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Reader Feedback

Alex P. on FTX:

Throughout this whole saga, I have come to realize that, like many things, capital is also Lindy. Things which come quickly sometimes go quickly as well, often because they have not had the time to build up more compliance, risk controls, partnerships and system integrations. When you become a big, pondering, aging organization, it gets a bit harder to rip you out (so much so that sometimes you even get implicit bailout guarantees). You become Lindy.

This is absolutely true. The leverage link above is a nice, simple illustration of this: rapid success can be a symptom of overbetting, and eventually lead to a blowup. And Some companies and individuals are fractally risk-seeking: not just making high-variance choices, but being bad at keeping track of them and blowing up that way, too.

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