Podcasts about when genius failed

In this episode, Clay explores When Genius Failed by Roger Lowenstein, the gripping story of the rise and fall of Long-Term Capital Management (LTCM).  Founded by Wall Street's brightest minds, including Nobel Prize-winning economists, LTCM generated astronomical returns using complex mathematical models and extreme leverage—until a financial crisis in 1998 exposed its fatal flaws. Clay also discusses the dangers of overconfidence, the illusion of diversification, and why excessive leverage can be a ticking time bomb.  Additionally, he shares details on an exclusive value investing event hosted by TIP in Big Sky, Montana, in September 2025. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:34 - How John Meriwether and a team of Wall Street's brightest minds, including Nobel laureates, built a hedge fund that seemed invincible, using sophisticated financial models and extreme leverage. 25:55 - LTCM's reliance on mathematical models that assumed markets behaved rationally, leading them to underestimate the possibility of extreme events. 48:30 - How the Russian debt default triggered widening credit spreads, exposing LTCM's overleveraged positions and leading to catastrophic losses. 54:49 - Why LTCM's failure posed systemic risks to the global financial system, forcing the Fed to coordinate a rescue with major Wall Street banks. 01:08:17 - The dangers of excessive leverage, overconfidence in financial models, and the mistaken belief that markets always revert to historical norms. 01:15:09 - How to attend our new value investing event in Big Sky, Montana, bringing together passionate investors for deep discussions and meaningful connections. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Lowenstein's book: When Genius Failed. Mentioned book: Big Mistakes. Related Episode: Listen to TIP514: Permanent Supply Chain Disruptions that Will Destroy the Economy w/ Jim Rickards. Email Shawn at shawn@theinvestorspodcast.com to attend our free events in Omaha or visit this page. Follow Clay on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found SimpleMining CFI Education The Bitcoin Way Unchained Netsuite Fintool Shopify Onramp Vanta TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Send us a textThis episode delves into the complexities of hedge funds and private credit, exploring their distinct roles within investment portfolios. We address the performance challenges of hedge funds over the past two decades and the rising prominence of private credit, considering how both options can coexist as alternative assets in investor strategies. Discussion on misconceptions about hedge funds Overview of various hedge fund strategies and their risksAnalysis of hedge fund performance in relation to equities and bondsExamination of fees associated with hedge fund investmentsInsight on private credit as a growing investment avenueComparison between the roles of hedge funds and private creditUnderstanding the implications of competition on future returnsEmphasis on the evolving landscape of alternative investmentsShow notes:Malkiel, A Random Walk Down Wall StreetLowenstein, When Genius Failed:  the Rise and Fall of LTCMThanks for listening! Please be sure to review the podcast or send your comments to me by email at info@not-another-investment-podcast.com. And tell your friends!

