The Snowball: Warren Buffett and the Business of Life
by Alice Schroeder · 1 Sep 2008 · 1,336pp · 415,037 words
-bond warlord, an equities warlord.36 One ruled above them all: the warlord of bond arbitrage, a soft-spoken, brilliant mathematician, the forty-year-old John Meriwether. The shy, self-effacing “J.M.,” a former PhD candidate, expressed his outsize ambitions through a team of professors he had lured with Wall Street
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April saying they were investigating one of his bids.16 Realizing that the game was up, on April 25 he had gone to his boss, John Meriwether, and made a confession of sorts. In February, to get around the thirty-five percent limit, he had not only bid in Salomon’s name
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the umbrella of his reputation, already at risk, even further to protect the firm. There was no way to avoid this challenge. Deryck Maughan and John Meriwether could not do it. He could not send somebody from Munger, Tolles, or Charlie Munger, or Tom Murphy, or Bill Ruane. He could not solve
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understand that it’s going to be $190 million because that’s what Richard Breeden says it’s going to be.”57 The moment when John Meriwether had rushed into the conference room that Sunday morning, white and shaken, quoting Dick Breeden, who had called Salomon “rotten to the core, rotten to
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evening, Corzine had gathered that he could make a bid, as long as the investment had nothing to do with, and was not managed by, John Meriwether. On Monday, Buffett remained out of touch and Corzine grew pessimistic about working out a bid. He had begun to talk with Peter Fisher, who
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. 25. Interview with Eric Rosenfeld. 26. The Standard & Poor’s index was down 19% since July and the NASDAQ down by more than 25%. 27. John Meriwether letter to investors, September 2, 1998. 28. Warren Buffett letter to Ron Ferguson, September 2, 1998. 29. Hence, don’t try to make it back
The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis
by James Rickards · 15 Nov 2016 · 354pp · 105,322 words
in relative terms than they did in 2008. This was not reported at the time despite intense media focus on LTCM and its reclusive founder, John Meriwether. Only a few insiders at LTCM, the Fed, Treasury, and foreign finance ministries saw the whole picture and understood its significance. Elites foamed the runways
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time the world will not bounce back. The Experts I joined LTCM in February 1994 and reported to the firm’s founder, legendary bond trader John Meriwether, known as “JM.” I came on board before the fund opened for business, and remained through the collapse, rescue, and unwind until August 1999. The
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was called Long-Term Capital Management. A coming-out announcement for LTCM appeared in The New York Times on September 5, 1993, under the headline “JOHN MERIWETHER RIDES AGAIN.” LTCM was based in Greenwich, Connecticut. In addition to Meriwether, the LTCM partners included two future Nobel Prize winners, Myron Scholes and Robert
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, When Genius Failed: The Rise and Fall of Long-Term Capital Management (New York: Random House, 2000). A coming-out announcement for LTCM: Saul Hansell, “John Meriwether Rides, Again, Without Salomon This Time,” The New York Times, September 5, 1993, accessed August 8, 2016, www.nytimes.com/1993/09/05/business
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/john-meriwether-rides-again-without-salomon-this-time.html. LTCM coinvented the sovereign credit default swap market: Gillian Tett, Fool’s Gold: The Inside Story of J.
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
by Richard Bookstaber · 5 Apr 2007 · 289pp · 113,211 words
at the pinnacle of the bond market— even after having its wings clipped by a Treasury-auction scandal that had cost the jobs of Gutfreund, John Meriwether, and several others in senior management. The high-powered, big-brained proprietary trading group had become the envy of Wall Street
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. John Meriwether and the bulk of his team had just headed off to start LTCM, but the principals who remained continued to trade in the same size.
