Sublime

Steve Birch, another of our in-house money managers, started managing money earlier. He took advantage of the roaring bull market of the late 1990s and protected most of his gains by going mainly to cash in the bear market. Between 1998 and 2003, he had gained over 1,300%.

At that time the short U.S. swap spread, the European cross-swap trade, and the short volatility trade were by far LTCM’s largest trades.

associate D style behaviors

“I remember hearing Lyndon say that this business of getting these people jobs is really the nucleus of a political organization for the future,” Russell Brown says. In his attempts to obtain patronage, he did not—the secretary to an obscure Congressman—have much ammunition to work with. So he could not afford to let any opening slip away.

George Brown had been working closely with Johnson for three years; Johnson’s initial nomination to Congress, in 1937, had, in fact, been brought about to ensure an immensely complicated transaction with a very simple central point: the firm in which George and his brother Herman were the principals—Brown & Root, Inc.—was building a dam near Au