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Long before FTX, I have been completely and utterly convinced that we don't learn from history. When I was in middle school they told me we must study history so that we can learn from it. One of the most egregious lies I was ever told. Thankfully I didn't pay much attention in school, and that has served me very well.

Great piece, thank you.

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Advocating increased regulation (with extreme penalties!) over caveat emptor? In this case, there’s a strong argument to say that those whose greed colossally outweighed their due diligence had it coming...

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Thanks Tim - the outcome of fraud = execution is a top example of getting the incentives right

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I’ve been listening to Marc Cohodes on FTX. He’s quite a character. I wonder if the FTX contagion will spread a la Lehman’s ? Time will tell.

In the spirit of excess, It strikes me that I’d like to monetise my childhood collection of marbles ... at least there is a finite quantity , quite fungible and you can actually touch them :)

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