• By Owen Thomas
    Oct 2, 2008 6:00 PM 626
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    #meltdowns

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    Facebook investor hopes for fewer quants

    Peter Thiel, the billionaire hedge-fund manager, Facebook board member, and ex-CEO of PayPal, hopes that Wall Street's crisis will prompt "more talented people going into things like real engineering, as opposed to financial engineering." Thiel should be careful what he wishes for: His fund lost $1 billion in August, thanks to wrongheaded financial engineering. [Fortune]


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