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@ halalmoney
2025-02-06 14:29:11
"Critically, and unlike in the West, China’s STEM graduates gravitate towards jobs in engineering, design, technology, and basic research rather than in finance. DeepSeek itself illustrates the precarity of China’s finance industry — it grew out of a quantitative investment fund that was hit eight months ago by a government crackdown on computer-driven high-speed trading.
Might an aversion to finance be a blessing for China? Steve Hsu likes to quote what billionaire investor Charlie Munger said of America’s elite culture: “I regard the amount of brainpower going into money management as a national scandal. […] We have armies of people with advanced degrees in physics and math in various hedge funds and private-equity funds trying to outsmart the market. […] It’s crazy to have incentives that drive your most intelligent people into a very sophisticated gaming system.”
UnHerd, Sam Dunning