Monthly Archives: August 2013

Dry Powder is an Asset Not a Failing

In 1998 Long-Term Capital Management (LTCM) lost $4.6 billion in less than four months. Although the hedge fund was led by Nobel Prize winners (Myron Scholes and Robert Merton), noted professors, a Federal Reserve vice chairman and well-known Wall Street arbitrage experts, it made one of the most basic — but costly — investment mistakes. […]