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. In the 1970's, what type of trading was considered dull?
(a) Gasoline.
(b) Corn.
(c) Securities.
(d) Bond.

2. In order for Meriwether's Treasury futures investment to work, what did he need market prices to do?
(a) Remain the same.
(b) Converge.
(c) Fluctuate drastically.
(d) None of these.

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

4. What notable invention changed the face of trading in the 1970's?
(a) The cell phone.
(b) The scientific calculator.
(c) The video camera.
(d) The computer.

5. What was practically impossible to determine about Long-Term?
(a) Who was in charge.
(b) Why it was doing so well.
(c) Actual fund assets.
(d) Where it was located.

Short Answer Questions

1. How much did the accounts for investors increase in 1994?

2. How much money did Rosenfeld's business bring in?

3. During the time period in "Hedge Fund", how many people were millionaires due to the stock market?

4. What did Meriwether warn his investors against in 1994?

5. What did Meriwether do with his staff?

Short Essay Questions

1. By the time Long-Term had been in business for two years, how did it compare to other old Wall Street companies?

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

3. What was Long-Term's objective in seeking out a bank to finance their credit?

4. Why was the investment in Italy a risky one for Long-Term to make?

5. What surprise happened when Meriwether was trading Treasury Bill futures?

6. How did Long-Term respond to firms that would not waive the fee for the haircut?

7. What was Meriwether's group at Salomon given the authority to do?

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

9. Why was Meriwether made a partner at Salomon?

10. What were the legal limits on hedge fund investors?

(see the answer keys)

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