In a captivating discussion, Michael Lewis, acclaimed author of "Moneyball" and "The Big Short," delves into the chaotic world of Sam Bankman-Fried during FTX’s peak. He recounts bizarre interactions, like a Zoom meeting with a fashion icon, revealing Bankman-Fried's struggle between altruism and reality. Lewis also explores the complexities of public perception in crypto narratives and unravels the financial collapse of FTX, blending personal insights with the art of storytelling in finance. This narrative is both enthralling and cautionary.
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SBF and Anna Wintour
Michael Lewis describes Sam Bankman-Fried's interaction with Anna Wintour.
SBF played video games during their Zoom meeting, agreeing to fund the Met Gala without fully understanding the commitment.
insights INSIGHT
SBF's Social Algorithm
SBF never disagreed with anyone, learning that agreeing makes people like you more.
This became his social algorithm, potentially mirroring a dystopian AI interaction.
insights INSIGHT
AI Dystopia Foreshadowing
SBF's actions, driven by simple instructions without nuance, caused unintended consequences.
This mirrors potential AI dystopia, where machines execute commands literally, leading to unforeseen outcomes.
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In 'Going Infinite', Michael Lewis delves into the life of Sam Bankman-Fried, the enigmatic founder of the failed cryptocurrency exchange FTX. The book provides a psychological portrait and a financial roller-coaster ride, tracing Bankman-Fried's trajectory from becoming the world's youngest billionaire to his eventual downfall. It covers topics such as high-frequency trading, cryptocurrencies, effective altruism, and the justice system. Despite criticism for its sympathetic portrayal of Bankman-Fried, the book offers a fascinating insight into the complex world of cryptocurrencies and the character of its central figure.
Moneyball
The Art of Winning an Unfair Game
Michael Lewis
The book tells the story of the Oakland Athletics' 2002 season, where General Manager Billy Beane and his assistant Paul DePodesta used advanced statistical analysis, known as sabermetrics, to assemble a competitive team despite a limited budget. The approach, pioneered by Bill James, focused on metrics such as on-base percentage and slugging percentage rather than traditional measures like batting average and runs batted in. This data-driven strategy allowed the Athletics to compete with teams having much larger payrolls, like the New York Yankees, and achieve significant success, including a 20-game winning streak and a playoff appearance[2][3][5].
Liar's poker
Michael Lewis
Liar's Poker is a non-fiction, semi-autobiographical book that details Michael Lewis's three-year tenure at Salomon Brothers, one of Wall Street's premier investment firms in the 1980s. The book provides a behind-the-scenes look at the culture of bond traders, highlighting the frat-boy camaraderie, killer instincts, and high-stakes games of bluffing and deception. Lewis describes the creation and use of mortgage bonds, the excessive bonuses, and the ruthless competition among traders. The narrative also touches on the author's disillusionment with the industry, leading to his resignation and transition into financial journalism.
The big short
Inside the Doomsday Machine
Michael Lewis
The Big Short tells the story of the 2007-08 financial crisis through the lens of several key players who predicted and profited from the collapse of the housing market. The book focuses on characters such as Steve Eisman, Mike Burry, Greg Lippmann, and the founders of Cornwall Capital, who saw the impending disaster and made significant gains by shorting the market. Lewis explains the complex financial instruments and the systemic failures that led to the crisis, making the narrative both accessible and engaging.
This is the second instalment of a three-part discussion. Michael Lewis is the renowned author of bestselling nonfiction hits including Moneyball, The Big Short, Flash Boys and Liar’s Poker. His latest is his most anticipated book to date: Going Infinite: The Rise and Fall of a New Tycoon, a gripping, real-time narrative chronicling the enigmatic protagonist behind one of the most catastrophic financial meltdowns of the 21st century. This character is Sam Bankman-Fried, who became the world’s youngest billionaire before his thirtieth birthday. And Lewis is uniquely positioned to tell his story, having been granted unprecedented access by Bankman-Fried, allowing him to witness his entire tumultuous journey. Joining Lewis in conversation is our host the journalist and presenter Ritula Shah.
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