Sublime

The fund, now managing $10 billion, had posted average returns of about 45 percent a year, after fees, since 1988, returns that outpaced those of Warren Buffett and every other investing star. (At that point, Buffett’s Berkshire Hathaway had gained 20 percent annually since he took over in 1965.)

Some of the most important for me were Charley Ellis’s great article “The Loser’s Game” (The Financial Analysts Journal, July-August 1975), A Short History of Financial Euphoria, by John Kenneth Galbraith (New York: Viking, 1990) and Nassim Nicholas Taleb’s Fooled by Randomness (New York: Texere, 2001). Each did a great deal to shape my thinking.

“He was a terrific listener,” Neuwirth says. “It’s one thing to have good ideas, it’s another to recognize when others do. . . . If there was a pony in your pile of horse manure, he would find it.”

After not much happening in the life of Sam Bankman-Fried for a very long time, two big things occurred in the fall of 2012, at so nearly the same time that it would soon be hard to remember that they had nothing to do with each other. Sam had entered his junior year at MIT as just another physics student who had lost his interest in physics. Appro

This suggests a far more sophisticated understanding of “the risk/reward trade-off” and “the equity premium” than is generally accepted in the realm of modern portfolio theory, and, by extension, the EMH: Bonds are likely to get a lower return than stocks not because they are less “risky” (which in that context is even more questionably interpreted

Finally embracing the indexing lessons Jack Bogle—the founder of The Vanguard Group and the inventor of index funds—perfected 40 years ago.