How Millionaire Bankers Actually Work | Authorized Account | Insider - YouTube

My name's Gary Stevenson. In 2011, I was city banks' most profitable trader in the world. This is everything I'm authorised to tell you about being a trader for one of the world's biggest banks. You become the best trader in the world for one of the biggest banks in the world, and then somebody sits you down and threatens you basically like a gangster. It kind of makes you realise that they're the same people. When I started working, it was this kind of a bit of a mad environment. I always remember the other, always reminded of, you know, when you hear footballers talk about like, footballers from the 90s and the 2000s talking about when they came through in the stupid, like hazing rituals and stuff.

我的名字是加里·史蒂文森(Gary Stevenson)。2011年，我是世界范围内城市银行最赚钱的交易员。这是我被授权能告诉你的一切，关于在全球最大银行之一做交易员的经历。当你成为全球最大银行之一的顶尖交易员，然后有人让你坐下，基本上威胁你像个黑帮一样，这似乎让你意识到他们其实是同一类人。我刚开始工作的时候，环境有些疯狂。我总是记得这件事，也总是被提醒，让我想起足球运动员们谈论他们通过那些愚蠢的入行仪式的时候，就像90年代和2000年代的足球运动员常说的那样。

Like on my first week, they made me buy like 100 burgers and carry them up and like give them around the trading for this kind of thing. There was a lot of that kind of nonsense going on and there was a lot of people getting taken out to expensive restaurants and clubs and taken out to holidays. I got taken to Vegas when I was 21 before I went to Jay-Z's after party in LA and then I went to Carmel Electric's birthday party. I hadn't even started working full-time and one of the nights I kind of even remember. It must have been like $20,000 or $30,000 one night in a Vegas club. To me, it was really weird because, you know, I come from a very poor background and like, I was in a VIP table in LA with a bunch of like 35 year olds who were paying girls who looked just like the girls I was starting out with at uni to hang out with them, you know what I mean?

在我工作的第一周，他们让我买了大约100个汉堡，然后提着这些汉堡到处分发给交易中的人。这种无聊的事情很多，还有很多人被带去高档餐厅和俱乐部，甚至去度假。在我21岁的时候，他们带我去了拉斯维加斯，然后参加了杰伊·Z在洛杉矶的派对，之后还去了卡梅尔·伊莱克特拉的生日派对。当时我还没有正式开始全职工作，结果其中一个晚上我都记不太清了。那天晚上在拉斯维加斯的俱乐部里，可能花了2到3万美元。对我来说，这一切真的很奇怪，因为你知道，我来自一个非常贫穷的背景，但我却坐在洛杉矶的一个VIP桌上，周围是一群大约35岁的人，他们花钱请的女孩看起来就像我在大学里认识的那些女孩，你懂我的意思吗？

My specific desk started to make enormous amounts of money, which was like, it was really crazy for me. I was like super young and like, some of the guys I was working with like pretty crazy guys and then they started getting like really big for their boots and one of the guys immediately got one of their secretaries' pregnant like within like a week. What it meant was the amount of money we were getting pages for sitting in our seats went up a lot, which meant that you could afford to lose a lot of money without it appearing like you were losing a lot of money. So for example, if you're making 100 grand a day for the bank just for sitting in your seat, you could afford to lose 100 grand a day on bad bets and not actually be officially losing money.

我所在的具体部门开始赚到大量的钱，这对我来说真的很疯狂。我那时候还非常年轻，和我一起工作的人中有些特别疯狂的家伙。有一个家伙在大概一个星期内就让他们的秘书怀了孕。这意味着我们坐在座位上就能赚到的钱大幅增加，这样你就可以承受很多亏损而不用看起来像是在亏钱。比如，如果你每天为银行坐在座位上就能赚10万美元，那么即使你每天在糟糕的投资上亏掉10万美元，看起来也并没有真正亏钱。

Obviously, I know now that there's like this massive stereotype, the trade is take cocaine. So I was expelled from school for selling three pounds worth of cannabis when I was just 10, 16 and I was like, that's it, no more drugs, I'm off drugs, no more drugs ever again. So I never, I've never taken cocaine in my life and you know, I turn up in the place, everyone's like going out partying till like 2M3M getting to work at 5 in the morning and I was like, how the f*** do these guys do it? You know, they're older than me as well. But by my late 20s, I'm eight so I'm eight so I'm taking cocaine and they were doing that thing that people on cocaine do where they talk like just at you a lot really quickly and they're being really boring but they don't notice they're doing it. And then of course that is what my whole career had been like and then I realized that f*** me. Were those guys just on cocaine the whole time and then since then one of my colleagues who is very upset about the book came out and said like he spent, I think he was spending 80,000 pounds a year on cocaine. Yeah, which is. But the funniest thing is like, I had no idea what's happening. I had no idea what's happening. I just, I thought he was an alcoholic.

