There is no better example of desire outliving performance than the trade that UBS did with Long-Term Capital Management (LTCM) in 1997. When LTCM was riding high and a 40% return each year seemed feasible, potential investors were clamouring for a privileged piece of the action.
Among them was Union Bank of Switzerland. During the course of 1997 it struck up a relationship with LTCM by taking a combination of equity and equity option positions in the fund.
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