But as competitors began to mimic Meriweather's fund, he altered strategy to maintain the fund's performance, leveraging capital with credit on a scale not fully understood and never seen before. New investors barged each other aside to get their investment money into LTCM's hands. It became the banks' own favourite fund and from its inception achieved a run of dizzyingly spectacular returns. It was to be the hedge fund to end all other hedge funds: a discreet private investment club limited to those rich enough to pony up millions. Founded by John Meriweather, a notoriously confident bond dealer, along with two Nobel prize winners and a floor of Wall Street's brightest and best, Long-Term Captial Management was from the beginning hailed as a new gold standard in investing.
Picking up where Liar's Poker left off (literally, in the bond dealer's desks of Salomon Brothers) the story of Long-Term Capital Management is of a group of elite investors who believed they could beat the market and, like alchemists, create limitless wealth for themselves and their partners.
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