costs: Customers are responsible for return shipping costs.
-
Packaging: Ensure returned items are well-packaged to avoid damage during transit.
-
Tracking: Use a trackable and insured shipping method as we are not liable for items lost or damaged on return.
-
Initiating a Return: Contact us at cs@everymarket.com to start your return. We will provide a return shipping label and instructions upon approval. Returns without prior approval will not be accepted.
How to Return
-
Method: Returns must be sent back by mail to the address provided in the return instructions.
Return Label
-
Defective Products: Return labels are provided for defective items.
-
Non-Defective Returns: Customers are responsible for obtaining their return shipping label.
Product Conditions for Return
-
Eligible Products: Returns are only accepted for items in new condition.
Nonreturnable Items
Certain items are not eligible for return:
-
Electronic devices after 30 days (e.g., computers, laptops, Kindles)
-
Gift cards, prepaid game cards
-
Perishable goods, live insects, some jewelry, some health and personal care items
-
Customized or personalized products
-
Items with special shipping restrictions
Refund Policy
-
Window: Eligible products may be returned within 30 days of delivery for a refund.
-
Refund Method: Refunds are processed to the original payment method or as store credit for items purchased with gift cards.
-
Processing Time: Refunds are processed within 3-5 business days after we receive the return; please allow additional time for shipping and bank processing.
Claims
Inspect your order upon arrival and report any defects, damages, or incorrect items immediately to allow us to address the issue. For claims, contact our support team with details of the issue.
Exchange Policy
For the quickest service, return your original item and place a new order for the desired product once your return is accepted.
Return Address
EveryMarket Customer Service 2101 E Terra Ln, O'Fallon, MO 63366
Customer Support
Available 24/7 for any questions or assistance needed:
-
Phone: +1 636-312-5925
-
Email: cs@everymarket.com
赌金者：长期资本管理公司(LTCM)的升腾与陨落 When Genius Failed: The Rise and Fall of Long-Term Capital Management
基本信息
Format Paperback | 304 pages
Dimensions 131 x 203 x 16mm | 215g
Publication date 09 Oct 2001
Publisher Random House USA Inc
Imprint Random House Inc
ISBN10 0375758259
ISBN13 9780375758256
页面参数仅供参考，具体以实物为准
书籍简介
★这是一本令人振奋的书，它超越了市场的范畴，讲述了关于风险和胜利、关于傲慢和失败的普遍现象。
★被《商业周刊》评为年度书籍之一
在这本商业经典中，现在又有了新的后记，作者在其中将其与近期的金融危机相提并论，罗杰·洛文斯坦捕捉到了长期资本管理中那扣人心弦的过山车之旅。洛温斯坦利用机密的内部备忘录和对几十个关键人物的采访，不仅解释了基金是如何赚钱和亏钱的，而且还解释了长期资本管理公司合伙人的个性、他们在数学上的确定性的傲慢以及华尔街的文化本身是如何促成他们的崛起和衰落的。
------------
1994年，华尔街。一家名为长期资本管理公司的对冲基金成立了。这家基金是天才的“梦之队”：掌门人是被誉为能“点石成金”的华尔街“套利之父”约翰·梅里韦瑟；合伙人包括以期权定价模型而荣膺1997年诺贝尔经济学奖的罗伯特·默顿和马尔隆·斯科尔斯以及前美国财政部副部长兼美联储副主席戴维·马林斯等。
这样一支号称“每平方英寸智商密度高于地球上任何其他地方”的梦之队，在成立之初就毫不费力地说服80名创始投资者每人至少拿出1000万美元。这些投资者包括：
前贝尔斯登董事长兼首席执行官詹姆斯·凯恩；美林证券在当时也购买了其一大笔股份，用来出售给自己的大客户；瑞士联合银行几乎在一夜之间，就把长期资本管理公司定位为其投资对象……
在50个月之内，该基金的资本由一开始的12.5亿美元上升到48亿美元，实现了约40％的年均回报率和185％的总资本收益率。
然而，在1998年3-9月的短短6个月内，该基金却整整亏掉50亿美元，甚至在这年的某一天之内就亏掉5.53亿美元。然后濒临破产，连美联储都不得不出面召集由14家大银行组成的银团对其救助……
-----------------
"[罗杰]洛文斯坦写了一个肮脏而迷人的故事，讲述了世界的贪婪和狂妄。"——《商业周刊》。
"令人信服。该基金长期以来一直被掩盖在秘密之中，这使得它的崛起，以及毁灭的结局故事使这本书变得更加精彩。"--《华盛顿邮报》
“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York Times
NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK
In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.
When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored.
