I really enjoy all that Gary Shteyngart publishes (see here and here, for example) . In his latest year-long project, Shteyngart has been researching finance, bitcoin, and has written an interesting article about Michael Novogratz for The New Yorker:
I like how Shteyngart brings his own life events into the story:
As a hungry, insecure kid growing up in eastern Queens, I remember watching the movie “Wall Street” and fantasizing about how I would look in suspenders and a contrasting collar. The men on the big screen did not have to understand themselves; the money made them understood. Although my greed had been expunged at Oberlin, and the financial crisis of 2007-08 had left me with a more or less permanent view of finance as an industry built on fraud, I found it hard to dislike some of my new acquaintances. The more intellectually vibrant ones came with backgrounds in advanced math and physics; they approached their trades like a puzzle, albeit one they were increasingly unable to solve. Others seemed to be flirting with the edges of sociopathy, or, at least, an inability to pass “Blade Runner” ’s Voight-Kampff empathy test.
Reflecting on the competitive nature from high school days:
At Stuyvesant High School, a competitive math-and-science school in Manhattan with a high proportion of first-generation immigrants, my classmates and I would get up every morning to wage battle over a hundredth of a percentile on our grade-point average; my new friends were fighting over so many basis points on their Bloomberg monitors. When we failed, we failed in front of our families, our ancestors, our future and our past.
Novogratz on Bitcoin:
He doesn’t think that cryptocurrencies will replace the dollar or the yen, but he believes that they will be a boon to countries in the developing world, where people don’t have trust in their fiat currencies, and that blockchain can revolutionize the way information is logged and shared and, in our age of data breaches, protected. “I’m good at selling the dream,” he said. “I can get onstage and get people to start saying ‘Hallelujah! Hallelujah!’ ”
Perhaps the most cogent piece of wisdom comes near the end of the piece:
After six years of exploring finance, I concluded that, despite the expertise and the intelligence on display, nobody really knows anything.
Worth the read if you enjoy Shteyngart’s writing and/or are curious about the evolution of bitcoin and what some hedge fund managers are trying to do in the space.