In this episode, William Green chats with Adam Shapiro, Managing Partner at East Rock Capital. Adam oversees billions on behalf of eight vastly rich families, allocating their assets to everything from hedge funds to private equity. Here, he explains how to build & safeguard wealth over the long term; how he identifies the best fund managers; why he's wary of index funds & ETFs; & how to thrive by building a powerful network & removing excess “filler” from your portfolio & your life. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 07:29 - Why Adam Shapiro stopped investing in emerging markets.  11:26 - Why the U.S. is a great—but potentially perilous—place to invest.  25:31 - What he learned at Goldman Sachs about intelligent investing.  32:02 - How he identifies fund managers who are likely to outperform. 40:01 - Why he favors small funds run by young & hungry investors. 45:56 - What human qualities lead to investment success. 51:53 - How Adam built an investing edge through networking. 1:13:21 - Why Adam is wary of index funds & ETFs.   1:20:05 - How David Swensen's Yale Endowment Model can be updated. 1:21:31 - Why his #1 financial rule is “never, ever run out of liquidity.”  1:24:20 - How to reduce your risk & ensure survival in extreme conditions.  1:32:22 - Why firms like Millennium & Citadel may be riskier than they seem.  1:43:16 - How to improve your portfolio & life by subtracting excess “filler.” Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Adam Shapiro's investment firm, EastRock Capital. Harvard Business School's case study of EastRock Capital. Adam Shapiro's articles in his LinkedIn newsletter. Check out Institutional Investor's article on why early life-cycle funds outperform. Seth Stephens-Davidowitz's book, “Don't Trust Your Gut.”  David Swensen's book, “Pioneering Portfolio Management.” Roger Lowenstein's book, “When Genius Failed.” William Green's book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: River Range Rover Public Toyota American Express Fundrise Vacasa USPS AT&T Sound Advisory BAM Capital Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Options vs Stocks & Trading vs Investing w Tom Sosnoff of tastytrade Revisited  AZ TRT S05 EP26 (242) 7-7-2024   Things We Learned This Week ·      Implied Volatility & Time Decay – options begins with volatility, on a clock so Mechanics (forget mind set) on how to setup a trade is key   ·      tastytrade is a media network based on Math (Probability & Statistics - Look at the Math), trading & focus on markets   ·      Limited Profitability & Unlimited Risk when you Sell Puts w/ 80% chance of success - Be a Seller of Options – let Market beat you, slight edge ·      Trade Small, Trade Often - Law of Large Numbers w/ 45 DTE Strike Price of 1 SD – Exit or Roll at 21 DTE ·      Options Trading Teaches Life Lessons – Important to: take risks, learn to take risks, make quick decisions, be decisive about those decisions.     Guests: Tom Sosnoff of tastytrade https://www.tastytrade.com/ https://twitter.com/tastytrade Tom Sosnoff, founder and co-CEO of tastytrade   Tom Sosnoff is an online brokerage innovator and financial educator. Tom is a serial entrepreneur who co-founded thinkorswim in 1999, tastytrade in 2011, tastyworks in 2017, helped to launch the award- winning Luckbox Magazine in 2019, and in 2020 he created the first new futures exchange in 20 years, The Small Exchange. Leveraging over 20 years of experience as a CBOE market maker, Tom is driven by the passion to educate self-directed investors. A true visionary, after his years on the floor he saw the need to build and design superior software platforms and brokerage firms that specialized in complex financial strategies. His efforts ultimately changed the way options and futures are traded and how digital financial media is produced and consumed. Currently, Tom hosts tastytrade LIVE and continues to drive innovation and know-how for the do-it-yourself investor.       Tom has been named to Techweek's Tech 100 list, Crain's Chicago's Tech 50, and has spoken at over 500 events across the globe. Tom received the Ernst & Young Entrepreneur of the Year Award and was been featured by prominent publications such as WSJ, IBD, Chicago Tribune, Crain's Chicago, Traders Magazine, and Barron's.   --- About tastytrade, Inc.   tastytrade is one of the most-watched online financial networks, engaging investors and traders across 165 countries with daily, live, cost-free and commercial-free programming with over 100 million hours viewed. tastytrade offers over 50 original segments for all levels of traders. tastytrade's data-driven research-based content teaches a logical, mechanical approach to investing and identifying opportunities based on probability and volatility. Investors are continually challenged with financial math, humor, and new market perspectives. tastytrade and its companies focus on empowering the individual investor through content, technology, and know-how. tastytrade is the parent company to several innovative financial companies. tastyworks, a brokerage firm creating and leading a financial revolution for the do-it-yourself investor     Notes: Bio – options trading in 1980s, CBOE market maker, then built 2 co's tastytrade & tastyworks (broker platform), history c 2011 – media platform sold 2021, $1 billion bought by IG Group 2021, Tom stayed on, runs tastytrade. TD Ameritrade, and 2012 purchase of Think or Swim (was IPO, public) Partners – Tony Battista, Kristi Ross, Scott Sheridan Think or Swim – started in 2001 w/ 7 people and 5 still with Tom. 10 years, went public, purchased by TD in 2009, $1 billion stayed 2 years, then started tastytrade with TD CEO as investor. Think or Swim – learned as they went, education, content. Finance is missing good content, does not understand financial media and technical analysis.   Efficient Market Theorist & efficient market pricing Media Network all math – quantitative and statistical logic. tastytrade 10 hours a day – live content. Focus on markets, math related and trading. Morning radio show about people working to make money, having fun,  talks trading and Financial Mechanics Tony Battista, Tom Preston, are some of the 30 personalities total on-air. Talking math a lot, but Tom just ok at math. Jacob Perlman – math genius, Phd. tastytrade research team Audience is smart, challenge them don't dumb it down. Capital Efficiency - Derivative (Options) Markets very efficient. Buffet Options Strategy – selling Puts, profit of $ billions, rarely discussed   Markets are 50/50, generally. S/T markets are emotional, can be over bought or oversold, but Tom trusts prices over L/T. No one knows direction of market and where price is going on stocks and market direction , 50/50 is a guess. Market is random with side of emotion, not a perfect distribution curve. Positive drift in market, market goes up over Long Term L/T More deviations vs. a model. Does not believe in traditional investor education Empower power with lots of info, not teaching people Content marketing in house, media to masses Stocks can go down, have to experience it Fear size (of a trade) - one thing Tom fears is size, bet big and wrong, large failure When Genius Failed (a book) - trades too big (leverage), collapsed the company   Law of large numbers – do something enough times, end up with expectation. Trade a lot with 70 - 80% probability outcome. Learn options by doing options Casino games have negative edge – can't win, can never get ahead. Just for fun. Options trading teaches life lessons – Important to: take risks, learn to take risks, make quick decisions, be decisive about those