{"id":3655,"date":"2025-09-23T01:28:00","date_gmt":"2025-09-23T04:28:00","guid":{"rendered":"https:\/\/elinversordebolsillo.com.ar\/?p=3655"},"modified":"2025-09-15T10:01:02","modified_gmt":"2025-09-15T13:01:02","slug":"cuando-el-genio-fallo","status":"publish","type":"post","link":"https:\/\/elinversordebolsillo.com.ar\/en\/cuando-el-genio-fallo\/","title":{"rendered":"When Genius Failed: The Rescue of Long Term Capital Management"},"content":{"rendered":"<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio has-large-font-size\">September 23rd anniversary<\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio has-medium-font-size\"><strong><em>On September 23, 1998, the hedge fund Long Term Capital Management was bailed out by a total of 14 banks. The book &quot;When Genius Failed&quot; chronicles this story in detail.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\"><strong>The bailout of Long-Term Capital Management (LTCM) in 1998 was an unprecedented event in the financial markets.<\/strong> This hedge fund, comprised of some of the world&#039;s most brilliant economists, was on the verge of collapse due to its colossal losses. The magnitude of this systemic risk forced the U.S. Federal Reserve to intervene, organizing a bailout involving major Wall Street investment banks.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/09\/ltcm.png?ssl=1\" alt=\"LTCM Long Term Capital Management\" class=\"wp-image-3581\" title=\"\"><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\">Why was a rescue necessary?<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Systemic risk:<\/strong> LTCM had accumulated such a large risk position that its failure could have triggered a global financial crisis. LTCM&#039;s interconnected markets and high degree of leverage meant that its downfall could have a domino effect on other market players.<\/li>\n\n\n\n<li><strong>Financial contagion:<\/strong> LTCM&#039;s counterparties, i.e., the banks and other financial institutions with which it had conducted transactions, could have suffered significant losses, jeopardizing its solvency.<\/li>\n\n\n\n<li><strong>Loss of confidence:<\/strong> A crisis of this magnitude could have undermined investor confidence in the financial system as a whole, potentially leading to a credit crunch and an economic recession.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\">How was the rescue carried out?<\/h2>\n\n\n\n<p>The New York Federal Reserve, under the direction of William McDonough, played a crucial role in organizing the rescue. <strong>A consortium of 14 banks was established, which provided capital to recapitalize LTCM and allow it to liquidate its positions in an orderly manner.<\/strong>This process was extremely delicate, as it sought to avoid a panic in the markets and minimize disruptions to the financial system.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/optimizacion-financiera\/\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"851\" height=\"315\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/banner2.webp?resize=851%2C315&#038;ssl=1\" alt=\"Banner 2 El Inversor de Bolsillo\" class=\"wp-image-5026\" title=\"\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/banner2.webp?w=851&amp;ssl=1 851w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/banner2.webp?resize=300%2C111&amp;ssl=1 300w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/banner2.webp?resize=768%2C284&amp;ssl=1 768w\" sizes=\"(max-width: 851px) 100vw, 851px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-large-font-size\">The consequences of the rescue<\/h3>\n\n\n\n<p>The bailout of LTCM had several important consequences:<\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\"><strong>LTCM Legacy:<\/strong> The LTCM story became a classic case study in business schools and the financial industry, serving as a warning about the dangers of overconfidence, excessive leverage, and the importance of risk management.<\/p>\n\n\n\n<p><strong>Preventing a major crisis:<\/strong> A systemic financial crisis that could have had devastating consequences for the global economy was averted.<\/p>\n\n\n\n<p><strong>Questioning financial models:<\/strong> The failure of LTCM called into question the reliability of the mathematical models used by financial institutions and the importance of considering &quot;tail&quot; risks (extreme and unexpected events).<\/p>\n\n\n\n<p><strong>Greater regulation:<\/strong> The event prompted increased regulation of hedge funds and other financial market players, with the goal of improving transparency and reducing systemic risks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading wp-embed-aspect-16-9 wp-has-aspect-ratio\"><strong>When Genius Failed: The Book That Portrays the Rise and Fall of Long-Term Capital Management<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img data-recalc-dims=\"1\" data-dominant-color=\"e5d9d2\" data-has-transparency=\"false\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/09\/whengeniusfailed-11.webp?resize=900%2C600&#038;ssl=1\" alt=\"Libro Cuando El Genio Fall\u00f3\" class=\"wp-image-6763 not-transparent\" style=\"--dominant-color: #e5d9d2; width:716px;height:auto\" title=\"\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/09\/whengeniusfailed-11.webp?w=900&amp;ssl=1 900w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/09\/whengeniusfailed-11.webp?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/09\/whengeniusfailed-11.webp?resize=768%2C512&amp;ssl=1 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption class=\"wp-element-caption\">Cover of the book When Genius Failed<\/figcaption><\/figure>\n\n\n\n<p>This book by Roger Lowenstein tells the story of <strong>Long-Term Capital Management (LTCM)<\/strong>, a hedge fund that, despite being staffed by some of Wall Street&#039;s most brilliant economists, including several Nobel Prize winners, suffered a spectacular fall in 1998.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The Rise of Long-Term Capital Management:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dream team:<\/strong> LTCM had a management team comprised of former executives from major investment banks and renowned academics. Their approach was based on highly sophisticated mathematical models to identify arbitrage opportunities in financial markets.