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a worn relic that had also adorned their area when they were on the fixed income floor: a maroon two-bythree-foot prayer carpet that John Meriwether had bought years earlier. These silly outward trappings belied the real spirit of the group: The arb unit was the most intellectually intense place I
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up shop in what became known as “Salomon North” in Greenwich, Connecticut. The original fixed income arbitrage group had been founded in the mid1980s by John Meriwether, who was forced out of the firm to make peace with the Federal Reserve after the 1991 Treasuries scandal. Meriwether & Co. landed at LTCM largely
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a copy to Mozer. The cat was out of the bag, so taking matters into his own hands, Mozer brought the letter to his supervisor, John Meriwether. When Meriwether finished reading it, Mozer told him that the Mercury Asset Management bid referred to in the letter was in fact a bid for
More Money Than God: Hedge Funds and the Making of a New Elite
by Sebastian Mallaby · 9 Jun 2010 · 584pp · 187,436 words
towering portfolio on a thinner foundation. It could be ambitious and slender, like an I. M. Pei creation.2 Long-Term Capital Management’s founder, John Meriwether, had been one of the first executives on Wall Street to see the potential in financial engineering. As a rising star at Salomon Brothers in
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It was the middle of August, and most of Long-Term’s senior partners were enjoying the vacation they had deferred earlier in the summer. John Meriwether was in China. Eric Rosenfeld was in Idaho. LTCM’s counsel, Jim Rickards, was with his family in North Carolina. The skeleton crew in Greenwich
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fight them. Among the hedge funds we have encountered, there are examples of both schools. Long/short investors, from A. W. Jones in equities to John Meriwether in bonds, aim to buy underpriced securities and sell expensive ones, pushing prices to their efficient level. Meanwhile, trend followers such as Paul Tudor Jones
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-riding chiefs; by December 2008, Fortress’s assets had collapsed by almost a third, and the firm was forced to fire two dozen portfolio managers. John Meriwether and Myron Scholes, veterans of the Long-Term Capital saga, had each set up new hedge funds in 1999 that did well for several years
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Leon Cooperman, formerly the boss of the asset management division of Goldman. The Salomon partner was Stanley Shopkorn, the head of equity trading. In 1993 John Meriwether left Salomon Brothers and raised $1.2 billion for a fund called Long-Term Capital Management. 6. The estimate of three thousand hedge funds comes
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York Times, January 24, 1999. 6. Lowenstein, When Genius Failed, pp. 20, 21n. 7. The phrase was coined by an LTCM employee. See Kevin Muehring, “John Meriwether by the numbers,” Institutional Investor, November 1, 1996. 8. Like many hedge funds, Long-Term did not like to acknowledge that it was a hedge
House of Cards: A Tale of Hubris and Wretched Excess on Wall Street
by William D. Cohan · 15 Nov 2009 · 620pp · 214,639 words
join a new start-up hedge fund, Long-Term Capital Management—LTCM for short—which was the brainchild of his former buddies at Salomon Brothers. John Meriwether, LTCM's founder and a famed Salomon bond trader, wanted Mattone to be the sixth partner of the fund, which was headquartered in Greenwich, Connecticut
How Money Became Dangerous
by Christopher Varelas · 15 Oct 2019 · 477pp · 144,329 words
which accounts were opened under customers’ names without their knowledge in order to meet quotas. In April 1991, Mozer confessed to his mentor, famed trader John Meriwether, that he had messed with a securities auction. Meriwether brought the bad news to Salomon’s legendary CEO John Gutfreund (pronounced “good friend”), who shared
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out on the trading floor, and it was my good luck to be stationed next to him—and not far from another Salomon Brothers powerhouse, John Meriwether—after the head of recruiting decided the summer associates needed home locations when not observing a specific trader. I knew of Gutfreund’s famous advice
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system. Or there might have been another factor, dating back to Mozer’s transfer to the government bond desk in 1983 and his history with John Meriwether. Meriwether was one of the most powerful people at the firm, vice chairman of the board and the head of the high-stakes proprietary trading
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the offense, but he played it cool to try to appear innocent or ignorant. Some, including Salomon’s assistant general counsel, Zachary Snow, suggested that John Meriwether had persuaded Gutfreund to keep quiet, as Meriwether still felt guilty about allowing Mozer to be removed from his team, so he fought to protect
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the stock started to recover. Buffett stepped down from his position in the spring of 1992, a year after Mozer first admitted his wrongdoings to John Meriwether. In many ways, the scandal was unsurprising. When looked at with the benefit of time and perspective, it’s easy to see the full arc
Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
by Jeff Madrick · 11 Jun 2012 · 840pp · 202,245 words
Two THE NEW GUARD 12. Tom Peters and Jack Welch Promises Broken 13. Michael Milken “The Magnificent” 14. Alan Greenspan Ideologue 15. George Soros and John Meriwether Fabulous Wealth and Controversial Power 16. Sandy Weill King of the World 17. Jack Grubman, Frank Quattrone, Ken Lay, and Sandy Weill Decade of Deceit
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praise he had received. The unleashing of unregulated self-interest since the 1980s, he believed, was a sufficient condition for prosperity. 15 George Soros and John Meriwether FABULOUS WEALTH AND CONTROVERSIAL POWER Until the mid-1980s, the takeover movement was the way to make the most money on Wall Street. Men like
