Dwarkesh Podcast

Brett Harrison - FTX US Former President & HFT Veteran Speaks Out

Mar 13, 2023

Brett Harrison, the former President of FTX US and founder of Architect, offers fascinating insights into his tumultuous experience at FTX. He discusses the mismanagement by Sam Bankman-Fried and his inner circle, revealing the challenges and dysfunction that led to the company's downfall. Harrison also shares his perspective on the financial system shaped by high-frequency trading and emphasizes the need for transparency and regulation in crypto. Finally, he highlights his new venture, Architect, aimed at simplifying crypto trading.

02:37:38

Creator website

Episode guests

Brett Harrison

Highlights

AI Chapters

Episode notes

The Advantages of Hacking for Liquidity in Markets

01:06

Intuition and Insight in Trading: A Manager's Perspective

00:51

The Importance of Culture in a Firm

00:59

SBF and the Confrontational Style of Management

00:59

Intro

2min

Passive Investing and Market Dynamics

17min

Interstellar Trading: Challenges and Innovations

5min

Navigating Adverse Selection and Tech in Finance

11min

Wealth and Lifestyle: A New Perspective

3min

The Psychological Landscape of Trading and Development

2min

Social Value in High-Frequency Trading

8min

Transitioning to FTX: A Journey Through Challenges

13min

Navigating Growth Challenges at FTX US

23min

10.

Financial Strategies and Transparency Issues

4min

11.

Exploring the Distinct Yet Intertwined Operations of Alameda and FTX

4min

12.

Signs of Trouble: Navigating Company Culture and Resignation

19min

13.

The FTX Collapse: Unpacking Deception and Governance

18min

14.

Navigating Crypto Regulation

7min

15.

Truth and Misinformation in the FTX Collapse

2min

16.

The Potential of FTX Alumni and the Future of Tech Networks

2min

17.

Simplifying Crypto Trading with Architect

19min

18.

Opportunities and Insights in Crypto and Equity Trading

3min

I flew out to Chicago to interview Brett Harrison, who is the former President of FTX US President and founder of Architect.

In his first longform interview since the fall of FTX, he speak in great detail about his entire tenure there and about SBF’s dysfunctional leadership. He talks about how the inner circle of Gary Wang, Nishad Singh, and SBF mismanaged the company, controlled the codebase, got distracted by media, and even threatened him for his letter of resignation.

In what was my favorite part of the interview, we also discuss his insights about the financial system from his decades of experience in the world's largest HFT firms.

And we talk about Brett's new startup, Architect, as well as the general state of crypto post-FTX.

Watch on YouTube. Listen on Apple Podcasts, Spotify, or any other podcast platform. Read the full transcript here. Follow me on Twitter for updates on future episodes.

Timestamps

(0:00:00) - Passive investing & HFT hacks

(0:08:30) - Is Finance Zero-Sum?

(0:18:38) - Interstellar Markets & Periodic Auctions

(0:23:10) - Hiring & Programming at Jane Street

(0:32:09) - Quant Culture

(0:42:10) - FTX - Meeting Sam, Joining FTX US

(0:58:20) - FTX - Accomplishments, Beginnings of Trouble

(1:08:11) - FTX - SBF's Dysfunctional Leadership

(1:26:53) - FTX - Alameda

(1:33:50) - FTX - Leaving FTX, SBF"s Threats

(1:45:45) - FTX - Collapse

(1:53:10) - FTX - Lessons

(2:04:34) - FTX - Regulators, & FTX Mafia

(2:15:42) - Architect.xyz

(2:30:10) - Institutional Interest & Uses of Crypto

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