When Genius Failed Test | Mid-Book Test - Hard

Roger Lowenstein
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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What models did Long-Term follow?

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

3. Where did Meriwether work in 1979?

4. How much money did Long-Term earn in 1996?

5. Who gains from working with hedge funds?

Short Essay Questions

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

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

3. What did Long-Term do to limit risk in bond trading?

4. Why was it difficult to know the exact amount of assets Long-Term held?

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

6. Why did hedge funds make money for managers?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

The Fed has a major voice in the financial decisions in the United States. Examine the function of the Fed and the actions that it took that inadvertently played a part in Long-Term's success.

Essay Topic 2

In the late 1970's, the financial climate was changing due to technology. Examine the changes this brought about in the financial market and how these changes directly affected Meriwether.

Essay Topic 3

Write a brief essay supporting or refuting the following statement, citing examples from the text: The irresponsible management of Long-Term by the partners led to its downfall.

(see the answer keys)

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