decisions. Take risks to do something special Brain processing, faster than competition Working hard not enough Make a lot of decisions, learn to take risk and increase brain processing speed. Manage risk in life, finance and work probabilities, hard to predict things   Day 1 in Options – Mechanics most important thing to understand Mindset is BS, no emotional side to trading, no mindset to math. Mindset just a sales tool, that Financial world sells. Mechanics has strategy within it. Cannot manage positions or risk post trade. Need mechanics to set up trade right. Traders could be nice or mean, but all good ones make fast decisions before you even heard question. Trade plan – if goes this way, I will do this. Options – learn by doing; learn mechanics by doing a little at a time. Volatility – majority starts and ends with volatility with few exceptions. Implied volatility & Time Decay – always on a clock, option will expire Stock Trader - out wait your enemy, patience. Trader plays short volatility game. Enter trade – implied volatility rank is high Trade favorable, expected volatility move is high. Rank relative to itself, it's inflated and has potential to contract. Volatility is a math equation and will mean revert. Price is not a math equation, does not need to revert to some number or average.   Tom would rather be a seller of options vs a seller, small advantage, likelihood of contraction after expansion. Fear has expanded, better chance to contract vs expand more. Analogy: own stock, own the asset. Sell options, collecting income (rent) on the assets. Sell covered calls, or out of the money put. Put – limited upside, unlimited downside, but 70% chance of profit. Put up $200 for $100 profit with 70% chance Put up $1000 for unlimited profit with 50/50 chance Have a choice – think through probabilities and bank roll. No math equation can tell you the right answers for sure. Tom back tests – selling out of money puts of S&P index out performs buying index with dividends, Use less capital, lower volatility in your P&L, make more money. More conservative strategy   Trade more, and small with higher percentage of success. 45 day position – DTE Days to Expiration. 21 day DTE is exit day per Tom, exit early after 24 days. Adjust, roll or close position. Increase probability to be profitable. Reduce outlier risk almost to 0. tastytrade spent millions on research Manage trades and exit early is mechanics, can always exit at 21 DTE 45 day position, 24 days in (21 DTE), make a decision – adjust, roll, close, extend contract (add duration) –roll Start new position 45DTE, buy more time at 21 DTE, move it no matter what work to be close to 50% at 21 DTE Casino Analogy – bet $100, won $50, take money and end bet. tastytrade content goal is: create methodology and strategies to have positive environment for self directed investor, requires time and resources. Learning curve faster now, can learn in a few months or a few years. 6-10 strategies Tom likes, short strangle – simultaneous sale of a call and a put. No tech analysis or charts, just watch screen.   Price Action  / Liquidity – trading hundreds of millions per day. Very liquid assets, very liquid underlyings (ir – Apple, Tesla, Indexes) does not trade non-liquid (microcap) Tom could do 60 trades a day (had 14K trades in 2021) On day of interview, did 110 trades. Self described “Trading Junkie” Account size in tastytrade - $25K average . Reserves – 50%, $12.5K in reserve. 1-3% of account size on a particular trade ($250 per trade), 5% on high and 1/5 size of a stock. Tom does not believe in option levels of industry. No noise, no CNBC or Bloomberg news. No (zero) belief in newsletters or trading bots, trading education is over rated. All tastytrade content is free, videos, newsletter, etc. Trade fees are low, $1 per, Tom does factor fees or taxes. Most options income is ordinary income - 1256 B tax – max of 25%. L/T 40%, S/T 60% Stocks are usually capital gains (20%) in taxes   Trades – 80% of business in under-lyings (standard big stocks / indexes) 1 STD – 16% of getting to that level, 2 STD -  5%, 3 STD – 1% 1 STD is Delta, Tom likes 16 – 22% Greeks – know Delta & Theta (can also learn Gamma, Vega) Directional Risk – rate of decline or time decay – Theta Change in price of option vs. stock – Delta, premium making or losing daily. Per Tom – need to trade more. Trade small, trade often. Counter thinking to stock trading of buy & hold. Per Tom, stock trader can evolve to an options trader with 1 downturn in market.   Buy & Hold stock investor (passive) is a ‘knuckle dragger', does not have the  appreciation for capital efficiency - Stock investor ‘just hasn't evolved yet' – gotten to next level. Casino Games analogy – enter a casino, we have all these games, but you can just play the slots (buy stocks) Grow and realize capital efficiency of options indifferent to products and strategy. Tom owns stocks but trades options, crypto, stocks Facilitate opportunity. No limits, no fences. House Analogy - big meter in front of house, with home price & appreciation shown daily on the side of the house, no one would own a home. We don't teach our kids to be passive, follow crowd and not think – don't be passive with your money. Financial service firms and media convinced masses ‘buy & hold' and we'll handle the rest - Don't be ‘only passive' Future of investing is more than check a few boxes. Differences in asset classes   Final takeaway – life is short and goes by fast. Get comfortable taking risks and experiencing risks. Good Luck to Tom with his 500 trades this week.           Clips from:   Options vs Stocks & Trading vs Investing w Tom Sosnoff of tastytrade - BRT S03 EP14 (113) 4-3-2022     Full Show: HERE             Tech Topic: https://brt-show.libsyn.com/category/Tech-Startup-VC-Cybersecurity-Energy-Science   Best of Tech: https://brt-show.libsyn.com/size/5/?search=best+of+tech     Investing Topic: https://brt-show.libsyn.com/category/Investing-Stocks-Bonds-Retirement     ‘Best Of' Topic: https://brt-show.libsyn.com/category/Best+of+BRT     Thanks for Listening. Please Subscribe to the BRT Podcast.     AZ Tech Roundtable 2.0 with Matt Battaglia The show where Entrepreneurs, Top Executives, Founders, and Investors come to share insights about the future of business.  AZ TRT 2.0 looks at the new trends in business, & how classic industries are evolving.  Common Topics Discussed: Startups, Founders, Funds & Venture Capital, Business, Entrepreneurship, Biotech, Blockchain / Crypto, Executive Comp, Investing, Stocks, Real Estate + Alternative Investments, and more…    AZ TRT Podcast Home Page: http://aztrtshow.com/ ‘Best Of' AZ TRT Podcast: Click Here Podcast on Google: Click Here Podcast on Spotify: Click Here                    More Info: https://www.economicknight.com/azpodcast/ KFNX Info: https://1100kfnx.com/weekend-featured-shows/   Disclaimer: The views and opinions expressed in this program are those of the Hosts, Guests and Speakers, and do not necessarily reflect the views or positions of any entities they represent (or affiliates, members, managers, employees or partners), or any Station, Podcast Platform, Website or Social Media that this show may air on. All information provided is for educational and entertainment purposes. Nothing said on this program should be considered advice or recommendations in: business, legal, real estate, crypto, tax accounting, investment, etc. Always seek the advice of a professional in all business ventures, including but not limited to: investments, tax, loans, legal, accounting, real estate, crypto, contracts, sales, marketing, other business arrangements, etc.

