主题：【原创】私募基金是如何赚钱的 -- evilpanda

In the first 3 weeks of September LTCM's equity tumbled from $2.3 billion to $600 million without shrinking the portfolio, leading to a significant elevation of the already high leverage. Goldman Sachs, AIG and Berkshire Hathaway offered then to buy out the fund's partners for $250 million, to inject $4 billion and to operate LTCM within Goldman Sachs's own trading. The offer was rejected ...

The total losses were found to be $4.6 billion. The losses in the major investment categories were (ordered by magnitude):

* $1.6 bn in swaps

* $1.3 bn in equity volatility

* $430 mn in Russian and other emerging markets

* $371 mn in directional trades in developed countries

* $215 mn in yield curve arbitrage

* $203 mn in S&P 500 stocks

* $100 mn in junk bond arbitrage

* no substantial losses in merger arbitrage

the Federal Reserve Bank of New York organized a bail-out of $3.625 billion by the major creditors in order to avoid a wider collapse in the financial markets. The contributions from the various institutions were as follows:

* $300 million: Bankers Trust, Barclays, Chase, Deutsche Bank, UBS, Salomon Brothers,Smith Barney, J.P.Morgan, Goldman Sachs, Merrill Lynch, Credit Suisse First Boston, Morgan Stanley

* $125 million: Société Générale

* $100 million: Crédit Agricole, Paribas