![]() ![]() ![]() In a decade that had seen the longest and most rewarding bull market in history, hedge funds were the ne plus ultra of investments: discreet, private clubs limited to those rich enough to pony up millions. And so Long-Term Capital Management was born. He gathered together his former disciples and a handful of supereconomists from academia and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. ![]() Then, in 1993, Meriwether made a historic offer. For two years, his fiercely loyal team-convinced that the chief had been unfairly victimized-plotted their boss's return. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. A mysterious and shy midwesterner, he knitted together a group of Ph.D.-certified arbitrageurs who rewarded him with filial devotion and fabulous profits. John Meriwether, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best-and the brainiest-bond arbitrage group in the world. ![]()
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