If the wealthiest families of the past century spent a reasonable amount of their wealth, invested in the stock market, and paid taxes, there would be thousands of billionaires today. But there aren't. So, what happened? To answer this question, we are joined by authors and finance professionals, Victor Haghani and James White. Their recently released book, The Missing Billionaires: A Guide to Better Financial Decisions, uses the missing billionaires puzzle to explore how and why most investors fail to capture the returns offered by the market. Victor was a founding partner of Long-Term Capital Management (LTCM), the multi-billion-dollar hedge fund that famously collapsed in 1998 and nearly took the global financial markets down with it. His participation in the downfall of LTCM led him to reassess much of the way he thought about investing, and in this episode, he shares some simple but powerful frameworks and personal finance recommendations. We also receive accessible explanations of the Merton model and expected utility theory from James, take a deep dive into dynamic asset allocation, discuss optimal solutions for lifetime spending, and learn more about the certainty equivalent return and Sharpe ratios, plus so much more. Whether you're an entrepreneur invested in your own business or simply focused on building long-term wealth, Victor and James' book (and this conversation about it) will be a valuable resource for better financial decision-making, so be sure to tune in today!   Key Points From This Episode:   (0:05:19) The puzzle of the missing billionaires (and why it matters to Victor and James).  (0:09:45) Some common but critical financial decision-making problems most people face.  (0:12:39) Unpacking the coin-flipping experiment in their ‘What's Past is Not Prologue' paper.  (0:19:57) What investors should aim to maximize when sizing positions in risky assets.  (0:24:22) An example that illustrates how the Merton model relates to bullish bets.  (0:29:04) What the Merton share tells us about dynamic asset allocation if it is or isn't possible to estimate expected equity returns.  (0:35:29) How real expected returns affect optimal risky shares for long-term investors.  (0:37:29) Different ways to forecast volatility to determine the optimal risky share.  (0:42:00) Easy-to-understand definitions of the utility curve and expected utility theory.  (0:50:20) Using the certainty equivalent return and Sharpe ratio to evaluate investments.  (0:57:56) Whether or not options belong in the portfolios of typical retail investors.   (0:59:01) If expected utility is a good model for normative personal finance recommendations. (1:05:16) How Victor's experience with LTCM affected him, both professionally and personally.  (1:09:08) What optimal solutions for lifetime investing and spending look like.   (1:22:22) Questions to ask yourself to work out your own utility function and risk aversion. (1:28:19) Victor and James' parting financial advice and respective definitions of success.  Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-270-what-happened-to-all-the-billionaires-with-victor-haghani-and-james-white/25122 Books From Today's Episode: The Missing Billionaires – https://www.amazon.com/Missing-Billionaires/dp/1119747910 Stumbling on Happiness — https://www.amazon.com/Stumbling-Happiness-Daniel-Gilbert/dp/1400077427 The Man Who Solved the Market – https://www.amazon.com/Man-Who-Solved-Market-Revolution/dp/B07P1NNTSD Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on X — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on X — https://twitter.com/benjaminwfelix Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Victor Haghani on LinkedIn — https://www.linkedin.com/in/victorhaghani/ James White on LinkedIn — https://www.linkedin.com/in/james-white-b4310a47/ Elm Wealth — https://elmwealth.com/ When Genius Failed — https://www.amazon.com/When-Genius-Failed/dp/0375758259/ Where are all the Billionaires?: Victor Haghani at TEDxSPS – https://youtu.be/1yJWABvUXiU ‘What's Past is Not Prologue' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3034686 ‘Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case' – https://www.jstor.org/stable/1926560 ‘Stock Prices, Earnings, and Expected Dividends' – https://www.jstor.org/stable/2328190 ‘No Place to Hide: Investing in a World With No Risk-Free Asset' – https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3903372 ‘Sharpening Sharpe Ratios' – https://papers.ssrn.com/sol3/papers.cfm?abstract_id=325942 ‘A Sharper Lens for Sizing Up Nickels and Steamrollers' – https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2874602 ‘Do Options Belong in the Portfolios of Individual Investors?' – https://elmwealth.com/do-options-belong-in-portfolios/  

