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Part: 3 Colossal Blunders > The Eggheads Crack

Chapter 12. The Eggheads Crack

This is the story of how an investment firm consisting of the most respected bond traders on Wall Street, two dozen Ph.D.s, and two Nobel Prize Laureates lost $4 billion in several months and nearly crashed the world financial system. This firm was called Long-Term Capital Management (LTCM). Although LTCM's investment strategy was quite sophisticated, several of the common investor mistakes discussed in this book contributed to its downfall.


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