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长期资本管理公司虽然像彗星一样划过金融市场的星空,却以一种极为集中和戏剧性的方式,展示了数量金融交易的特点、优势、影响和局限性。与长期资本管理公司相关的报道、论文、书籍,一度汗牛充栋,我读到的最好的一本纪实性著作,是华尔街日报著名记者洛温斯坦写的《赌金者》(英文名为“When Genius Failed”)。此书详尽地记述了长期资本管理公司的历史,生动地刻画了众多人物的形象,而且翻译也准确流畅,这在中文财经畅销书中是极为难得的。读完以后,一个总的感想是:模型、文化和监管,三者共同铸就了华尔街一场大悲剧。
While long-term capital management firms, like comets, run across the sky of financial markets, they demonstrate the characteristics, advantages, impacts and limitations of quantitative financial transactions in a very focused and dramatic way. Reports, dissertations and books related to long-term capital management companies were once full of stories and the best documentary book I ever read was “The Stakeholders” written by Wall Street Journal famous writer Lowenstein (English name “ When Genius Failed ”). The book details the history of long-term capital management companies, vividly portrays the image of many people, and the translation is accurate and smooth, which is extremely rare in Chinese best-selling finance book. After reading, a general feeling is: model, culture and regulation, all three cast together a big tragedy on Wall Street.