[This is one of the finalists in the 2023 book review contest, written by an ACX reader who will remain anonymous until after voting is done. I'll be posting about one of these a week for several months. When you've read them all, I'll ask you to vote for a favorite, so remember which ones you liked] A book about trading isn't ever actually about trading. It is either: A former trader sharing stories from their glory days, e.g. Liar's Poker, the exposé that morphed into a how-to guide, or Tales of Icarus flying too close to the sun, where readers revel in schadenfreude, e.g., When Genius Failed. With The Laws of Trading, Agustin Lebron has written something different: part love letter to trading, part philosophical treatise on epistemology and modeling the world around us, and part guide to applied decision-making. Lebron's Laws are Laws of the Jungle, not Laws of Nature. He views financial markets as the most competitive Darwinian environment on Earth, where participants must adapt or die. https://astralcodexten.substack.com/p/your-book-review-the-laws-of-trading  

25 years post the chaotic unwind of Long Term Capital Management, there are lessons a plenty to be gleaned from this event. With this in mind, it was a pleasure to welcome acclaimed writer Roger Lowenstein, author of the famous book “When Genius Failed”, to the Alpha Exchange. His work is a compelling chronical of the vast success but ultimate failure of this storied hedge fund.We discuss some of the philosophical underpinnings of the firm's risk management framework, focusing on the influence of Nobel Prize winners Myron Scholes and Robert Merton. We review some of LTCMs favorite trades and how in reality they were far less diversified than they appeared. And we discuss the rescue, a messy episode involving banks, the Fed and Warren Buffet, kind of.I hope you enjoy this episode of the Alpha Exchange, my conversation with Roger Lowenstein.

