On: FTX balance sheet, revealed

[hiq]

> why would a VC like Sequoia invest in such firms?

I thought the rationale was already widely known by now: https://en.wikipedia.org/wiki/Greater_fool_theory

Or in more charitable terms: if an investment has a positive expected return according to their model (meaning that they think they can sell their shares / tokens in the case of some VCs), they do it.

[lupire → hiq]

Who was the greater fool? Sequoia gave SBF money and SBF stole it.

[hiq → lupire]

Sure, I didn't say their model was correct.