Sublime

One man’s liability had always been another man’s asset, but now more and more of the liabilities could be turned into bits of paper that you could sell to anyone. In short order, the Salomon Brothers trading floor gave birth to small markets in bonds funded by all sorts of strange stuff: credit card receivables, aircraft leases, auto loans, health

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Even if the VCs didn’t all realize that Sam was playing a video game at the same time that he was talking to them, most sensed that he didn’t care what they had to say. Ramnik came to think that Sam’s indifference to their feelings actually heightened their interest in him. That FTX was profitable and didn’t really need the money probably also help

Inside of three years, it appeared, Sam Bankman-Fried had created a business so valuable that his share of it implied that he was now the richest person in the world under the age of thirty. “When I first looked at the numbers, I was like, Can this really be true—can this guy really be worth twenty billion dollars?” said Chase Peterson-Withorn, who

“He has an amazing sense of risk,” says his former colleague at Smith Barney, Bob Lessin, currently vice chairman of investment bank Jeffries & Company. “He understands it intuitively better than anyone alive, so he doesn’t do stupid things. The industry has a recent history of dramatically mis-pricing risk relative to return. Jamie never fell

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