This week we have a special episode! We invite a couple of job market candidates to give us their pitch and we have a panel of judges identifying the great things about each pitch and broad lessons for everyone who is crafting the pitch for their paper. The "elevator" pitch is an idea whose objective is to talk about a particular paper to motivate a conversation. Usually job market candidates have to "craft" a pitch since they'll be constantly asked about their job market paper. It is not easy and there are many takes on how to get this done, this is why in this episode we have the hot takes from two professors. Our first panelist is Mary Eschelbach Hansen, she is a professor of economics at American University. Our second panelist is Zach Bethune, an associate professor of economics at Rice University. We have four candidates who have share their pitches with us: Laura Montenovo a PhD student at Indiana University. Job Market paper Alistair Macaulay a postdoc at St. Anne's College, University of Oxford. Job Market Paper James Flynn a PhD student at UC Boulder. Job Market Paper Ashley Bradford a PhD student at Indiana University. Job Market Paper. We hope this is useful to both JMCs and early career scholars honing their skills on marketing a paper. Sebastian Tello-Trillo is an Assistant Professor of Public Policy and Economics at the Frank Batten School of Leadership and Public Policy in the University of Virginia. Alex Hollingsworth is an Assistant Professor of Economics at the O'Neill School of Public and Environmental Affairs in Indiana University. Recs of the week: Check out Mary Eschelbach Hansen's book Bankrupt in America (with Bradley A. Hansen). This book traces how and why bankruptcy was transformed from an infrequently used provision in the Constitution, to an indispensable tool for businesses, to a central element of the social safety net for ordinary Americans— all in less than a century. Mary recommends for you to check out the pumpkin pie with bourbon recipe from Julia Childs, I think is this one. In addition, listen a Johnny Cash song! Here is a playlist of his work Zach recommends to unplug from your phone and to do something else, maybe read a physical book! He recommends The Infinite Machine, by Camila Russo. You can find all the recommended books on our recommended book page https://bookshop.org/shop/Hiddencurriculum. Also check out Zach's research on his research page and his food rec is to order a Greenberg Smoked Turkey. Alex recommends the book When Genius Failed by Roger Lowenstein. --- Send in a voice message: https://anchor.fm/hidden-curriculum/message

“Lincoln was wise and humble. He didn't lecture or harangue—he was pragmatic, opportunistic. The quality we lack today was his humility.” Roger Lowenstein joins the podcast. The admired financial writer is out with the book Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War. It tells the largely untold story of how the North and the South handled the finances of the Civil War—and the drastically different routes they took. Upon his election to the presidency, Abraham Lincoln inherited a country in crisis. Even before the Confederacy's secession, the United States Treasury had run out of money. The government had no authority to raise taxes, no federal bank, no currency. But amid unprecedented troubles Lincoln saw opportunity—the chance to legislate in the centralizing spirit of the “more perfect union” that had first drawn him to politics. With Lincoln at the helm, the United States would now govern “for” its people: it would enact laws, establish a currency, raise armies, underwrite transportation and higher education, assist farmers, and impose taxes for them. If you like what we do, please support the show. By making a one-time or recurring donation, you will contribute to us being able to present the highest quality substantive, long-form interviews with the world's most compelling people. Roger Lowenstein reported for The Wall Street Journal for more than a decade. His work has appeared in The Wall Street Journal, Bloomberg, The New York Times, the Washington Post, Fortune, Atlantic, the New York Review of Books, and other publications. His books include the NYT bestsellers Buffett, When Genius Failed, and The End of Wall Street, and the critically acclaimed Origins of the Crash, While America Aged, and America's Bank. He has three children and lives with his wife, Judy Slovin, in Cambridge, Massachusetts and Tenants Harbor, Maine.

In this special episode, TWIII co-host Phil Ordway welcomes Roger Lowenstein, author of the newly published book, Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War. About the Guest: Roger Lowenstein reported for The Wall Street Journal for more than a decade. His work has appeared in The Wall Street Journal, Bloomberg, The New York Times, the Washington Post, Fortune, Atlantic, the New York Review of Books, and other publications. His books include the NYT bestsellers Buffett, When Genius Failed, and The End of Wall Street, and the critically acclaimed Origins of the Crash, While America Aged, and America's Bank. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.   About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club's prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

