Nonfiction in The Books Store

Lowenstein, a financial journalist and author of Buffett: The Making of an American Capitalist, examines the personalities, academic experts, and professional relationships at LTCM and uncovers the layers of numbers behind its roller-coaster ride with the precision of a skilled surgeon. The fund's enigmatic founder, John Meriwether, spent almost 20 years at Salomon Brothers, where he formed its renowned Arbitrage Group by hiring academia's top financial economists. Though Meriwether left Salomon under a cloud of the SEC's wrath, he leapt into his next venture with ease and enticed most of his former Salomon hires--and eventually even David Mullins, the former vice chairman of the U.S. Federal Reserve--to join him in starting a hedge fund that would beat all hedge funds.

LTCM began trading in 1994, after completing a road show that, despite the Ph.D.-touting partners' lack of social skills and their disdainful condescension of potential investors who couldn't rise to their intellectual level, netted a whopping $1.25 billion. The fund would seek to earn a tiny spread on thousands of trades, "as if it were vacuuming nickels that others couldn't see," in the words of one of its Nobel laureate partners, Myron Scholes. And nickels it found. In its first two years, LTCM earned $1.6 billion, profits that exceeded 40 percent even after the partners' hefty cuts. By the spring of 1996, it was holding $140 billion in assets. But the end was soon in sight, and Lowenstein's detailed account of each successively worse month of 1998, culminating in a disastrous August and the partners' subsequent panicked moves, is riveting.

A fascinating exploration of the science of the impossible—from death rays and force fields to invisibility cloaks—revealing to what extent such technologies might be achievable decades or millennia into the future.

One hundred years ago, scientists would have said that lasers, televisions, and the atomic bomb were beyond the realm of physical possibility. In Physics of the Impossible, the renowned physicist Michio Kaku explores to what extent the technologies and devices of science fiction that are deemed equally impossible today might well become commonplace in the future.

From teleportation to telekinesis, Kaku uses the world of science fiction to explore the fundamentals—and the limits—of the laws of physics as we know them today. He ranks the impossible technologies by categories—Class I, II, and III, depending on when they might be achieved, within the next century, millennia, or perhaps never. In a compelling and thought-provoking narrative, he explains:
· How the science of optics and electromagnetism may one day enable us to bend light around an object, like a stream flowing around a boulder, making the object invisible to observers “downstream”
· How ramjet rockets, laser sails, antimatter engines, and nanorockets may one day take us to the nearby stars
· How telepathy and psychokinesis, once considered pseudoscience, may one day be possible using advances in MRI, computers, superconductivity, and nanotechnology
· Why a time machine is apparently consistent with the known laws of quantum physics, although it would take an unbelievably advanced civilization to actually build one
Kaku uses his discussion of each technology as a jumping-off point to explain the science behind it. An extraordinary scientific adventure, Physics of the Impossible takes readers on an unforgettable, mesmerizing journey into the world of science that both enlightens and entertains.