Long-term support

Long-term support (LTS) is a type of special versions or editions of software designed to be supported for a longer than normal period. It is particularly applicable to open-source software projects.

It is a product lifecycle management policy for computer software, that applies the tenets of reliability engineering to the software development process and software release life cycle. Long-term support extends the period of software maintenance; it also alters the type and frequency of software updates (patches) to reduce the risk, expense, and disruption of software deployment, while promoting the dependability of the software. It does not, however, imply technical support.

At the beginning of a long-term support period, the software developers impose a feature freeze: They make patches to correct software bugs and vulnerabilities, but do not introduce new features that may cause regression. The software maintainer either distributes patches individually, or packages them in maintenance releases, point releases, or service packs. At the conclusion of the support period, the product reaches end-of-life.

Term (time)

A term is a period of duration, time or occurrence, in relation to an event. To differentiate an interval or duration, common phrases are used to distinguish the observance of length are near-term or short-term, medium-term or mid-term and long-term.

It is also used as part of a calendar year, especially one of the three parts of an academic term and working year in the United Kingdom: Michaelmas term, Hilary term / Lent term or Trinity term / Easter term, the equivalent to the American semester. In America there is a midterm election held in the middle of the four-year presidential term, there are also academic midterm exams.

In economics, it is the period required for economic agents to reallocate resources, and generally reestablish equilibrium. The actual length of this period, usually numbered in years or decades, varies widely depending on circumstantial context. During the long term, all factors are variable.

In finance or financial operations of borrowing and investing, what is considered long-term is usually above 3 years, with medium-term usually between 1 and 3 years and short-term usually under 1 year. It is also used in some countries to indicate a fixed term investment such as a term deposit.

Long-Term Capital Management

Long-Term Capital Management L.P. (LTCM) was a hedge fund management firm based in Greenwich, Connecticut that used absolute-return trading strategies combined with high financial leverage. The firm's master hedge fund, Long-Term Capital Portfolio L.P., collapsed in the late 1990s, leading to an agreement on September 23, 1998 among 16 financial institutions — which included Bankers Trust, Barclays, Bear Stearns, Chase Manhattan Bank, Credit Agricole, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Paribas, Salomon Smith Barney, Societe Generale, and UBS — for a $3.6 billion recapitalization (bailout) under the supervision of the Federal Reserve.

LTCM was founded in 1994 by John W. Meriwether, the former vice-chairman and head of bond trading at Salomon Brothers. Members of LTCM's board of directors included Myron S. Scholes and Robert C. Merton, who shared the 1997 Nobel Memorial Prize in Economic Sciences for a "new method to determine the value of derivatives". Initially successful with annualized return of over 21% (after fees) in its first year, 43% in the second year and 41% in the third year, in 1998 it lost $4.6 billion in less than four months following the 1997 Asian financial crisis and 1998 Russian financial crisis requiring financial intervention by the Federal Reserve, with the fund liquidating and dissolving in early 2000.