IT'S BEEN A SECOND. I've missed this community. HELLLLLOOOO EVERYONE! These aren't ads, just sharing what I currently love: https://www.amazon.ca/Maps-Meaning-Architecture-Jordan-Peterson/dp/0415922224/ref=sr_1_1?crid=3D46B69AHIKWY&keywords=maps+of+meaning&qid=1647609880&sprefix=maps+of+meaning%2Caps%2C195&sr=8-1 (Maps of Meaning by Jordan Peterson) https://www.amazon.ca/Essays-That-Will-Change-Think/dp/1945796065/ref=sr_1_1?keywords=101+essays+that+will+change+the+way+you+think&qid=1647609916&sprefix=101+e%2Caps%2C155&sr=8-1 (101 ESSAYS that will CHANGE the way YOU THINK by Brianna Wiest ) https://www.amazon.ca/Thinking-Fast-Slow-Daniel-Kahneman/dp/0385676530/ref=sr_1_1?keywords=thinking+fast+and+slow&qid=1647609983&sprefix=thinking+%2Caps%2C128&sr=8-1 (Thinking, Fast and Slow by Daniel Kahneman) https://www.amazon.ca/Didnt-Start-You-Inherited-Family/dp/1101980389/ref=sr_1_1?crid=TY9VA2I0WS3H&keywords=it+didn%27t+start+with+you&qid=1647610027&sprefix=it+didn%2Caps%2C159&sr=8-1 (It Didn't Start With You by Mark Wolynn) https://www.amazon.ca/When-Genius-Failed-Long-Term-Management/dp/0375758259/ref=sr_1_1?keywords=when+genius+failed&qid=1647610063&sprefix=when+geniu%2Caps%2C81&sr=8-1 (When Genius Failed by Roger Lowenstein) https://www.amazon.ca/How-Do-Work-Recognize-Patterns/dp/0063076810/ref=sr_1_1?crid=RCT8081TVWE8&keywords=how+to+do+the+work&qid=1647610095&sprefix=how+to+do+the+work%2Caps%2C117&sr=8-1 (How to do The Work by Dr. Nicole LePera) https://www.amazon.ca/Power-Now-Guide-Spiritual-Enlightenment/dp/1577314808/ref=sr_1_1?crid=3LMWSJI9UA6AK&keywords=the+power+of+now&qid=1647610135&sprefix=the+power+of+now%2Caps%2C110&sr=8-1 (The Power of Now by Eckhart Tolle ) https://www.amazon.ca/Verity-Colleen-Hoover/dp/1538724731/ref=sr_1_1?crid=3HJIODNSM4JND&keywords=verity&qid=1647610169&sprefix=verity%2Caps%2C91&sr=8-1 (Verity by Colleen Hoover) Want to be a guest? Let's see if we connect. Click https://go-from-here.captivate.fm/booking (HERE ) ____________________________________________________________________ Later.com: https://later.com/r/gofrhere-fe4b9b (30 free posts per social media account with the free subscription plan) Canva Pro 30 Day Free Trial: https://partner.canva.com/gofrhere (https://partner.canva.com/gofrhere) Instacart: https://instacart.oloiyb.net/gofromh (https://instacart.oloiyb.net/gofromh) "Go Fr(om) Here" is self-help, health and culture, and an all-around funny podcast about the journey you take from where you've been, to where you are, and of course, to where you're going and all the amazing people you meet along the way. Song used on the podcast: https://songsforpodcasters.com/SFPHomePage (How to Love by Nikonn) Be sure to rate Go Fr(om) Here 5-stars on Apple Podcasts! Follow Go From Here or Belle: Go Fr(om) Here Instagram: https://www.instagram.com/gofrhere/ (@gofrhere) Text me on Telegram! 647-491-2878 Twitter: https://www.twitter.com/belleyboop (@belleyboop) Personal Instagram: https://www.instagram.com/baespada/ (@baespada)

The consumer price index rose to 5% in May, a level it had not reached since August 2008, when it was at 5.4%. Economists and the business community are now wondering when the Federal Reserve will raise interest rates to combat and control inflation. Changing interest rates may affect the stock market, our economy, and our lives - the lives of ordinary Americans, which means that the Federal Reserve is a very powerful institution, and an independent one. But where did the Federal Reserve come from? There is nothing about it in the Constitution. We did not have a Federal Reserve at our founding. We merely had a private bank that acted as America's de facto central bank. But that was too much for us Americans - giving that much power to one bank. So, until 1913 America didn't have a central bank... and for some time after its establishment, the Federal Reserve was not the powerful entity that it is today. For example, it hardly mattered during the Great Depression. To better understand the history of the Federal Reserve, in this episode we speak with Roger Lowenstein. Mr. Lowenstein is a financial journalist and writer. He reported for The Wall Street Journal for more than a decade. His work has appeared in The Wall Street Journal, Bloomberg, The New York Review of Books, Fortune, The New York Times Magazine, and other publications. His books include Buffett, When Genius Failed, Origins of the Crash, While America Aged, and The End of Wall Street. In addition, he is the author of a 2015 book titled "America's Bank, THE EPIC STRUGGLE TO CREATE THE FEDERAL RESERVE"… which nicely fits with this episode's history behind the news. This is the link http://rogerlowenstein.com/news to Mr. Lowenstein's website, which includes a list of his numerous publications. To continue our free podcast program, we depend on our listeners' support. So please click this link https://anchor.fm/the-peel-news/support and join our other supporters in the news peeler community. Thank you.

