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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (20133)9/20/2000 6:23:37 PM
From: patron_anejo_por_favor  Read Replies (1) of 436258
 
More fun with LTCM:

thestreet.com

It is also striking that there is not a single mea culpa
about 1998 in the entire document. Not even some
boilerplate admission of "past problems." The closest
you get is in the "Risk Control Framework" section. It
says:

"The market events of late summer 1998 produced
extreme, simultaneous, adverse movements in G-10
relative value relationships on a global basis. Positions
in different markets, different instruments and different
parts of the world, while largely unconnected in terms of
their underlying cash flows, nevertheless moved sharply
in tandem driven by the flight to more liquid assets and
by the force of simultaneous liquidations by a broad
range of global investors and institutions."

That's a pretty bland and self-exculpatory analysis of
what happened in 1998. You have to wonder what it
takes for this man to admit a mistake. (Mr. Meriwether,
meet Mr. Clinton.)

There is one unintentionally hilarious sentence in the
document. "Past performance is no guarantee for the
future,'' it says. Potential investors should certainly hope
not.

ROTFLMAO!
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