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. When they borrowed multiples of that, their buying capability became enormous. Hedge fund pioneer George Soros (Illustration credit 15.1) Long-Term Capital Management founder John Meriwether (Illustration credit 15.2) George Soros, a Hungarian immigrant who arrived in America in the 1950s, became the unquestioned leader among hedge fund managers and
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lenders and resulting in congressional hearings, but resulting in no new federal restrictions. Markets settled down again, and hedge funds regained their popularity. In 1998, John Meriwether, one of the most admired of the managers at the time, had taken on so many liabilities at his firm, Long-Term Capital Management, that
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of derivatives, the contracts that enabled investors to take positions in stocks, bonds, and commodities with little down. The most prominent of the newcomers was John Meriwether of Salomon Brothers, who had perfected the new strategies, or so he thought, in the 1980s. To Meriwether and others like him, most of them
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before he took over as CEO of Citigroup (Illustration credit 16.1) Weill had little taste for the sort of Wall Street risk taken by John Meriwether or the other hedge funds. His talent was for selling traditional investment vehicles, particularly equities, and, as noted, for acquisitions. Ironically, his avoidance of risk
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now common at hedge funds and the largest investment banks, but he did not yet eliminate Salomon’s famed arbitrage desk, the one started by John Meriwether. Even with Salomon’s losses, the other operations at Travelers held up, and the price of Travelers’ stock rose nearly 80 percent as stock prices
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far less than half. Sanford hired a young trader from Salomon to head the department, Andy Krieger, also a Wharton graduate, who had worked with John Meriwether at Salomon, where he specialized in currency options. Krieger was a catch. He was also discovered to be devious. Traders watched closely and often copied
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/business/ worldbusiness/23iht-gspan.4.17206624.html. 58 “ASSISTED BY THE WAVE”: Greenspan, The Age of Turbulence, pp. 279, 373. CHAPTER 15: GEORGE SOROS AND JOHN MERIWETHER 1 ACCORDING TO AN ESTIMATE BY FINANCIAL WORLD MAGAZINE: Alison Leigh Cowan, “Where the Money Is: Wall Street’s Best Paid People,” New York Times
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News Archive via Getty Images 14.1 ALAN GREENSPAN: Paul J. Richards / AFP / Getty Images 15.1 GEORGE SOROS: AP Photo / Wilfredo Lee 15.2 JOHN MERIWETHER: James Leynse / CORBIS 16.1 SANDY WEILL: Susan Steinkamp / CORBIS 17.1 JACK GRUBMAN: Shawn Thew / AFP / Getty Images 17.2 FRANK QUATTRONE: AP Photo
Money and Power: How Goldman Sachs Came to Rule the World
by William D. Cohan · 11 Apr 2011 · 1,073pp · 302,361 words
, or LTCM as it was known—would come along at just this moment to spoil Goldman’s coming-out party. LTCM was the brainchild of John Meriwether, a famed Salomon Brothers bond trader and one of Corzine’s trading heroes. Meriwether started LTCM in 1994. Corzine had considered having Goldman make an
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Goldman handle the details, but under no circumstances did he want his investment to be managed by LTCM or to have anything to do with John Meriwether,” Lowenstein wrote. “Then the connection blacked out.” They spoke again on Saturday, and Buffett was still somewhat uncertain about a deal. Later that night, Corzine
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so summarily excluded from the transaction he had worked tirelessly to make happen. —— IN THE FIRST few months after the coup, Corzine worked together with John Meriwether to try to buy LTCM back from the consortium of banks that owned it. But that had more or less fallen through—despite their putting
Extreme Money: Masters of the Universe and the Cult of Risk
by Satyajit Das · 14 Oct 2011 · 741pp · 179,454 words
, We Are All Dead LTCM was known as Salomon North, reflecting its Greenwich, Connecticut base. After leaving Salomon Brothers in 1991 following a trading scandal, John Meriwether established LTCM in 1994 with capital of $4 billion. Investors paid a 2 percent management fee and 25 percent incentive fee on earnings after a
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us.”27 LTCM discovered what John Maynard Keynes knew: “the market can remain irrational longer than you can remain solvent.”28 On September 2, 1998 John Meriwether advised investors that LTCM had lost 52 percent of its value: As you are all too aware events surrounding the collapse of Russia caused large
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bad thing you can do is lose people’s money.”19 Even that wasn’t strictly speaking true. In 1999, after the collapse of LTCM, John Meriwether had no difficulties raising new funds for JWM Partners LLC (JWM), a lower risk version of LTCM. In 2008 the $2.3 billion JWM fund
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, Allen Lane, London: 106. 19. “Back in business: A trader’s trespasses are forgiven” (12 October 2006) The Economist. 20. Jenny Strasburg “A decade later, John Meriwether must scramble again” (27 March 2008) New York Times; Katherine Burton and Saijel Kishan “Meriwether said to shut JWM hedge fund after losses” (8 July
The Quants
by Scott Patterson · 2 Feb 2010 · 374pp · 114,600 words
the upper echelons of the financial universe. What could go wrong? As it turned out, a great deal—a four-letter word: LTCM. In 1994, John Meriwether, a former star bond trader at Salomon Brothers, launched a massive hedge fund known as Long-Term Capital Management. LTCM was manned by an all
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trader who made the bet paid up. In Lewis’s book, the game involved Salomon chairman John Gutfreund and the firm’s star bond trader John Meriwether, future founder of the doomed hedge fund LTCM. One day, Gutfreund challenged Meriwether to play a $1 million hand of Liar’s Poker. Meriwether shot
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of the details of Boaz Weinstein’s life and career come from interviews with Weinstein and people who knew and worked with him. In 1994, John Meriwether: A number of details of LTCM’s demise were taken from When Genius Failed: The Rise and Fall of Long-Term Capital Management, by Roger
Buffett
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