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Non-Tech : Derivatives: Darth Vader's Revenge
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To: IngotWeTrust who wrote (755)1/24/1999 9:58:00 PM
From: Thomas M.  Read Replies (1) of 2794
 
"Surprises in the Aisles of Fund Supermarkets", by Michael Lewis, in the 1/24/98 New York Times. It is somewhat of an apologist article for LTCM. Some snippets:

When the crew left Saloman to form LTCM, they had to reveal what they were doing to the Street to get financing.

>>> "Everyone else started catching up to us," Eric Rosenfeld says. "We'd go
to put on a trade, but when we started to nibble the opportunity would
vanish." Every time they took action, others noticed and copied them, and
eliminated whatever slight irrationality had crept into the markets. <<<

A very interesting quote:

>>> "The few things we had on that the market didn't know about came back quickly," Meriwether says. "It was the trades that the market knew we had on that caused us trouble." <<<

Also, there is an assertion that Buffet gave LTCM only 1 hour to accept his offer, which was not enough time to contact the partners.

Tom
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