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| Author: | Stonham, P. |
| Title: | To close to the hedge: the case of long term capital manage- ment LP. Part one: Hedge fund analytics. |
| Journal: | European Management Journal
1999 : VOL, 17:3, p. 282-289 |
| Index terms: | CAPITAL INVESTMENT INVESTORS INVESTMENT TRUSTS INVESTMENT ANALYSIS |
| Language: | eng |
| Abstract: | In September 1998, the well-known US hedge fund, Long Term Capital Management (LTCM), announced it had lost 44 per cent ($2.1 billion) of it's investors money in August alone, and more than 52 per cent from the beginning of the year. This shock caused the Federal Reserve System to organise a bail- out by banks and investment houses to save the fund from li- quidation and to prevent follow-on damage to US financial markets. Part one of this study briefly reviews the loss of value by LCTM and the damage caused to investors and credi- tors. LCTM is placed in context as the case looks at the na- ture of hedge funds in the investment business in general - their structure, regulatory position, trading strategies and risk/return profiles. |
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