显然，我现在知道有个巨大的刻板印象，通常人们会认为交易是在卖可卡因。我在10岁或16岁时因为卖了价值三英镑的大麻被学校开除了，于是我当时决定：不再碰毒品，再也不碰了。所以，我这辈子从未吸过可卡因。 然后，我到了那个地方，所有人都出去狂欢到凌晨两三点，再早晨五点去上班，我心想，这些家伙是怎么做到的？他们年纪比我还大啊。但到我快30岁的时候，我开始吸可卡因了，他们那种吸了可卡因之后的状态，就是不断快速对你说话，内容非常无聊，但自己却不知道。那时我才发现：原来我整个职业生涯都是这样过来的，我突然意识到，那些家伙是不是一直在吸可卡因？ 自从那时起，我的一个非常不满我书的同事告诉我，他每年花在可卡因上的钱大概有8万英镑。最搞笑的是，当时我完全不知道发生了什么，我以为他只是个酒鬼。

Probably the madness thing was again, this guy Rupert from a very rich background but he, he really took to me really quickly and you know, sometimes I feel bad about the way I portray him because he really was good to me. He really like sponsored my career, drove me through and he would take me out like with all of his mates and he didn't clap him and I didn't offer him which is like totally opposite ends of London and he'd take me out of all his clapper mates and like we'd be going to a f***ing movie that which is a big expensive club and like expensive restaurants and you know, he'd normally let me go like around midnight because otherwise I'd miss the last train and he'd have to pay for a taxi but it was like no stay. He kept me out later and later in the end, I stayed around, ended up staying on his place. I woke up, I felt like f***ing. I went into the office, I just threw up. I went into, I had to go to the bathroom to just threw up.

可能那段疯狂的日子又回来了，这个来自非常富裕家庭的家伙，鲁珀特，他很快就接受了我。你知道，有时候我对他描绘得不好会感到愧疚，因为他真的对我很好。他真的是在事业上资助我，推动我前进。他会带我出去，和他的所有朋友在一起，他不住在Clapton，而我住在那边，这两个地方在伦敦完全是两端。他会带我和他的Clapton朋友一起出去，我们会去一些大的昂贵俱乐部和高档餐厅。通常，他会在午夜左右放我走，因为否则我要错过最后一班火车，他就得付出租车费，但他后来越来越晚地留我，最后我就待在他那儿过夜。我醒来时感觉非常糟糕。我去办公室时，忍不住呕吐了。我得去洗手间里吐。

The boss sent me home. Next day I came in early and the boss was like, oh did Rupert do that to you and I would just laugh, you know. Then when Rupert came in the boss goes to him, Gary said you did that to him and I knew that he'd be furious right and at the time he used to sit two seats to the left of me but there was an empty seat between us and I just thought I don't look at him just I could kind of feel it burning into my cheek and then I started to hear like at first just kind of like a gentle growling, like a growling in the back like a like this and then I just think, I just don't look at him, I need to start to get like louder, like this growling gets like louder and louder. He's on the training field in front of everyone, I'm just thinking, don't I hear like this bang, this big bang right and then I think like, I better turn around now because like what the f*** has he done and he's, we used to have like all the computing stations were like behind these doors and he'd kick the door so like smashed into the brackets and he was just kicking out of that and he was turned around in his chair like leaning over towards me like that, like that, like like gnashing his teeth like a like a f*** dog at me and growling me and I just looked at him and he did it for about, it must have been at least 10 seconds just like growling that gnashing his teeth at me in front of everyone and then I just f***ed, look back and then he just started, started the growling, started to just chill and then he just kept on with his work and he never mentioned it again, that was it.

老板把我送回了家。第二天我早早来了，老板问我：“鲁珀特是不是对你做了什么？”我只是笑笑。然后当鲁珀特进来的时候，老板对他说：“加里说你对他做了什么。”我知道他会很生气。那时他坐在我左边两个座位的位置，中间隔了一个空位。我想着不要看他，但感觉他的目光像火焰一样烧在我的脸颊上。然后我开始听到一阵低吼声，一开始只是轻轻地，像是在后面低吼。接着吼声越来越大。他在训练场上，当着所有人的面，我听到一声巨响。我想，糟了，他干了什么？他踢开了放有电脑的门，门撞在铰链上。然后他转过身，像条狗一样，龇牙咧嘴地冲我怒吼。我只是看着他，他至少对我怒吼了10秒钟。当着所有人的面，随后他慢慢冷静下来，继续工作，从没再提起这件事。就这样。

