In Re: Second Acts, American Life & Long Term Capital

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We never understood what Scott Fitzgerald meant when he said there are no second acts in America. It seems to us that America is a land of second acts, third acts, act after act stretching into infinity. A drama where no one is ever ruined permanently, and the same players take the stage at regular intervals, gathering up their ruins and sailing once more toward that green light at the end of bridge.
News comes today that Robert Merton is back. The founder of Long Term Capital Management, the giant hedge fund whose collapse brought financial markets to the brink of collapse in 1998, has launched a new emerging markets fund. The fund will operate under the aegis of Integrated Finance, which Merton started with JP Morgan bankers Roberto Mendoza and Peter Hancock.
Maybe what Fitzgerald meant is that there are no second acts because its always the first act, over and over again.

Collapsed fund's founder returns to fray
[The Times]

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