Roger Lowenstein reported for The Wall Street Journal for more than a decade and is also an award-winning book author. His work has appeared in Bloomberg, The New York Review of Books, Fortune, The New York Times Magazine, and other publications. His best-selling books include Buffett, When Genius Failed, Origins of the Crash, While America Aged, and The End of Wall Street. In this episode, we discuss Roger's books and lessons he learned writing them.   This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization's free website is Bogleheads.org, and the wiki site is Bogleheads® wiki.    Since 2000, the Bogleheads' have held national conferences in major cities around the country. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added on a regular basis. All Bogleheads activities are coordinated by volunteers who contribute their time and talent.     This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.    

Topics: - Market context and musings - The Turtles (Richard Dennis and Bill Eckhardt - Original Duke Brothers of “Trading Places bet” fame) - Marc Rich (Sanctions busting and the rise of the Swiss Trading Giants) - Andrew Hall & Phibro. Mr. $100MM - John W. Henry. Exploiting edge. From commodity futures to the Boston Red Sox and Liverpool FC - Bill James, Sabermetrics & Moneyball References: Money Ball - https://www.amazon.com/Moneyball-Art-Winning-Unfair-Game/dp/0393324818/ref=sr_1_2?dchild=1&keywords=moneyball&qid=1604263470&sr=8-2 The King of Oil - https://www.amazon.com/King-Oil-Secret-Lives-Marc/dp/031265068X/ref=sr_1_1?dchild=1&keywords=the+king+of+oil&qid=1604263508&sr=8-1 Sabermetrics - https://www.amazon.com/Bill-James-Historical-Baseball-Abstract/dp/0743227220/ref=sr_1_13?dchild=1&keywords=sabermetrics&qid=1604263540&sr=8-13 The Market Wizards - https://www.amazon.com/Market-Wizards-Updated-Interviews-Traders/dp/1118273052/ref=sr_1_4?crid=6MTVBTN36CED&dchild=1&keywords=market+wizards&qid=1604263811&sprefix=market+%2Caps%2C212&sr=8-4 The New Market Wizards - https://www.amazon.com/New-Market-Wizards-Conversations-Americas/dp/0887306675/ref=sr_1_5?crid=6MTVBTN36CED&dchild=1&keywords=market+wizards&qid=1604263843&sprefix=market+%2Caps%2C212&sr=8-5 Trading Places - https://www.imdb.com/title/tt0086465/ When Genius Failed - https://www.amazon.com/When-Genius-Failed-Long-Term-Management/dp/0375758259/ref=sr_1_1?crid=XHTG6HNC4C4J&dchild=1&keywords=when+genius+failed&qid=1604377667&sprefix=when+gen%2Caps%2C194&sr=8-1

Episode 051. When Genius Failed bercerita seputar berdirinya, masa sukses, hingga kehancuran sebuah hedge fund bernama Long Term Capital Management yang rugi $4,6 miliar hanya dalam 4 bulan.

It was a relatively quiet week on the NZX due to the holiday on Wednesday. This didn't stop Pushpay who delivered a strong quarterly update. We also had news during the week from an impending IPO from what could be New Zealand's marijuana play, Cannasouth Cannabis. The final company news is a quick shout out to Orion Healthcare who look set to de-list from the NZX. From an education perspective I will spend some time explaining the difference between limit and market orders along with their pros and cons. And finally I will review the book When Genius Failed by Roger Lowenstein, which is an excellent book that is full of lessons that can be taken away by investors. If you want to find out more about the book follow the link below: When Genius Failed: The Rise and Fall of Long Term Capital Management Listen in by searching Stock Market Movers on Spotify, Apple or wherever you get your podcasts. If you are looking to get in touch or would like more information go to www.stockmarketmovers.co.nz

Former journalist and coumnist for "Heard on the Street" for the Wall Street Journal, plus author of several books, including "When Genius Failed" and "America's Bank: The Epic Struggle to Create the Federal Reserve," Roger shares insights and thoughts from his two plus decades of investigating, interviewing and writing about the financial industry.  You won't want to miss this.

Roger Lowenstein is one of the great minds of the financial world and has been observing and writing about Wall Street now for four decades. Roger is author of a full shelf of best-selling books about Wall Street, from When Genius Failed to The End of Wall Street, and the newest, America's Bank. Acerbic, clear-thinking, and richly informed with historical knowledge, Roger brings a rare breadth of understanding to parsing what makes the markets work. In this discussion, he talks about the Fed and the creation of a U.S. central bank, its best and worst governors, and why our economy and politics are in this parlous state.