Praise for When Genius Failed
“[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.”—BusinessWeek
“Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating.”—The Washington Post
作者简介
罗杰·洛温斯坦
在Smart Money杂志工作期间，通过对长期资本管理公司几位主要合伙人与6家主要参与救助长期资本管理公司的银行高层人物的多次采访，在一些著名经济学家的帮助下，成功地创作了此书。当年该书一上市，便轰动全球，至今仍被投资者、基金管理者、金融监管当局奉为经典。
罗杰·洛温斯坦有3个孩子，现居住于新泽西州西野市。
Roger Lowenstein, author of the bestselling Buffett: The Making of an American Capitalist, reported for The Wall Street Journal for more than a decade, and wrote the Journal's stock market column "Heard on the Street" from 1989 to 1991 and the "Intrinsic Value" column from 1995 to 1997. He now writes a column in Smart Money magazine, and has written for The New York Times and The New Republic, among other publications. He has three children and lives in Westfield, New Jersey.
Shipping Overview:
• Shipping: Standard Domestic Shipping within the United States charges USD 4.99. Standard International Shipping from United Kingdom, Germany and Japan to the United States charges 14.99.
• Order Processing: Please allow 1-2 business days for order processing and preparation before shipment.
• Domestic Shipping: Orders within the U.S. are shipped via USPS or FedEx, depending on the origin of the product. The average transit time is 3-7 business days.
• International Shipping: Currently, we only ship within the USA.
• Tracking Information: Every order is trackable. You will receive a tracking number once your order has been shipped. Products may be shipped from various global fulfillment centers.
Shipping Delays:
Please note that shipping times may vary due to factors beyond our control, such as weather conditions, natural disasters, or peak holiday periods. While we strive to ensure timely delivery, the exact arrival time cannot be guaranteed and is managed by the shipping carrier.
Shipping Options:
-
Standard Delivery: Most orders are shipped within 3-7 business days. Larger items may utilize LTL shipping for safe handling.
-
Handling Time: We handle shipments on business days (Monday - Friday), with a preparation time of 1-2 days.
-
Additional Charges: Some items require additional shipping charges due to their size, weight, or special handling. These charges are specified on the product pages and are not eligible for shipping discounts.
-
Exclusions: Gift cards, packaging, taxes, and prior purchases do not count toward the minimum purchase requirement for free shipping. This offer is valid only for shipments to U.S. addresses, including Puerto Rico.
Delivery Details:
-
Estimates: Standard shipping within the US typically takes 3-7 business days. These are estimates and not guarantees.
-
Shipping Restrictions: We ship to all 50 states, Washington, DC, U.S. territories, and APO/FPO/DPO addresses. Shipping options vary based on the delivery address.
-
Remote Areas: Shipments to remote areas may incur additional charges or require pickup from a nearby shipping partner’s location.
Shipping Confirmation:
You will receive a shipping confirmation email with a tracking number as soon as your order is dispatched. If you do not receive this email immediately, please be assured that your items will arrive within the estimated delivery window provided at checkout.
Order Modifications:
If you need to cancel or modify your order, please contact our customer support immediately.
Issues with Delivery:
If your order shows as delivered but you have not received it, please contact the shipping carrier directly to resolve the issue. For persistent problems, contact our customer service at cs@everymarket.com.
Customer Support:
Our team is available 24/7 to assist you with any questions or concerns regarding your order. We are committed to ensuring a smooth shopping experience.
Return & Refund Policy Overview
Please review our return and refund policies below to ensure a smooth transaction process.
Return Policy
-
Duration: You have 30 days from receiving your item to initiate a return.
-
Condition: Items must be unworn, unwashed, with original tags and packaging intact.
-
Shipping Costs: Customers are responsible for return shipping costs.
-
Packaging: Ensure returned items are well-packaged to avoid damage during transit.
-
Tracking: Use a trackable and insured shipping method as we are not liable for items lost or damaged on return.
-
Initiating a Return: Contact us at cs@everymarket.com to start your return. We will provide a return shipping label and instructions upon approval. Returns without prior approval will not be accepted.
How to Return
-
Method: Returns must be sent back by mail to the address provided in the return instructions.
Return Label
-
Defective Products: Return labels are provided for defective items.
-
Non-Defective Returns: Customers are responsible for obtaining their return shipping label.
Product Conditions for Return
-
Eligible Products: Returns are only accepted for items in new condition.
Nonreturnable Items
Certain items are not eligible for return:
-
Electronic devices after 30 days (e.g., computers, laptops, Kindles)
-
Gift cards, prepaid game cards
-
Perishable goods, live insects, some jewelry, some health and personal care items
-
Customized or personalized products
-
Items with special shipping restrictions
Refund Policy
-
Window: Eligible products may be returned within 30 days of delivery for a refund.
-
Refund Method: Refunds are processed to the original payment method or as store credit for items purchased with gift cards.
-
Processing Time: Refunds are processed within 3-5 business days after we receive the return; please allow additional time for shipping and bank processing.
Claims
Inspect your order upon arrival and report any defects, damages, or incorrect items immediately to allow us to address the issue. For claims, contact our support team with details of the issue.
Exchange Policy
For the quickest service, return your original item and place a new order for the desired product once your return is accepted.
Return Address
EveryMarket Customer Service 2101 E Terra Ln, O'Fallon, MO 63366
Customer Support
Available 24/7 for any questions or assistance needed:
-
Phone: +1 636-312-5925
-
Email: cs@everymarket.com
Oops!
Sorry, it looks like some products are not available in selected quantity.