 <h1>Congratulations! 🎉 </h1>
    <p style="color:#637381;">All done! You’ve completed another milestone.</p>

To continue, enter your details to log in.

We’ve sent a 6‑digit code to #MAIL_ADDRESS#\nPlease check your inbox or spam folder and enter the code below to continue.

Verification code sent

Thank you for the payment. You can now access {collectionName} by simply clicking the button below.

Yes, you’ve successfully ordered! 🎉

Unlock This Exclusive Course

It seems that your email address is not currently on the authorized access list. Please ensure you are using the email address that was invited, or contact the content owner for assistance.

Verification Required for Access

The Team That Could Not Lose

Brilliance Earns Trust Faster Than It Earns Safety

Four Years of Returns Made Risk Feel Like Zero

The Auditor's Stamp

Convergence: A Sliver of Edge, Sold by the Truckload

Two Nearly Identical Bonds Must Eventually Cost the Same

A Tiny Sure Thing Only Pays When It Is Huge

The Spread Desk

Leverage: The Amplifier With No Off Switch

Borrowed Money Multiplies the Edge and the Ruin by the Same Factor

At Twenty-Five to One, a Four Percent Slip Erases Everything

The Leverage Dial

Models Built on the Past: Risk the Data Never Showed

A Model Can Only Price the Storms That Are in Its Data

The Map Ends Exactly Where the Worst Storm Begins

When Diversification Disappears

August 1998: Liquidity Vanishes and Everyone Runs at Once

When Everyone Owns the Same Trade, the Exit Is a Single Door

A Loss in Russia Became a Loss in Every Market

Build the Cascade

Surviving Your Own Success: Rules That Outlast the Model

A Rescue Protects the Market, so Survival Has to Be Designed in Advance

Five Survival Rules That Hold When the Model Is Wrong

The Survival Stress Test

Check Your Understanding

What a Spotless Record Proves

The Four Percent Line

Why Diversification Failed in August 1998

Go Further

The Full Story Behind These Ideas, From the Fund's Founding to the Rescue and Beyond

Your Collections

← Back to your collections

How a hedge fund run by Nobel laureates lost almost everything in weeks: six ideas on leverage, models and liquidity, each with an interactive practice.

In 1998 a hedge fund run by two Nobel laureates and Wall Street's best bond traders lost almost everything within weeks. This course takes the collapse of Long-Term Capital Management apart into the six ideas that explain it, and shows how each one applies to your own money, career and decisions.

When Genius Failed — How Brilliance Builds Its Own Collapse

<div class="simple-box-wrapper"> <div class="simple-box"> <div class="column"> <h3>Description</h3> <div class="ck-horizontal-line"><hr></div> <p>I'm a paragraph. Click to start writing that will inform, inspire, or encourage your community. We know you have so many things to share with the world. Happy editing!</p> </div> </div> </div>