Meriwether and the 'dream team' are back


Lessons have been learned and the LTCM players are out there trying to prove that they were right

Greed. Hubris. Intellectual arrogance. Belief in the supremacy of academic models over human instinct and market irrationality. Stupidity. Sheer bad luck. Everybody has an explanation - right or wrong - for why Long-Term Capital Management went down in flames five years ago. And there was more than a little schadenfreude at the sight of the highest of high-flying hedge funds - run by a bunch of ex-Salomon bond arbitrageurs and some of the star minds in modern finance theory - falling