> I can't look at their balance sheet and conclude that they were anything but ignorant of traditional finance. He seemed completely unaware of duration

SBF is notorious for advocating expected-result decision-making with risk entirely disregarded, and essentially saying if you aren’t in the high risk range where the median (rather than expected) result is break even or worse, you are usually being too cautious; he's not ignorant of risk, just deliberately contemptuous towards it being a negative factor in decisions.

Turns out, when you chase Gambler’s Ruin that hard...