Clay explores When Genius Failed by Roger Lowenstein, the gripping story of the rise and fall of Long-Term Capital Management (LTCM). LTCM, founded by top Wall Street experts, used complex models and high leverage for returns until a 1998 crisis exposed its flaws. Clay discusses risks like overconfidence and excessive leverage, and mentions a TIP value investing event in Big Sky, Montana, in September 2025. What you’ll learn here: Transcript & Guest Info: https://www.theinvestorspodcast.com/we-study-billionaires/ Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here: https://www.theinvestorspodcast.com/summit/ Join our highly vetted community of value investors: https://www.theinvestorspodcast.com/mastermind/ Our Sponsors: 📊 Add the Fundrise Flagship Fund to your portfolio in just minutes and with as little as $10. http://fundrise.com/wsb ✍️ Get your paper tablet at reMarkable.com today. https://remarkable.com/?utm_source=podcast&utm_medium=paid&utm_campaign=westudybillionaires|remarkableaudio2025&utm_term=a&utm_content=marchread ▶️ Related Episodes: - Permanent Supply Chain Disruptions That Will Sink the Economy w/ Jim Rickards: https://youtu.be/BZi34giqfn0 - The Financial Stocks Expert w/ Gator Capital's Derek Pilecki: https://youtu.be/ltYn40a5-_s - Thriving On Overload | How To Leverage Information w/ Futurist Ross Dawson: https://youtu.be/MIR_t5HCqxU 📖 Book Mentioned: - When Genius Failed by Roger Lowenstein: https://amzn.to/41AGChV - Big Mistakes by Michael Batnick: https://amzn.to/3FF1ygv Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/we-study-billionaires/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ Disclaimer: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting. #WhenGeniusFailed #Long-TermCapitalManagement #JohnMeriwether #AsianFinancialCrisis #RogerLowenstein