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 much did Long-Term plan to take from its profits?

2. In 1996, who did Long-Term first approach to handle their credit?

3. In 1993, what was happening more than usual in America?

4. What was the typical scenario for bond investors in 1994?

5. What was the end result of Meriwether's Treasury bill deal?

Short Essay Questions

1. What dictates whether or interest only securities rise or fall?

2. Why was Meriwether made a partner at Salomon?

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

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

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

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

7. What methods did Black and Scholes use to predict the changes that would take place in the market?

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

9. Why did hedge funds make money for managers?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Write a brief essay supporting or refuting the following statement, citing examples from the text: Meriwether fully expected to continue making substantial returns with Long-Term's investment model.

Essay Topic 2

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 3

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.

(see the answer keys)

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