Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Gut Trader who wrote (172627)	6/13/2002 9:57:51 PM
From: patron_anejo_por_favor	Read Replies (3) of 436258

Speaking of geniuses, I'm currently slogging through Roger Lowenstein's fine epic on LTCM, When Genius Failed. Great discussions about leverage and risk, soon to be revisited when Fannie Mae and JPM get their turn in the barrel. Also a great story of hubris run amok, those guys (Merriwether, Hillibrand, Hawkins, Merton and Scholes) just KNEW they couldn't f*ck up 'cause they were SOOOOO much smarter than everyone else. For awhile they got away with it, but the fat tail got 'em (as it is prone to do when you're using 60:1 leverage). Highly recommended to the CFZ crowd: amazon.com If only the internet had been around while these Mensas were burning through a few billion, they coulda learnt how to manage risk by reading my gambling book recos!<G> amazon.com

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