SBF’s Bets Used to Work Out - Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Bet sizing, plea deals, Binance’s rescue fund, tax refunds and Ozempic. We talked a couple of times last week about Sam Bankman-Fried’s formative time as an intern at Jane Street Capital, where he learned to think in bets but maybe went a bit overboard. Michael Lewis’s book about Bankman-Fried, Going Infinite, describes the internship program, in which interns are encouraged to bet with each other but not allowed to lose more than $100 per day. I expressed some surprise that the interns felt compelled to gamble their entire $100 daily stake on a coin flip with 1% edge. “A Jane Street intern had what amounted to a professional obligation to take any bet with a positive expected value,” writes Lewis, and that seemed odd to me;

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Bet sizing, plea deals, Binance’s rescue fund, tax refunds and Ozempic. We talked a couple of times last week about Sam Bankman-Fried’s formative time as an intern at Jane Street Capital, where he learned to think in bets but maybe went a bit overboard. Michael Lewis’s book about Bankman-Fried, Going Infinite, describes the internshi