There's these brokers who kind of match the traders together and their job is to help you get deals done, you know, you yourself want to buy here and they're supposed to find a seller but in reality what they were doing a lot of is basically taking people out, taking people to, and they had this kind of really interesting skill if they sort of, they know what you like so you know one of the guys wanted to go to like fancy restaurants and drink red wine and other guy wants to get like VIP tables at fancy nightclubs and other guy wants to get taken on holidays and other guy wants to go to sports events but the truth is when I got taken out by these guys even when I went to Vegas we were going to like celeb parties in LA and Vegas, for me it was work, it was just work and I was just trying to sort of be the Gary that these guys wanted me to be and it was quite fun didn't really realize because most people that go in there now come from rich backgrounds, their dad was rich, their mum was rich, their friends are rich, all their mates have similar jobs, all their mates go to these VIP clubs, you know, their booking tables and they go into fancy restaurants, for them it's just part of their social scene but for me it was totally taking me out of the social scene I was from so I kind of hated it to be honest and plus there's this weird thing that happens where like brokers will take you to like, I remember they took me to watch England my first England game and then the next day they're like oh can you do this deal for me and then you realize like oh there's a kind of like hidden little quid pro quo here which I wasn't really comfortable with so eventually like I started to dislike say like I don't meet, I don't meet no brokers, I don't go for no dinners, I instituted Nando's only rule, so for Americans don't know what Nando's is, Nando's is a popular grilled chicken chain, I said if you want to meet Gary you go to Nando's canary wolf, I pay for me, you pay for you, that's the rule but then, but then I was like the biggest trainer in like one of the biggest traders in the world so like so many people went to go to Nando's for me, I was eating f***ing Nando's every day so I just sort of like, cut off and I became very anti-social actually, I think people realize like Gary's just not this kind of kid you know he doesn't want like, I think you know the brokers, the traders maybe are not socially aware to realize it but the brokers because their job is kind of the party people and also a lot of the brokers come from poor backgrounds and come from my neck of the woods, they realize very quickly Gary is just here pretending to have a good time so that other traders have a good time because that's exactly what they're doing and they realize like listen Gary just doesn't really want, this is not his game really and they sort of let me get away from that.

有一种经纪人，他们的工作是把交易者撮合在一起，帮你完成交易。你想在某个价格买，他们就应该找个卖家。不过实际上，他们做的很多事情是带人出去玩。他们很懂你的喜好，比如有的人喜欢去高档餐厅喝红酒，有的人喜欢在豪华夜店订VIP桌，还有的人喜欢度假或者去看体育比赛。对我来说，当这些家伙带我出去玩，无论是在拉斯维加斯还是洛杉矶的明星派对，对我来说都只是工作。我努力去迎合他们想要看到的Gary，但实际上我并不享受。我意识到很多现在从事这个行业的人都出身富裕家庭，他们的父母和朋友都很富有，习惯了去VIP俱乐部和高档餐厅，对他们来说这就是社会生活的一部分。但对我来说，这完全不是我的社交圈，所以老实说我很讨厌这种生活。 再加上经纪人有一种奇怪的做法，他们会带你去看比赛之类的活动，然后第二天就要求你给他们做交易，你会发现这里有一种隐性的互惠关系。这让我很不舒服，所以后来我开始拒绝说，我不见经纪人，也不去参加晚宴。我制定了一个只去Nando's的规则。Nando's是一家受欢迎的烤鸡连锁店，我说如果你想见我，就去Canary Wharf的Nando's，我付我的，你付你的。 后来，我成了世界上最顶尖的交易员之一，有很多人想约我见面，每天都有人请我去Nando's吃饭，所以我就断绝了这些社交活动，变得非常反社会。我想大家慢慢意识到Gary并不是那种爱玩的人，经纪人的工作是社交达人，他们很多人其实和我一样来自贫困背景，所以他们很快就看出来我并不是真的在享受，只是在装作很享受，以便让其他交易员开心。于是他们让我逐渐远离了这种生活。

These guys are mainly people who couldn't cut it as traders so they try to like climb the greasy pole and what they make their money on is basically internal politics. The kind of person who decides to make their money managing internal politics as an investment bank is usually a bit of a b***. The management is just like, it's just an absolute cesspool really. I remember talking, my manager's manager who in the book we called the slug, I remember talking to like one of my mates on another trading desk and he was like I'll tell you what if he was your intern he was an hiring widger

