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 hedge fund caused a pound devaluation in Europe but made over a billion dollars?

3. Who ran the London office for Long-Term?

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

5. What financial crisis did Long-Term make it through that most of the market didn't?

Short Essay Questions

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

2. In 1996, which significant companies did Long-Term surpass in terms of assets?

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

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

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

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

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

8. Why did hedge funds make money for managers?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

There were many warning signs that the profits delivered by Long-Term couldn't last. Yet, many companies did everything possible to keep some investments going at higher and higher levels when they should have slowed. Using greed as a theme, analyze this situation.

Essay Topic 2

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 3

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.

(see the answer keys)

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