Chart of LTCM's Performance vs. Dow, U.S. Treasuries (1994-1998)

Source: Wikimedia Commons
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"The company, which was providing annual returns of almost 40% up to this point, experienced a flight-to-liquidity. In the first three weeks of September, LTCM's equity tumbled from $2.3 billion at the start of the month to just $400 million by September 25. With liabilities still over $100 billion, this translated to an effective leverage ratio of more than 250-to-1.[22]"
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