Editing Long-Term Capital Management (section)

===Secret and opaque operations===

LTCM was open about its overall strategy, but very secretive about its specific operations, including scattering trades among banks. And in perhaps a disconcerting note, "since Long-Term was flourishing, no one needed to know exactly what they were doing. All they knew was that the profits were coming in as promised," or at least perhaps what should have been a disconcerting note when looked at in hindsight.<ref name="Business Insider" />

Opaqueness may have made even more of a difference and investors may have had even a harder time judging the risk involved when LTCM moved from bond arbitrage into arbitrage involving common stocks and corporate mergers.<ref name="Business Insider" />