The Game Is Broken! How A 25 Year Old Trader Made $11M PREDICTING The Economy | Gary Stevenson
Apr 15, 2024
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Gary Stevenson, a 25-year-old trader who made $11M, shares his journey from a poor family to becoming a top trader at Citibank. Topics include his childhood in East London, the impact of fear on success, the struggles of the rich, the power of obsession, and the battle between greed and social justice.
Success in trading requires intense focus and perseverance, overcoming personal insecurities and social disparities.
Wealth and luxury can be alluring but maintaining detachment from materialism is crucial for long-term success in trading.
Growing financial success in trading highlights the harsh reality of wealth inequality, urging for societal change to counter economic disparities.
Deep dives
Entering the World of Trading and Obsession
Starting in 2008, with an impressive background growing up in East London, undertaking an obsession with trading. Meeting diverse and eccentric colleagues at Citibank's massive trading floor led by a mix of male characters. Developing an intense focus on trading, leading to a passion that overrides any feelings of not fitting in or imposter syndrome. Immersing deeply in the culture and intricacies of trading, overlooking any social disparities or insecurities in pursuit of success.
The Pull of Wealth and Lifestyle
Encountering extravagant lifestyles and monetary rewards in the trading world, notably being drawn into the allure of wealth and luxury experiences. Witnessing behaviors like lavish spending, partying, and exclusive VIP access in a realm of excess and privilege. Despite glimpses into opulence, maintaining a personal detachment and skepticism towards superficial aspects of wealth, focusing on the craft of trading rather than the trappings of success or materialistic pursuits.
From Expulsion to Big Returns
Reflecting on overcoming the setback of being expelled from school, transitioning to substantial financial success through trading wins. Setting ambitious goals for bonuses and achieving remarkable profits beyond initial expectations. Thriving in the trading environment by leveraging skills and perseverance to secure substantial returns and bonuses unexpectedly, showcasing a journey from adversity to monetary triumph in a competitive financial realm.
Navigating Early Challenges and Growth
Navigating the early challenges and uncertainties of starting out in trading, facing the pressures and dynamics of a volatile financial environment. From humble beginnings to making significant strides in trading, experiencing crucial moments of growth and learning. Balancing the demands of the trading world with personal and professional development, adapting to the high-stakes nature of the industry while honing trading skills and gaining valuable insights in a competitive and evolving financial landscape.
Realization of Financial Disparity
The speaker recalls a pivotal moment when he received a payment close to 400,000 pounds, triggering a realization of the vast financial gap between his earnings and the hard work of his father who earned a modest income. This moment exposed the stark contrast between his newfound wealth and the struggles of individuals from his upbringing, highlighting the unsettling disparities in society. Despite the initial excitement of the financial windfall, the speaker grapples with conflicting emotions of fulfillment and the harsh reality of global inequality, leading to a deep internal turmoil and a profound questioning of societal wealth distribution.
Impact of Wealth Disparity and Social Responsibility
The speaker delves into the detrimental effects of wealth inequality, emphasizing how the rich accumulate passive income at alarming rates, leading to the erosion of assets and increased debt among the middle class and governments. By pointing out the detrimental outcomes of wealth concentration, such as rising housing costs, surging debt burdens, and declining living standards, the speaker stresses the urgency for addressing this growing economic disparity. Through a thought-provoking analogy highlighting the rich as an 'invading army' consuming assets, the speaker advocates for a shift in societal perception and policy intervention to counter the escalating wealth gap and safeguard the financial stability of ordinary families, underscoring the critical need for a reevaluation of economic systems to prevent further societal deterioration.
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Timestamps
00:00 Intro
1:22 "Rich people expect poor people to be stupid"
6:35 Gary's childhood growing up in East London
11:35 This was Gary's edge
15:00 Gary was caught selling drugs
24:07 Your fears are powerful
27:40 The ONLY way to bag a job in investment banking
32:46 The opportunity gap between rich and poor kids.
37:16 The untold MISERY rich people suffer
50:48 The power of OBSESSION.
54:00 How his first $700k salary made him sad.
1:02:00 The battle between greed and social justice.
1:08:15 How the RICH are eating the middle class (full breakdown)
About the episode
Gary was from a very poor family of 5, he was an outsider. He was so good at math that he got into a college of elites to study math and economics and won Citibank’s Trading game which gave a job as a trader. In 2011, he became the best trader at Citibank after making over $11M off the downfall of the economy. He resigned years later to warn off the Oncoming disaster that is income inequalityOther Credits:
