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Thoughts on the FTX scandal and a Short idea from one of the few to emerge from it with credit

By Lucian Miers | Tuesday 29 November 2022

Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Back in May I became mildly obsessed by Sam Bankman Fried (aka SBF), now a household name as the new Bernie Madoff. This was after I read a feature on him in the weekend FT, in its Lunch with the FT column in which celebrities from all walks of life who are newsworthy at time are interviewed over a meal at the FT’s expense. The Silicon Valley tech geeks in this series tend to order the most repulsive woke food and talk the most bullshit and generally be the most dislikeable but SBF really took the biscuit in this regard, and I spent several hours trying to find a way to short anything to do with him, unfortunately with no result. Since the implosion of FTX I have been addicted to following this lurid story and all students of fraud should spend time on this case study of folly, greed and incompetance. It has everything (certainly sex and drugs and maybe even rock and roll) and gives out a great many examples as to the crazy environment that we have been living in for so long.

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