The Journal tells the story of Long-term Capital Management LP, an institutional investor with 25 PhDs on its payroll, whose largest bets failed in one single day. The company lost more than 90 percent of its assets before it was bailed out by large Wall Street banks. What happened "forced many of the world's institutional investors to redefine the ways they manage risk and triggered calls for tougher regulation of hedge funds, those freewheeling investment funds that cater to the wealthy."
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