More than a year after the event, with considerable hype, we have the story of Long-Term Capital Management put in the context of the history of financial engineering, in a new book published by John Wiley, Inventing money: the story of LTCM and the legends behind it, by Nicholas Dunbar. The best passage in the book is the introduction, which compares LTCM to Swift’s flying island of Laputa: a country disappeared off the face of the earth – but it wasn’t a real country, just a vast human construction, in its way a modern wonder of the world.
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