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Silicon Valley vs. Wall Street

Matt Levine, in a fascinating and wide-ranging column for Bloomberg:

One of the most incredible feats of marketing of our century is that the internet companies have convinced a lot of people that selling advertisements on web pages is basically the same as curing cancer, while buying stocks and bonds is evil:

“At tech companies, the permeating value is that they’re about trying to make the world a better place, whereas at hedge funds it’s about making more money,” Mr. Epstein said.

That’s from a Wall Street Journal article — in its series on quants — about the talent battle between Wall Street and Silicon Valley. As far as I can tell, the pitch for data scientists from Silicon Valley is: “Come work here, you can build advertising models and pretend that you’re saving the world,” while the pitch for data scientists from Wall Street is: “Come work here, you can build trading models and not have to pretend that you’re saving the world.” I actually think that is a useful sorting metric, and I know which one I would take.

Thursday, 1 June 2017