<\/li>\n\n\n\n<li><strong>Initial successes:<\/strong> During its early years, LTCM achieved extraordinary returns, thanks to the accuracy of its models and its ability to leverage financial resources.<\/li>\n\n\n\n<li><strong>Reputation and trust:<\/strong> LTCM&#039;s reputation attracted large amounts of capital from institutional investors, making it one of the largest and most respected hedge funds in the world.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The Fall of Long-Term Capital Management:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Overconfidence:<\/strong> Initial success led to overconfidence in the models and the team&#039;s ability to predict market movements.<\/li>\n\n\n\n<li><strong>Excessive leverage:<\/strong> LTCM used extremely high financial leverage, which amplified both gains and losses.<\/li>\n\n\n\n<li><strong>Unforeseen events:<\/strong> In 1998, a series of unexpected events, including the Asian financial crisis and the Russian debt crisis, put LTCM models to the test and revealed their limitations.<\/li>\n\n\n\n<li><strong>Catastrophic losses:<\/strong> LTCM&#039;s models failed to anticipate the magnitude of these events, leading to massive losses and the fund&#039;s inability to meet its obligations.<\/li>\n\n\n\n<li><strong>Government bailout:<\/strong> To avoid a systemic financial crisis, the US Federal Reserve organized a bailout of LTCM, with major investment banks injecting capital into the fund.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"1024\" height=\"479\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/image.webp?resize=1024%2C479&#038;ssl=1\" alt=\"Libros de Finanzas El Inversor de Bolsillo 1, 2 y 3\" class=\"wp-image-5036\" title=\"\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/image.webp?w=1024&amp;ssl=1 1024w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/image.webp?resize=300%2C140&amp;ssl=1 300w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/image.webp?resize=768%2C359&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Lessons Learned:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Limitations of the models:<\/strong> Even the most sophisticated mathematical models cannot predict all possible events in financial markets.<\/li>\n\n\n\n<li><strong>Leverage risk:<\/strong> Excessive use of leverage can amplify losses and jeopardize a company&#039;s survival.<\/li>\n\n\n\n<li><strong>Importance of risk management:<\/strong> Robust risk management systems are essential to identify and mitigate potential risks.<\/li>\n\n\n\n<li><strong>Arrogance and overconfidence:<\/strong> Arrogance and overconfidence can lead to bad decisions and catastrophic losses.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Importance of the Book When Genius Failed:<\/strong><\/h2>\n\n\n\n<p><strong>&quot;When Genius Failed&quot; is a must-read for anyone interested in financial markets, risk management, and investment psychology.<\/strong> The book offers a fascinating look at the rise and fall of one of history&#039;s most famous hedge funds, and its lessons remain relevant today.<\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\"><strong>In summary,<\/strong> &quot;When Genius Failed&quot; shows us that <strong>even geniuses can make mistakes<\/strong> and that the combination of sophisticated models, overconfidence and excessive leverage can lead to disastrous results.<\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\"><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading wp-embed-aspect-16-9 wp-has-aspect-ratio has-medium-font-size\">Both you and your company can also invest in quality companies.<\/h2>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\">Getting the best financing for your business isn&#039;t easy. And you&#039;re also focused on improving your business, so financial matters can be difficult. Don&#039;t worry, we&#039;re here to help.<br><strong>With the <a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/financiamiento-empresas\/\" data-type=\"post\" data-id=\"2822\">Financial Optimization Program<\/a> From El Inversor de Bolsillo\u00ae, we evaluate the company and give you specific suggestions to optimize the performance of your current balances and reduce your interest burden. <\/strong>We help you manage the registration in a Reciprocal Guarantee Society and <strong>get the best rates on the market<\/strong>. After the three free months have passed, a set number of monthly hours of financial consulting is provided.<\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\">In the <strong><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/nuestros-servicios\/mentoria-financiera\/\" data-type=\"post\" data-id=\"2813\">Financial Mentoring<\/a> With El Inversor de Bolsillo\u00ae you can learn while you invest, and we&#039;ll guide you according to your needs.<\/strong> Financial consulting for individuals includes one-on-one advisory sessions, online courses, stock market reports and everything you need to <strong>your investment is a success<\/strong>, so much <strong>investing in Argentina as in any other part of the world.<\/strong><br>There are different monthly plans of <strong>according to your circumstances and your budget<\/strong>The most important thing is that whichever plan you choose, <strong>you'll never be alone<\/strong>We will accompany you in your learning so that you can <strong>invest successfully.