这些人基本上是那些无法胜任交易员工作的人，所以他们试图往上爬，依靠单位里的内部政治赚钱。在投资银行里，决定通过管理内部政治来赚钱的人通常都是有点卑鄙的。管理层就像一个彻头彻尾的烂摊子。我记得和我经理的经理谈话，我们在书里称呼他为"鼻涕虫"。我还记得和另一交易桌的一个朋友聊天，他说"告诉你吧，如果他是你的实习生，他根本不值得雇用。"

so I became the Swiss Frank trader when I was 22 which is really really young and the way it happened was my boss he was a Swiss Frank trader quit and a new boss got put in and he was a really nice guy but he seemed a little bit kind of like like dopey in a way and he come over one to introduce himself to me and the way he introduced himself to me was he just sat down next to me and he pulled out a copy of the spooks illustrated and he flicked through the magazine like he opens it like that like that to me and he's like do you like that and I was like yeah it's nice and he's like the next, he did the whole one at a time so he didn't even say hi he didn't say his name and then I figured out this guy must be the new f*** boss but

所以，我在22岁时就成了瑞士法郎交易员，这真的非常非常年轻。这件事的发生是因为我的老板——前瑞士法郎交易员辞职了，一位新老板来了。新老板是个很好的人，但看起来有点迷糊。 他过来介绍自己时，坐在我旁边，拿出一本《间谍画报》，翻开杂志给我看。他这样打开，问我：“你喜欢这个吗？”我回答：“嗯，还不错。”他接着一页一页地翻，连"你好"或者他的名字都没说。于是我才弄明白，这个人应该就是新老板。

then he stood up and he said to me what's your job on the desk then and I was thinking like I'm the best junior right and I was thinking like surely f***ing is at my job is and there's this kind of moment where I'm looking at him and he's looking at me and I'm thinking like and I told him I'm the Swiss Frank trader which was my old boss's job and he was just like oh right okay all right fine I loved my second boss but he was totally insane I remember once he sat me down just like Gary I really to apologize and I was like what for and he was like we can't give you a salary increase and I'd never even ask

然后他站起来对我说，“那么你的工作是什么？”当时我心里想，我可是最优秀的新人吧，我心里琢磨着，我的工作到底是什么呢？我们彼此对视了片刻，然后我告诉他我是瑞士法郎交易员，这是我以前老板的工作。他听完后就说，“哦，好的，没问题。”我很喜欢我的第二任老板，但他真的有点疯狂。我记得有一次他让我坐下来说，“Gary，我真的要向你道歉。”我很诧异地问他，“为什么？”他说，“我们无法给你加薪。”其实我根本就没提过加薪的事。

the one and the previous year I'd been paid 400,000 pounds and he seemed genuinely worried about whether I could survive on it you know and then I would just like I just said to him yeah I'm it's really tough well what else can you say to these guys yeah another time my boss for a phone at my colleagues head because my colleague had got angry and he'd thrown his phone at his screens but obviously like now with these LCD screens they don't like smash so he was like he didn't really just go and then he so picked the phone smashing it on the desk and then and then he started trying to trade through the same phone so he was like

去年和前年我的收入都是40万英镑，但他似乎真的很担心我是否能靠这个收入生活下去，你知道的。当时我就对他说：“是的，这确实很艰难。”你还能对这些人说什么呢？还有一次，我的老板把电话砸向我同事的头，因为我同事生气了，把自己的电话砸在了屏幕上。但是现在这些液晶屏幕不会像以前那样碎成一地。所以老板当时并没有太大反应，然后他拾起电话砸在桌子上，电话就碎了。接着他居然还试图通过同一个电话继续交易。

hitting these like Johnny what's three months are he wasn't working and then he was just shouting and then he just banging his phone so then my boss shouted over to him like what's wrong and he obviously wasn't listening and then he asked me what's wrong then I said I think JB's phone's broken so this boss just went over to the end and just picked up a phone and just like lobbed it in the air and on this guy's head and then the weirdest thing is it totally calmed him down totally effectively calmed the guy then yeah I don't know it's the only thing I ever saw get escalated to HR was a guy who stole money from another trader and even

