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. Where did Meriwether work in 1979?
(a) Salomon Brothers.
(b) Long-Term.
(c) Lehman.
(d) Merrill Lynch.

2. What financial crisis did Long-Term make it through that most of the market didn't?
(a) The Mexican crisis.
(b) The Switzerland crisis.
(c) The U.S. crisis.
(d) The Germany crisis.

3. Why did Rosenfeld choose not to co-found Kapor's project?
(a) He was too interested in travel.
(b) He was too interested in finance.
(c) He was competitive with Kapor.
(d) He did not like Kapor.

4. How much did Long-Term plan to take from its profits?
(a) 10%.
(b) 15%.
(c) 25%.
(d) 30%.

5. Who ran the London office for Long-Term?
(a) Haghani.
(b) Buffet.
(c) Meriwether.
(d) Mullins.

Short Answer Questions

1. Why did Long-Term trade in Italy?

2. What did the letter Meriwether sent to his clients claim it was difficult to do with Long-Term?

3. In 1996, what was the response of most of the banks in terms of offering credit financing to Long-Term?

4. What were the models Long-Term used unable to predict?

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

Short Essay Questions

1. In 1996, which significant companies did Long-Term surpass in terms of assets?

2. What are relative value trades?

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

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

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

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

7. Why did Meriwether increase his position on Treasury Bill futures in spite of the market fluctuation?

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

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

10. What methods did Black and Scholes use to predict the changes that would take place in the market?

(see the answer keys)

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