When Genius Failed Test | Final 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 1998, what market did Long-Term bet would decline?

2. Where did the private contracts Long-Term made in 1998 trade?

3. Why was Long-Term unable to get out of the situation with Russia?

4. In August 1998, how far down was Long-Term for the month?

5. What was Long-Term's signature trade based on?

Short Essay Questions

1. By the end of August 1998, what did the movement in the bond market look like?

2. What contributes to the estimation of market volatility?

3. Why were regulators concerned about the volume of banks and investment banks involved in the derivatives market?

4. What move did Salomon make that surprised Long-Term?

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

6. What did Long-Term do when they expected stock prices to fall?

7. When did huge losses begin for Long-Term and why?

8. In spite of the economic crisis in Russia, what did Meriwether believe about Long-Term's trades?

9. Why did the issue in Russia cost Long-Term money on an initial basis?

10. In terms of the spreads in 1998, what was the difference between what Long-Term expected them to do and what they actually did?

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

Write a brief essay supporting or refuting the following statement, citing examples from the text: The irresponsible management of Long-Term by the partners led to its downfall.

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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