http://en.wikipedia.org/wiki/Long-Term_Capital_Management
Long-Term Capital Management L.P. (LTCM) was a hedge fund management firm[1] based in Greenwich, Connecticut that used absolute-return trading strategies combined with high financial leverage. The firm's master hedge fund, Long-Term Capital Portfolio L.P., collapsed in the late 1990s
Long-Term Capital Management L.P. (LTCM) was a hedge fund management firm[1] based in Greenwich, Connecticut that used absolute-return trading strategies combined with high financial leverage. The firm's master hedge fund, Long-Term Capital Portfolio L.P., collapsed in the late 1990s
The total losses were found to be $4.6 billion. The losses in the major investment categories were (ordered by magnitude):[18]
- $1.6 bn in swaps
- $1.3 bn in equity volatility
- $430 mn in Russia and other emerging markets
- $371 mn in directional trades in developed countries
- $286 mn in Dual-listed company pairs (such as VW, Shell)
- $215 mn in yield curve arbitrage
- $203 mn in S&P 500 stocks
- $100 mn in junk bond arbitrage
- no substantial losses in merger arbitrage
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