<\/strong><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\">If you want to learn more about how to invest risk-free, visit our website. <a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/\">www.elinversordebolsillo.com.ar<\/a> either <a href=\"https:\/\/www.youtube.com\/@elinversordebolsillo\" target=\"_blank\" rel=\"noopener\">our YouTube channel<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Personal Finance - Organize your finances and make ends meet\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/BjfqtBbhKUw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading wp-embed-aspect-16-9 wp-has-aspect-ratio has-medium-font-size\">See more notes from our blog:<\/h3>\n\n\n\n<div class=\"wp-block-query is-layout-flow wp-block-query-is-layout-flow\"><ul class=\"wp-block-post-template is-layout-flow wp-block-post-template-is-layout-flow\"><li class=\"wp-block-post post-5523 post type-post status-publish format-standard has-post-thumbnail hentry category-blog category-consejos-financieros category-efemerides category-mayo category-mercado-internacional tag-beating-the-street tag-libros-de-finanzas tag-libros-de-inversion tag-peter-lynch\">\n\n<div class=\"wp-block-columns are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\"><figure class=\"wp-block-post-featured-image\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/beating-the-street\/\" target=\"_self\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-22-png.webp?resize=900%2C600&#038;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail not-transparent wp-post-image\" alt=\"Beating the Street: A 32 A\u00f1os de la Publicaci\u00f3n del Fascinante Libro\" style=\"--dominant-color: #eae3e4;object-fit:cover;\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-22-png.webp?w=900&amp;ssl=1 900w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-22-png.webp?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-22-png.webp?resize=768%2C512&amp;ssl=1 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" data-has-transparency=\"false\" data-dominant-color=\"eae3e4\" title=\"\"><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:75%\"><h4 class=\"wp-block-post-title\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/beating-the-street\/\" target=\"_self\">Beating the Street: A 32 A\u00f1os de la Publicaci\u00f3n del Fascinante Libro<\/a><\/h4><\/div>\n<\/div>\n\n<\/li><li class=\"wp-block-post post-5524 post type-post status-publish format-standard has-post-thumbnail hentry category-blog category-efemerides category-mayo category-miscelaneo tag-comunicaciones tag-economia tag-mercado-internacional tag-samuel-morse tag-telegrafo\">\n\n<div class=\"wp-block-columns are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\"><figure class=\"wp-block-post-featured-image\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/primer-mensaje-telegrafico\/\" target=\"_self\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"537\" height=\"359\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-21-png-e1731685695287.webp?resize=537%2C359&#038;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail not-transparent wp-post-image\" alt=\"El Primer Mensaje Telegr\u00e1fico Enviado 182 A\u00f1os Atr\u00e1s: Su Impactante Influencia en la Actualidad\" style=\"--dominant-color: #452d1f;object-fit:cover;\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-21-png-e1731685695287.webp?w=537&amp;ssl=1 537w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-21-png-e1731685695287.webp?resize=300%2C201&amp;ssl=1 300w\" sizes=\"(max-width: 537px) 100vw, 537px\" data-has-transparency=\"false\" data-dominant-color=\"452d1f\" title=\"\"><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:75%\"><h4 class=\"wp-block-post-title\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/primer-mensaje-telegrafico\/\" target=\"_self\">El Primer Mensaje Telegr\u00e1fico Enviado 182 A\u00f1os Atr\u00e1s: Su Impactante Influencia en la Actualidad<\/a><\/h4><\/div>\n<\/div>\n\n<\/li><li class=\"wp-block-post post-5528 post type-post status-publish format-standard has-post-thumbnail hentry category-blog category-efemerides category-mayo category-mercado-internacional tag-john-d-rockefeller tag-mercado-internacional tag-petroleo tag-standard-oil-company\">\n\n<div class=\"wp-block-columns are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\"><figure class=\"wp-block-post-featured-image\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/historia-de-john-rockefeller\/\" target=\"_self\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"675\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-20-png.webp?resize=1200%2C675&#038;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail not-transparent wp-post-image\" alt=\"La Impactante Historia de John Rockefeller a 89 A\u00f1os de su Fallecimiento\" style=\"--dominant-color: #676259;object-fit:cover;\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-20-png.webp?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-20-png.webp?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-20-png.webp?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/11\/image-20-png.webp?resize=768%2C432&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-has-transparency=\"false\" data-dominant-color=\"676259\" title=\"\"><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:75%\"><h4 class=\"wp-block-post-title\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/historia-de-john-rockefeller\/\" target=\"_self\">La Impactante Historia de John Rockefeller a 89 A\u00f1os de su Fallecimiento<\/a><\/h4><\/div>\n<\/div>\n\n<\/li><\/ul><\/div>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>On September 23, 1998, the hedge fund Long Term Capital Management was bailed out by a total of 14 banks. The book &quot;When Genius Failed&quot; chronicles this story in detail.<\/p>","protected":false},"author":2,"featured_media":6763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[77,46,28,55],"tags":[128,127,138,137],"class_list":["post-3655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-efemerides","category-mercado-internacional","category-septiembre","tag-long-term-capital-management","tag-ltcm","tag-roger-lowenstein","tag-when-genius-failed"],"_links":{"self":[{"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/posts\/3655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/comments?post=3655"}],"version-history":[{"count":7,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/posts\/3655\/revisions"}],"predecessor-version":[{"id":9188,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/posts\/3655\/revisions\/9188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/media\/6763"}],"wp:attachment":[{"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/media?parent=3655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/categories?post=3655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/tags?post=3655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}