Inventing Money - by Nicholas Dunbar (Paperback)

Book Synopsis

Der LTCM (Long-Term Capital Management) - ein Rentenportfolio im Wert von 100 Mrd. US Dollar - verfügte über 5% des globalen Zinsswap-Marktes sowie andere Derivate, wodurch der Fonds einen fiktiven nominellen Wert von 1 Billion US Dollar hatte. Gemanagt wurde er vom "Dream Team" Robert Merton und Myron Scholes (beide Nobelpreisträger für ihre Arbeit zur Optionspreisbildung), John Meriwether (früherer Vize-Vorsitzender der Salomon Brothers und ehemaliger Rentenkönig der Wall Street) und David Mullins (ehemaliger Professor an der Harvard Business School und früherer Vize-Vorsitzender der Federal Reserve). Doch trotz des Sachverstands dieser Finanzexperten brach der LTCM im September 1998 zusammen und sorgte damit weltweit für Schlagzeilen und eine Finanzkatastrophe. 14 Investmentbanken mußten "Finanzspritzen" in Höhe von 3,6 Milliarden US Dollar zur die Stützung des Fonds aufbringen, wodurch auch sie dem Zusammenbruch nahe waren.
Nick Dunbar, Herausgeber des Risk Magazine, erzählt hier anschaulich die unglaubliche Geschichte über den Zusammenbruch des LTCM. Dabei geht es um mehr als nur eine faszinierende Geschichte von Reichtum, finanziellem Ruin, Wissenschaft und Nobelpreisträgern. Dunbar spricht die Kernfragen an: "Welche Rolle spielt die Wissenschaft in der Finanzwirtschaft?" und "Wohin führt diese Entwicklung bei den internationalen Finanzmärkten und Volkswirtschaften?" Eine fesselnde Lektüre - jetzt neu in der günstigen Broschurausgabe!

From the Back Cover

LTCM was the fund that was too big to fail, the brightest star in the financial world. Built on genius, by legends of Wall Street and two Nobel laureates, it spiralled to ever greater heights, commanding unimaginable wealth. When it fell to earth in Spetember 1998 it shook the world. This is the story of the rise and fall of LTCM and the legends behind it.

"Inventing Money is a brave and ambitious book....a highly readable account of a financial drama of the highest kind."
--The Independent

"Nicholas Dunbar's fascinating book is a well-writen chronicle of these events....a book to enjoy."
--Times Higher Educational Supplement

"A substantial primer on the history of financial theory, not least because of Mr Dunbar's knack for colourful parallels that illuminate his arguments."
--New York Times

"...not the last word on the subject, but it is a good start."
--The Economist

"Dunbar's is....a highly readable introduction to the origins of alternative strategies employed throughout the industry today."
--Portfolio International

"...a fascinating account of this spectacular episode."
--CIB News

"A well researched book...very readable."
--Investors Chronicle

"...a penetrating look at this enthralling story, stripping away the shroud of mystery surrounding the drama that rocked the financial world.... Dunbar tells the full story of this most public of financial disasters, unveiling previously undisclosed information, in captivating and accessible terms."
--Euro Business

"...a fast moving and readable account that explains the development of finance over the centuries before recounting the brief but eventful life of LTCM. It gives a strong flavour of the people and the times, their resentments and motivations."
--Risk

"...an essential insight into the development of financial markets and the history of man's attempt to predict investor behaviour.... It should be required reading for anyone considering investing in financial markets."
--Allianz Global Risk Report

About the Author

Nicholas Dunbar studied physics in the UK at Manchester and Cambridge and finally in the US at Harvard University, where he gained a Master's degree in earth and planetary sciences. During this period his interests ranged from quantum mechanics and black holes to evolution and the history of global climate change. His teachers included Stephen Hawking at Cambridge and Stephen Jay Gould at Harvard.
In 1990, Dunbar decided to leave academia. He spent the next few years working in feature films and television, in a wide range of capacities. In 1996, after launching the television production company Flicker Films, a chance encounter with some old Harvard friends set him on a new path of finance and science writing, focusing on the derivatives industry. In 1998, he joined Risk magazine as technical editor.