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. In the 1970's, what type of trading was considered dull?

2. What group did Meriwether found in 1977?

3. In 1996, Long-Term was four times as large as what?

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

5. How much did Long-Term earn in its first year of operation?

Short Essay Questions

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

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

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

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

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

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

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

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

9. Why was Meriwether made a partner at Salomon?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Examine one of the following forms of investment vehicles:

- Hedge funds.

- Value funds.

- Bonds.

Answering the follow questions:

- What are the principals of this form of investment?

- What was Meriwether's experience with this form of investment?

- To what extent did the general public participate in this form of investment?

Essay Topic 2

The investment requirements of Long-Term were quite stringent. Citing examples from the text, write an essay examining the investment requirements and opportunity for return for potential Long-Term investors.

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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