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.

Two years after the best-selling Arthur & George, Julian Barnes gives us a memoir on mortality that touches on faith and science and family as well as a rich array of exemplary figures who over the centuries have confronted the same questions he now poses about the most basic fact of life: its inevitable extinction.

If the fear of death is “the most rational thing in the world,” how does one contend with it? An atheist at twenty, an agnostic at sixty, Barnes looks into the various arguments for and against and with God, and at the bloodline whose archivist, following his parents’ death, he has become—another realm of mystery, wherein a drawer of mementos and his own memories (not to mention those of his philosopher brother) often fail to connect. There are other ancestors, too: the writers—“most of them dead, and quite a few of them French”—who are his daily companions, supplemented by composers and theologians and scientists whose similar explorations are woven into this account with an exhilarating breadth of intellect and felicity of spirit.

Deadly serious, masterfully playful, and surprisingly hilarious, Nothing to Be Frightened Of is a riveting display of how this supremely gifted writer goes about his business and a highly personal tour of the human condition and what might follow the final diagnosis.

In this long season of searing political attacks and angry partisan passions, Peggy Noonan's Wall Street Journal column has been must reading for thoughtful liberals and conservatives alike.

Now she issues an urgent, heartfelt call for all Americans to see each other anew, realize what time it is, and come together to support the next President—whoever he is. Because it is not the threats and challenges we face, but how we face them that defines us as a nation.

The terrible events of 9/11 brought us together in a way not seen since World War II. But the stresses and divisions of the Bush years have driven us apart to a point that is unhealthy and destructive.

Today, Noonan argues, the national mood is for a change in our politics and it is well past time for politicians to catch up. Americans are tired of the old partisan divisions and the campaign tricks that seek to widen and exploit them. We long for leaders who can summon us to greatness and unity, as they did in the long struggles against fascism and communism.

In this timely little book, written in the pamphleteering tradition of Tom Paine's Common Sense, Noonan reminds us that we must face our common challenges together—not by rising above partisanship, but by reaffirming what it means to be American.