最近JB有三个月没工作，他一直在大喊大叫，还不停地砸他的手机。我老板大喊问他怎么回事，但显然他没听到。然后老板问我咋回事，我说我觉得JB的手机坏了。然后老板就走到他那边，拿起一部手机，直接扔到空中，砸在JB的头上。奇怪的是，这一下居然彻底让他冷静下来了。我真的不知道为啥，但就是有用。唯一一次我看到事情升级到人力资源部的，是有个人偷了别的交易员的钱。

that there was a general consensus on the desk that he shouldn't have escalated to HR that he should have just we should have dealt with it between us yeah it was there was a kind of a there's just like a kind of pirate ship vibe about it like you know you know it's that it's a very masculine way of like you know we sold it out between us we don't go to HR because the truth is a lot of people do do dodgy s*** not people get away with it because if you're making money on it management maybe it's changed but management I'm not going to ask I was making a ton of money tons of money nobody ever asked how I was making it management never asked how I was making it because if you're doing something dodgy

大家普遍都认为，他不应该把事情升级到人力资源部门，而是应该在我们之间解决。是的，当时有一种像海盗船一样的氛围，就是那种很男性化的态度——我们之间解决问题，不去找人力资源。因为真相是，很多人确实做一些不正当的事，而如果你在赚钱，管理层可能就不会深究了。或许现在情况有所变化，但以前管理层从不问我怎么赚那么多钱，只要我是有收益的。所以，如果你做了什么不正当的事，他们也不会管。

they would rather that just a slide they're going to get paid on it rather than to find out when you lose money you get a lot of stress gets placed on you um the worst thing from my perspective and from the perspective of many traders is that you get you're no longer allowed to trade and that's what traders want to do they want to trade it only happened to me once I was only once ever in the red which was in my second full year as a trader in 2010 so I was 23 I'd put a big bet on which had some risk to Swiss interest rates and the Swiss central bank suddenly cut rates to negative four and a half percent for some crazy reason specifically using the the product that I was betting on I lost eight million dollars in a week

他们宁愿只是通过一个简单的交易获得收益，而不是等到亏钱的时候承受大量的压力。对我和许多交易员来说，最糟糕的事情就是不再被允许交易。而交易员想要做的就是交易。对我来说，这只发生过一次。我唯一一次亏损是在2010年，那是我作为交易员的第二个完整年度。当时23岁的我下了一个很大的赌注，这其中涉及了一些与瑞士利率相关的风险。出于某种疯狂的原因，瑞士央行突然将利率降到了负4.5%。我在一周内损失了八百万美元。

The smartest thing about it was it was the right bet if I was allowed to keep that position I would have made it all but I was allowed to keep that position so you end up four million dollars in the red and you have to fight your way out of me I'm pretty sure my salary was 36k when I first started which was a good salary for the time I mean it's not even a bad salary even now P&L is profit and loss and it's the only thing that matters in the world if you're a trader basically and every single day every week every month every year your individual P&L is calculated everyone's individual P&L is calculated and it goes around on a spreadsheet every day so every day you get a spreadsheet that tells you every single traders P&L which obviously means like if you're the best trader you're the best trader but if you're losing money everybody can see it's very clear who the best is and it's very clear who the worst is and that starts to become how you interact with other people and starts to become how you see other people there's this kind of beautiful fairness to it in a weird way and I think there's not a lot of places in the world other than sort of the football pitch where a kid like me from nowhere can come in and compete with all of these multi-millionaires from rich families and be like the guy at 24 traders in my department were getting paid about 7% of their P&L but I didn't know that at first and there's this kind of idea like you can't ask anyone what their bonus is so it's like really mysterious and then this thing happened after my first bonus the beginning of 2010 when I got paid nearly £400,000 which will be like at the time maybe $700,000 so much more than I've been expecting and it kind of broke me a little bit and I just became like oh my god there's so much money to be made here this is it all we're doing now is trading and then obviously the next year I lost this $8 million in a week really quickly and that that just again beat me like you have to be better you have to be more serious you have to work hard though and I just became like I became like this machine

最聪明的地方在于，这个决策本身是对的，如果我被允许保持这个头寸，我本可以赚到很多钱。但现实是我没能保持住这个头寸，结果亏损了四百万美元，我不得不拼命从中爬出来。刚开始的时候，我的年薪大概是36,000美元，那在当时算是不错的薪水，甚至现在也不算差。P&L是指盈亏，这是做交易员时唯一重要的东西。每天、每周、每月、每年，我们的个人P&L都会被计算，每个人的P&L都会显示在一个电子表格上。所以，每天你都会收到一个表格，告诉你所有交易员的P&L。这意味着，如果你是最好的交易员，大家都能看到；如果你在亏钱，大家也都能看得一清二楚。谁是最好的，谁是最差的，大家都很清楚，并且这也会影响你和别人互动的方式，也会影响你怎么看待别人。从某种意义上来说，这中间有种奇妙的公平，我认为世界上很少有地方能像足球场一样，一个来自平凡背景的孩子能和那些出身富豪家庭的多百万富翁同场竞技，我24岁的时候就是我们部门里最厉害的交易员之一。我们部门的交易员大约会得到自己收入的7%作为薪水，但一开始我并不知道这个。而且，有个奇怪的规则是你不能问别人他们的奖金是多少，所以感觉非常神秘。2010年初发生了一件事，我拿到了近四十万英镑的奖金，大概是当时的七十万美元，远远超出了我的预期，这让我有点失控。我心想，这里有太多钱可以赚了，从此我们就只做交易了。然而，第二年，我在一个星期内迅速亏损了八百万美元，这次打击又让我意识到，你必须变得更好、更认真、更加努力。我就像变成了一台机器。

