Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists.,Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century???an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura.,Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett???s family, friends, and colleagues to provide the first definitive, inside account of the life and career of this American original. Buffett explains Buffett???s investment strategy???a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces???and shows how it is a reflection of his inner self.
???A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.??????The New York Times,In this business classic???now with a new Afterword in which the author draws parallels to the recent financial crisis???Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term???s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.,When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term???s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM???s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability???and as a wake-up call that Wall Street and government alike tragically ignored.