Top critical review
Read only if interested in LTCM...
on June 11, 2003
...If you haven't heard of LTCM, then the book might not be worth it.
The book is about the spectacular rise (1994) and fall (1998) of the trading firm LTCM. You will find in this book: 1) what sort of trades LTCM made (mostly fixed-income arbitrage, less foreign exchange, much less plain stocks), 2) yearly (and at times daily, when LTCM was going bankrupt) balance of LTCM's accounting books, 3) (somewhat vaguely) counterparties involved in LTCM trades, 4) personnel in LTCM who made the trades; their personalities, 5) heads of Wall Street firms between 1994-1998. If any of the above interests you, you will find the book worthwhile, not only because the author does a fairly good job in chronicling the events, but also because there are not many sources available that cover the LTCM debacle. (I personally find it strange that such a talked about firm in the 1990s has such little "publicity.") On the other hand, contrary to the opinions of some reviewers here seem to hold, I would not go so far as to draw investment lessons from the book. To me this is history, dry as it should be.