Most of the traders in my opinion were not making huge amounts of money from taking risky positions speculative positions they're making most of their money from the customers but they're kind of trying to pretend they're making it from their bets but most traders want to be making money from betting because that's that's the that's sort of the glamorous side of it you know like you know can you can you actually beat the market it wasn't really till 2011 that I started to make some big bets you know like I always remember in 2011 the Japanese nuclear disaster I made a ton of money on the Japanese nuclear disaster not because I had been expecting it to be a Japanese nuclear disaster but because I was betting on economic weakness you bet in economic weakness this crazy thing happens that there's no way you could have predicted you make a ton of money well some people with other way around right you know some people would have lost a ton of money on the nuclear disaster people sometimes turn around to me and they say oh it's it's terrible that you you made money betting on these things happening and you know I made money betting on I made money from the Japanese earthquake right 20,000 people died in that earthquake in that in the following tsunami I didn't make that tsunami happen I think that's important to realize and these guys job is to bet on it and to be right on it and they're very very heavily incentivized to be right the payment structure is

在我看来，大多数交易员并不是通过冒险的投机性仓位赚取大量金钱。他们的大部分利润来自客户，但他们有点想假装这些利润是来自于他们的赌注。不过，大多数交易员还是希望通过赌注来赚钱，因为这样更具吸引力，就像你知道的那样，看看你是否真的能击败市场。直到2011年，我才开始进行一些大的赌注。我记得2011年的日本核灾难，那次我赚了很多钱，并不是因为我预见到了日本核灾难，而是因为我在押注经济衰弱。你押注经济衰弱，这种疯狂的事情发生了，这是你根本无法预测的，你赚了很多钱。当然，有些人会走向另一个极端，有些人在核灾难中损失惨重。有人有时会对我说，你通过押注这些事情来赚钱太糟糕了。我确实通过日本地震赚了钱，那次地震和随后的海啸造成了2万人的死亡，但我并没有制造那场海啸，这一点很重要要明白。而这些人的工作就是押注并且押准，他们有很大的激励去正确地押注，付薪结构是...

very weird or at least it was back then you would get paid a lot of money in a bonus but it would be like deferred so you get this money in four years since I left banking this rule came in this EU law that limited bonuses as a multiple of salary which meant that the way payment happened is completely changed now because that of that bonus cap what they would have to do instead is they massively increase your salary and since then salaries have increased massively and bonuses have decreased massively which decreases the incentivization to take risk and it also increases the incentivization to kind of sit on your chair and sit around and like take the money

非常奇怪，或者至少在那时是这样：你会得到一大笔奖金，但这笔钱是延迟支付的，四年后才能拿到。自从我离开银行业后，出现了一项新的欧盟法律，限制奖金只能是工资的若干倍。这导致了支付方式的彻底改变。由于这个奖金上限，他们不得不大幅提高基本工资。自那以后，工资大幅上涨，而奖金大幅下降，这减少了冒险的动机，同时增加了坐在办公室里等待拿钱的动机。

so I won the card game I won my job in a card game I was very good student I did maths and economics I got very good grades but turns out and I didn't on this beforehand the way to get a job is you have to get an internship in your second year so you have to apply on with cvs and people at lc would be sending like 35 cvs to different banks but obviously like because they're from rich families they've kind of prepped for this right so everybody has like some really quite shakeric killers like they founded the junior united nations or some s*** or they're like concept pianist you know and I was like working in the sofa shop and like trying to become like a like a grime rapper when I was a kid and so I was like s*** basically because you can't we can't get it and I but I had quite a good rep has been like good grades and he's smart kid a guy also in the math department from near above I didn't know he was walked up from your library one day and just said city bank high one trade review to a card game he's basically a maths game you should enter that and and you'll win

