Steven

I find it incredibly fascinating that when we look at the back end of Spotify and Apple and our audio channels, the majority of people that watch this podcast haven't yet hit the follow button or the subscribe button, wherever you're listening to this. I would like to make a deal with you.

I find it incredibly fascinating that when we look at the back end of Spotify and Apple and our audio channels, the majority of people that watch this podcast haven't yet hit the follow button or the subscribe button, wherever you're listening to this. I would like to make a deal with you.

If you could do me a huge favor and hit that subscribe button, I will work tirelessly from now until forever to make the show better and better and better and better. Gary. Daniel. Daniel, you've been on the show a few times before, so I want to start with Gary and understand a little bit about your backstory and who you are.

If you could do me a huge favor and hit that subscribe button, I will work tirelessly from now until forever to make the show better and better and better and better. Gary. Daniel. Daniel, you've been on the show a few times before, so I want to start with Gary and understand a little bit about your backstory and who you are.

And having been through the trading game and read and watched many, many of your videos over time, I have a sort of deep understanding of that.

And having been through the trading game and read and watched many, many of your videos over time, I have a sort of deep understanding of that.

But for anyone that doesn't know you, can you give me a picture of the context that has brought you to where you are today, writing about the things you're writing about today and running the YouTube channel and speaking to the subject matter that you're speaking about today? Take me right back and give me as much as you possibly can.

But for anyone that doesn't know you, can you give me a picture of the context that has brought you to where you are today, writing about the things you're writing about today and running the YouTube channel and speaking to the subject matter that you're speaking about today? Take me right back and give me as much as you possibly can.

Okay, so my name's Gary Stevenson. I was born in a place called Ilford, which is in outer East London. Quite a poor family, a little terrace house by the railway, you know, playing football in the streets kind of stuff. Always very good at maths since I was a kid, very talented maths student.

Okay, so my name's Gary Stevenson. I was born in a place called Ilford, which is in outer East London. Quite a poor family, a little terrace house by the railway, you know, playing football in the streets kind of stuff. Always very good at maths since I was a kid, very talented maths student.

Eventually able to get into the London School of Economics, which is an extremely elite university, economics university in the centre of London, which is basically a kind of investment banking boot camp. Got a job as a trader. Started working full-time as a short-term interest rates trader at Citibank in London in June 2008, when I was 21.

Eventually able to get into the London School of Economics, which is an extremely elite university, economics university in the centre of London, which is basically a kind of investment banking boot camp. Got a job as a trader. Started working full-time as a short-term interest rates trader at Citibank in London in June 2008, when I was 21.

Obviously, exactly, that's just before the big credit crash, the big Lehman crisis. And I watched the Lehman crisis happen in front of my eyes. I was... Short-term interest rate trading is basically like short-term loans. And during the credit crisis, what a credit crisis is, is nobody can borrow any money. So like short-term loans become really, really important.

Obviously, exactly, that's just before the big credit crash, the big Lehman crisis. And I watched the Lehman crisis happen in front of my eyes. I was... Short-term interest rate trading is basically like short-term loans. And during the credit crisis, what a credit crisis is, is nobody can borrow any money. So like short-term loans become really, really important.

My desk, which was like historically an unfashionable area of trading, became like the center of the crisis, or one of the centers of the crisis. People started making tons of money. I was working with all these crazy people. And you can imagine me, like I turn up 21 years old, and then like within three months, like everyone around me is making a ton of money during the credit crisis.

My desk, which was like historically an unfashionable area of trading, became like the center of the crisis, or one of the centers of the crisis. People started making tons of money. I was working with all these crazy people. And you can imagine me, like I turn up 21 years old, and then like within three months, like everyone around me is making a ton of money during the credit crisis.

But what really interested me, was what happened after the crisis itself, which was, so we're betting on interest rates. Long story short, interest rates come down when the economy is weak and they go up when the economy is strong or when the economy is overheating from an inflation perspective. In 2008, all the interest rates go to zero.

But what really interested me, was what happened after the crisis itself, which was, so we're betting on interest rates. Long story short, interest rates come down when the economy is weak and they go up when the economy is strong or when the economy is overheating from an inflation perspective. In 2008, all the interest rates go to zero.

So suddenly our job is basically predicting and betting on when will those interest rates go back up, which is when will the economy recover? And this is super interesting. In 2008... Because all the interest rates went to zero so quickly. Before 2008, it's important to remember, rates would move from like five and a half to five and a quarter.

So suddenly our job is basically predicting and betting on when will those interest rates go back up, which is when will the economy recover? And this is super interesting. In 2008... Because all the interest rates went to zero so quickly. Before 2008, it's important to remember, rates would move from like five and a half to five and a quarter.