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3min chapter
Roger Lowenstein, Author: "When Genius Failed"
Alpha Exchange
The Impact of Long-Term Capital on the Markets
Merton saw long-term capital not as a quote hedge fund, a term that he and other partners sneered at. They were providing in effect cheaper insurance to people like the issue of the Russia debt who found the previous very high. It was always in this direction; they never bet on spreads to widen. Merton: Capital was too scarce for the judge to be risky best.
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