A job in Private Equity isn't the highest paying or even the hardest to get... it's actually a job at high frequency trading firms like Jane Street, highly secretive Wall Street firms you've never heard of. So what actually takes place in those interviews and what do those traders even do?
In Michael Lewis's new book, Going Infinite: The Rise and Fall of Sam Bankman-Fried ("SBF"), Michael Lewis tells the absolutely crazy story of SBF, crypto, building his crypto exchange FTX, building his own trading firm Alameda Research, Effective Altruism ("EA"), the scandal that took him down leaving him with up to a 110 prison sentence AS WELL AS a sneak peek into these super secretive firms starting from the interview process to some of the craziest trades ever, including one election trade in 2016 that led to a $300mm loss.
Michael Lewis is the author of other quintessential books anyone who wants to work on Wall Street must read including The Big Short, Liar's Poker and others.
Resources mentioned in the episode:
1. Matt Levine's Bloomberg Essay: "The Only Crypto Story You Need"
https://www.bloomberg.com/features/2022-the-crypto-story/
2. Odd Lots Podcast:
https://podcasts.apple.com/us/podcast/odd-lots/id1056200096
Sam Bankman-Fried and Matt Levine on How the Crypto Market Really Works
https://podcasts.apple.com/us/podcast/sam-bankman-fried-and-matt-levine-on-how-the/id1056200096?i=1000531062191
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