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Exclusive Q&A With Sam Bankman-Fried
What’s the one piece of money advice you wish everyone would follow?
Think about expected value. Your goal isn’t to win 75% of the time, it’s to win in expected value terms; don’t fall for trades that make 10% three-quarters of the time and lose 50% the other one-quarter.
What’s the most important thing to do to build wealth?
Keep enough capital to be comfortable in safe assets, and be aggressive with the rest.
What’s your best tip for fighting the impacts of inflation?
Changing rates could mean that hard assets diverge from soft assets in the other direction, so be aware of the risk of multi-sector rallies or slumps. Don’t rely on traditional hedges working in your portfolio, and make sure you budget for the potential of increased prices.
What’s the biggest mistake people make when it comes to money?
People oscillate between being overly aggressive [and] risking too much, and [being] overly conservative [and] failing to grow wealth. Instead, try to find and maximize opportunities while making sure to keep a safety net.
In 2019, Bankman-Fried founded the cryptocurrency and derivatives exchange FTX.
In 2021, he was named to Forbes’ “30 Under 30” list in the category of finance.