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4min chapter
Roger Lowenstein, Author: "When Genius Failed"
Alpha Exchange
The Importance of Confidence in LTCM
LTCM was a who's who of strategic investors that just saw this as something special. After putting up 40 plus percent returns for a couple of years in a row, I think people and especially inside LTCM, they really just thought we've conquered it. They fell into the same traps at LTCM. The feel of cache, smart money must really know what it's doing. A bailout story has continued to have residents over these 25 years even though there have been so many more successive collapses.
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