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 was Meriwether's team allowed to do, following the Treasury bill deal?

2. What notable invention changed the face of trading in the 1970's?

3. In 1994, why did the yield raise on the thirty year Treasury bond?

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

5. What type of government paper was bought in Italy?

Short Essay Questions

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

2. Why was Meriwether made a partner at Salomon?

3. Why did bonds lose their value in the 1970's?

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

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

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

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

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

9. What did the Black-Scholes model help Long-Term to predict?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

When Meriwether set up Long-Term, he had to take many steps to create the company. Write an essay examining the process Meriwether went through to create Long-Term.

Essay Topic 2

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 3

Those involved at the top levels of Long-Term were given respect, money and opportunity. Write a brief essay analyzing some of the advantages a career at Long-Term gave many of the partners, citing examples from the text.

(see the answer keys)

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