Robin Wigglesworth

And when we come back, Toby, you are going to tell us about a wild card you found.

And this one I'm quite excited about because I thought it was just frankly just delightful from top to bottom.

And we are back.

So Toby, thanks again for being here.

It's a fascinating topic we're digging into.

The track records of some of the best known people in history, or at least those we have the trading records and data for.

But I know you found a wild card, somebody really maybe you might not have expected being a bit of a financial genius.

So who was this sort of a hidden gem in the archives that you stumbled across?

Normally, the government redeemed it afterwards, right?

They'd eventually buy back the bonds, but it might take a long time, especially after the Napoleonic Wars.

That's around three percentage points, basically, for people that don't have to deal with basis points in their lives.

So, Toby, tell us a little bit about Turner, the man.

What was he like?

Was this out of character for him, being sort of a pseudo fixed income arbitrage guy?

Yeah, well, I mean, it sounds a little bit reproachful as in this isn't the done thing for gentlemen of the era, as it were.

I've always thought this is the most impressive thing.

I've never been an investor like you, Toby, but changing your style, I know having talked to so many, is incredibly hard.

And there are some people that have a phenomenal track record because their style just...

happens to work in the market environment that exists and then the environment changes and they're not able to adapt and they, you know, the careers end badly.

So I thought that is with Keynes is the most fascinating thing that he was able to adjust and adapt so brilliantly.