When Genius Failed Test | Mid-Book Test - Medium

Roger Lowenstein
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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. How much money did Meriwether need to start Long-Term?
(a) $50 million.
(b) $1 billion.
(c) $2.5 billion.
(d) $100,000.

2. What affected bond trading in the 1970's?
(a) The international monetary crisis.
(b) The Vietnam War.
(c) The democratic elections.
(d) The price of commodities.

3. Where was the London office for Long-Term located?
(a) Winchester.
(b) Buckingham Palace.
(c) Picadilly Square.
(d) Mayfair.

4. Who did most funds have to be registered with?
(a) Most funds did not have to be registered.
(b) The Fed.
(c) SEC.
(d) CFTC.

5. In 1994, why did the price of bonds drop?
(a) The Fed lowered interest rates.
(b) Property value went down.
(c) There was too much wealth in America.
(d) The Fed raised interest rates.

Short Answer Questions

1. What was practically impossible to determine about Long-Term?

2. Why did Rosenfeld choose not to co-found Kapor's project?

3. Meriwether believed that risk and volatility were what?

4. What happened to Meriwether's Treasury bill deal before it was resolved?

5. How many employees were with Long-Term in 1996?

Short Essay Questions

1. On what did Long-Term base the claim that it was difficult to lose money with them?

2. Although Long-Term was performing so well by 1996, how many Americans knew of the fund's existence?

3. What was Meriwether's business model for Long-Term?

4. When did Meriwether begin making sales calls for Long-Term?

5. When investing in Italy, what did Long-Term avoid telling their customers?

6. Why did Meriwether begin recruiting employees he had worked with at the Arbitrage Group?

7. Why were convergence trades the safest trades made by Long-Term?

8. Why was Meriwether made a partner at Salomon?

9. When additional investors returned to the Italian market, what did Long-Term do?

10. What dictates whether or interest only securities rise or fall?

(see the answer keys)

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