所以我通过打牌赢得了这份工作。我以前是个很优秀的学生，学的是数学和经济学，成绩相当好。但后来才发现，要找到一份好工作，必须在大二的时候找到实习机会。因此，大家会通过简历申请实习，一些人会投递大约35份简历到不同的银行。显然，因为他们家境优越，所以早就为此做好了准备。很多人都有非常厉害的履历，比如他们创办了什么小型联合国之类的，或者是顶尖的钢琴演奏家。而我当时是在一家沙发店打工，并且小时候还梦想成为一个地下说唱歌手，所以我在这方面完全没有竞争力。但我的成绩很好，并且被大家认为是个聪明的学生。后来同数学系的一位男生有一天在图书馆里碰到我，说花旗银行有个交易评估比赛，是个跟数学有关的游戏，建议我参加，并且说我一定会赢。

so I was like yeah let's just let's just go for it let's throw ourselves into this card game and that's why I got my job that card game is called the trading game it's um it's a betting game basically so there's a special deck of cards some low cards some high cards five players we all get a card and then essentially we're we're making bets on what the total number of the cards is so if I've got a low card I should think it's going to be low and I'm betting it's going to be low I'm making sell bets essentially and it's structured to be like financial markets like a buy price and a sell price I had the big advantage which was this guy had explained me the rules of the game before the game itself other people going into the event not knowing the rules of the game if you are a maths or economic student when you play a game like this you are going to immediately do this thing which you'll talk to do at university in mathematical subjects calculate the expected probability which is like okay these are the cards in the game this is what we expect it to be oh but I've got a really low card so it's going to be lower like this everyone's going to do like that so that is the instinctive thing that like a maths or an economics or a statistic student is going to do so I've got a low card I think the total is going to be 50 you've got a high card you think the total is going to be 70 so I start saying 49 51 you know I'm going to trade and you're going to start saying 69 71 it makes sense but it's actually quite a stupid thing to do because number one you immediately give away your card first thing but number two if I'm there and this guy's quoting around 50 and you're quoting around 70 I can buy at 50 and sell at 70 and make like 20 instant free profit and I would just just did that bam bam bam bam bam bam bam bam bam it's really really stupidly easy in a way but I mean of course I was only able to do that because I had the rules in advance that's all on the first round just by kind of taking advantage of this kind of stupidity

所以我当时想，好吧，那就干脆试试吧，全身心投入这个纸牌游戏。所以我才得到了这份工作。这个纸牌游戏叫做交易游戏，基本上是一个赌博游戏。游戏中使用一副特殊的牌，有些牌值低，有些牌值高，五个玩家每人各拿一张牌，然后我们基本上是赌这些牌的总数是多少。所以如果我拿到了一张低值牌，我会认为总数会比较低，我就会赌低，基本上是在做卖空交易。 游戏的结构类似于金融市场，有买入价和卖出价。我有个很大的优势，那就是有个人在游戏开始前给我解释了规则，而其他人参加活动时并不知道游戏规则。如果你是数学或经济学的学生，在玩这种游戏时，你会立即应用在大学数学课程中学到的方法，即计算预期概率。比如说，这就是游戏中的牌，我们期望它是这样子的，但我拿到了一张非常低的牌，所以总数可能会低一些。每个人都会这么想。所以这就是数学、经济学或统计学学生会本能地做的事情。 假如我拿到了一张低值牌，我认为总数会是50，而你拿到了一张高值牌，你认为总数会是70。所以我开始出价49-51，而你开始出价69-71。这看起来很合理，但实际上是非常愚蠢的事情。首先，你立即暴露了自己的牌。其次，如果我看到某人出价在50左右，而你出价在70左右，我可以在50买入，在70卖出，瞬间赚取20的无风险利润。我就这样不停地做，连续赚了好多次，这真的是非常非常简单。不过当然，我之所以能够做到这一点，是因为我提前知道了规则。这全都是在第一轮，通过利用这种愚蠢来获得的。

