Solomon in the 80s

When LTCM formed, it was made up mostly of partners that have worked together at Solomon in a group run by the legendary bond trader John Meriwether. To understand the long-term capital, we have to spend some time talking about Solomon in the 80s. In the Michael Lewis book, Liars Poker, the firm was likened to a jungle. But less dramatic descriptions have described it as a true meritocracy that rewarded people for working hard.