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美国长期资本-管理公司操作对冲基金失败案例例子研究探究(英文版)
A06-99-0020
Long-Term Capital Management
Technical Note on a Global Hedge Fund
Introduction
Tuesday, September 22, 8:30pm, the Federal Reserve Bank of New York (Fed). It was a meeting at which
all of Wall Street’s biggest power players were present. In attendance were Sandy Warner, chairman of JP
Morgan; David Komansky, chairman, and Herb Allison, president of Merrill Lynch; Frank Newman,
chairman of Bankers Trust; Jon Corzine, co-chairman of Goldman Sachs, and Robert Katz, the manag-
ing director; Deryck Maughan, co-CEO of Salomon Smith Barney; Allen Wheat, chairman of Credit
Suisse First Boston; Philip Purcell, chairman of Morgan Stanley; Jimmy Cayne, president of Bear Stearns
Co, and Warren Spector, deputy president. Unlike previous gatherings at the Fed for which festive
occasions were celebrated, this meeting was a grim one. They were there to help rescue Long-Term
Capital Management, an unregulated hedge fund which was threatening to spin out of control, taking
the global capital markets with it.1
Background
Long Term Capital Management (LTCM or the Fund) was founded in 1994 as an unregulated hedge
fund. A hedge fund is defined as any pooled investment vehicle that is privately organized, administered
by professional investment managers, and not widely available to the public. The primary investors in
hedge funds are institutions and wealthy individuals. Hedge funds are usually organized as limited
partnerships, or limited liability companies.2 These type of funds generally charge advisory fees based on
performance and tend to use short-term investment strategies. Another important aspect of hedge funds
is that they usually employ an aggressive level of leverage. Leverage allows hedge funds to magnify their
risk, as well as increase their total asset holdings.
LTCM was able to obtain greater leverage by in
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