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

2. How was Meriwether's career affected following the Treasury bill deal?

3. What did Long-Term do with off-the-run bonds?

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

5. Why did Long-Term trade in Italy?

Short Essay Questions

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

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

3. Why was Meriwether made a partner at Salomon?

4. Why did Black and Scholes believe that price changes were random?

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

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

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

8. When investing in Italy, what did Long-Term avoid telling their customers?

9. Why are hedge funds considered low risk?

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

As Long-Term became more and more successful, many banks and investment firms were eager to work with the company. Examine the various ways banks and investment firms offered advantages to Long-Term and why.

Essay Topic 2

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.

Essay Topic 3

Meriwether enjoyed building strong teams to work with. Write a brief essay examining the qualities he sought out in his team members.

(see the answer keys)

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