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

2. Meriwether believed that risk and volatility were what?

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

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

5. In 1996, how much did Long-Term have in assets?

Short Essay Questions

1. Following the financial crisis in Russia, what did the partners do to begin raising money?

2. How much of Long-Term did the Union Bank of Switzerland buy on a hedge?

3. Why did hedge funds make money for managers?

4. What are relative value trades?

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

6. What strategy led to Long-Term's downfall during the Russian financial crisis?

7. When Meriwether was building his team at the Arbitrage Group, what qualities did he look for?

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

9. Why did banks and investment banks get involved in the derivatives market?

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

Essay Topics

Essay Topic 1

Write a brief essay supporting or refuting the following statement, citing examples from the text: Long-Term took part in risky investments as the market became over-saturated.

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

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.

(see the answer keys)

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