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Solving the Wrong Problem
My favorite story about Sam Bankman-Fried involves his time at Jane Street Capital where he built a system to get the 2016 U.S. Presidential election results before any mainstream media outlets. Bankman-Fried and a team of analysts, each of whom worked on a specific state, were able to obtain the state-level results of the 2016 election sometimes minutes before CNN (and others) announced them publicly. However, despite learning of a pending Trump victory before anyone else, Jane Street still managed to lose money on their trade because they bet against U.S. markets. Though their short position seemed like the right ... (full story)