Michael Lewis and Tom Lee held court at a podcast taping in New York City on Tuesday, talking to SoFi’s head of investment strategy, Liz Thomas, for her show, The Important Part. In a wide-ranging conversation that covered, among other things, Lee’s thoughts on flash-frozen food technology and Michael Lewis’s dinner with OpenAI CEO Sam Altman on the subject of Sam Bankman-Fried, the two towering figures in finance debated whether the current selloff in software stocks was turning into something more serious. They were grim, yet humorous.
The duo dissected a market defined by extreme volatility, in which software stocks are “down a ton” and artificial intelligence threatens to wipe out entire industries. But the most arresting moment came when Lewis, author of The Big Short, shared a morbid statistic about who actually makes money in these environments.
