Steven
👤 PersonAppearances Over Time
Podcast Appearances
And then here in 2008, everywhere in the world slashing to zero.
And then here in 2008, everywhere in the world slashing to zero.
Exactly. And everybody, all the economists were like, wow, this is going to cause a massive recovery because they thought that interest rates were powerful. And everybody predicted that rates would come back up in 2009, which, of course, we now know they didn't. Then everybody predicted that rates would go up in 2010, which we now know they didn't.
Exactly. And everybody, all the economists were like, wow, this is going to cause a massive recovery because they thought that interest rates were powerful. And everybody predicted that rates would come back up in 2009, which, of course, we now know they didn't. Then everybody predicted that rates would go up in 2010, which we now know they didn't.
And then at the beginning of 2011, everybody was predicting rates would definitely go up this year. And this, to me, was so interesting. So interesting because, you know, I studied maths and economics at one of the best economics universities in the world. And now I'm working with these traders who are getting paid millions of pounds a year to predict the economy, to predict the interest rates.
And then at the beginning of 2011, everybody was predicting rates would definitely go up this year. And this, to me, was so interesting. So interesting because, you know, I studied maths and economics at one of the best economics universities in the world. And now I'm working with these traders who are getting paid millions of pounds a year to predict the economy, to predict the interest rates.
And everybody predicted. is wrong year after year after year. And this was so amazing to me for a couple of reasons. First of all, it's like, wow, this is a big thing that we as a society should understand. And we're getting it wrong. But secondly, if all of the best guys in the world are getting this wrong, then if I can figure this out, I can make a ton of money here.
And everybody predicted. is wrong year after year after year. And this was so amazing to me for a couple of reasons. First of all, it's like, wow, this is a big thing that we as a society should understand. And we're getting it wrong. But secondly, if all of the best guys in the world are getting this wrong, then if I can figure this out, I can make a ton of money here.
Gary, how much money did you make for Citibank at the age of 24 years old?
Gary, how much money did you make for Citibank at the age of 24 years old?
That year, so that year, 2011, I put this big bet on that it would get worse forever. And I was Citibank's most profitable trader in the world that year. And I made them just over $35 million.
That year, so that year, 2011, I put this big bet on that it would get worse forever. And I was Citibank's most profitable trader in the world that year. And I made them just over $35 million.
You made them $35 million. You eventually decide to leave Citibank. Yeah.
You made them $35 million. You eventually decide to leave Citibank. Yeah.
Why? I mean, I think that's an interesting question, right? You know, in the sense that I'll just explain to you what happened, which is I made a ton of money by betting on the collapse of... Western society. I did it in 2011. I did it again in 2012. I would prefer for it not to collapse, Stephen. And I'm trying to stop it from collapsing.
Why? I mean, I think that's an interesting question, right? You know, in the sense that I'll just explain to you what happened, which is I made a ton of money by betting on the collapse of... Western society. I did it in 2011. I did it again in 2012. I would prefer for it not to collapse, Stephen. And I'm trying to stop it from collapsing.
When you say it collapsing, what exactly are you referring to that you don't want to collapse?
When you say it collapsing, what exactly are you referring to that you don't want to collapse?
So you were born in Botswana, right? Yeah. Do you still have family there?
So you were born in Botswana, right? Yeah. Do you still have family there?