Second round was the national finals I developed a new strategy which is kind of around sort of bullying the price around manipulating the price around it worked really well then there was a final of the final final five guys and this is like if you win this you're getting into the big thing I came in with a really low card really low card so I know the thought was going to be low and my strategy was to bully the price up and to try and sell at a high price so I just bullied up bullied up bullied up game finishes and I spent the whole game selling because at a high price and like mathematically it was almost impossible for me to lose because the price was really high and my card is really low but then when everyone turned their cards over the other cards in the game were the seven highest possible cards which the the chances of it happening by chance are like one in maybe like 15 million or something ridiculously impossible chance so I realized I knew that the game must have been rigged but I don't think anyone else noticed and um I was just thinking like what the f*** like these guys have rigged the game against me like I couldn't really then the guy goes to the front to announce the winner and he announced that I thought I was the winner even though my actual score in the final of the final was like negative and he said Gary's scores in the like the the warps were so good we wanted to test him in the final to see what he did if everything was against him to see if he would like really back himself and he did back himself and that's what we like to see so we decided he's the winner of the game even though actually you lost and um tells you a little bit about the crazy people that work in this world I think the guys who did come into the card then tended to end up being really good trainers at the bank this CV cover letter there's a massive amount of classism in that it's this because everyone has the top grade basically it's based on every curricula it's based on how good you are at like a f*** caronet basically but then you know kids like me will poke holes in your objective methods but they're probably going to be the best traders really so I was a trader professional trader for city bank 2008 until 2014 I was at LSE the London School of Economics before I went into banking everyone at LSE is obsessed with banking obsessed with trading so they you get a good sense of what everybody wants and back before 2008 everybody wanted to work in credit which of course is the area that you know blew the globe the economy up but the guys who were working in it before they blew the economy up we're making a ton of money so everybody wanted to go there I went into this unfashionable area because they said you can start straight away and you can start trading straight away which is really unusual but they let me do that trading sort of changed in the sort of early 2000s 2010s it became a lot more mathematical there's this cultural shift where it goes away from being these kind of guys ex-rogment players and of which there used to be a lot of that kind of thing in banking towards you know LSE graduates Harvard graduates you know maths graduates physics graduates who are very like honorable with maths I think America's like is very good actually it's um you know it shows this guy is in banking and he becomes a murderer and he's really clearly a dickhead but I knew people at LSE that would memorize all of his lines by heart and they loved him and the reason is because he's really handsome

第二轮是全国总决赛，我制定了一种新策略，大致上是围绕操纵价格的。这一策略非常奏效。然后到了最后的决赛，剩下五个人，这就像是如果你赢了这个，你就可以进入大的比赛了。我手里拿了一张非常低的牌，所以我知道价格会很低。我的策略是把价格压上去，然后高价卖出。因此，我不断抬高价格，比赛结束后一直在高价出售。数学上来说，我几乎不可能输，因为价格很高，而我的牌很低。但当所有人翻牌时，其他人的牌是游戏中七张最高的牌，这种巧合的可能性大概只有一千万分之一，非常不可能。我意识到比赛肯定被操控了，但我觉得没人注意到。我心里想，这些家伙在针对我作弊。但后来主持人宣布胜者时，我以为自己是胜者，尽管我的分数实际上是负的。他说，Gary在之前的比赛中的表现非常好，我们想测一下如果所有东西对他不利，他会怎样处理。他的表现非常好，所以我们决定让他赢了，尽管其实他输了。这告诉你，在这个行业里有些人的疯狂之处。 我觉得那些最终在卡片游戏中取得胜利的人，往往成为银行里非常优秀的培训师。这封CV求职信中充满了阶级主义，因为每个人都有最高的成绩，基本上是基于每个课程的表现，或是你在某个特定领域有多厉害。但像我这样的小孩，会在你的客观方法中找出漏洞，但他们可能会成为最优秀的交易员。所以我在2008年至2014年间是花旗银行的专业交易员。在进入银行业之前，我在伦敦经济学院（LSE），那里的人对银行业和交易都非常痴迷，所以你很清楚每个人都想要什么。在2008年之前，每个人都想在信贷领域工作，这个领域最终引爆了全球经济危机，但那些在危机前工作的人赚了很多钱，因此人人都想去那里。我进入了一个不受欢迎的领域，因为他们说你可以立即开始，并且可以立刻开始交易，这非常不寻常，但他们让我做了。交易在2000年代初到2010年代早期发生了变化，变得更加数学化。从以前那些退役运动员主导的情况，转变为由LSE毕业生、哈佛毕业生、数学毕业生和物理毕业生主导，他们对数学非常精通。 我觉得美国很好地展示了这一点，比如，你知道有个银行家最后变成杀人犯，显然是个坏蛋，但我认识一些LSE的人，会把他的台词全部背出来，因为他们爱他，因为他长得很帅。

He's really rich he's in great shape he's got a really beautiful girlfriend he's got a really expensive flat and I think no matter how much you try to say about his a dickhead if you've put that in front of a 1819 year old boy you're gonna f*** a lot of 1819 year old boys up I'd wake up at say 5.30 I used to have 7.30 it was like you have to be in by 7.30 or you're late so I'd be up at 5.30 had my little blackberry looking through the emails looking through the prices have a bit of breakfast have a shower cycle down during slanting it to work about trying to get there roughly about seven so trading for an under the massive massive massive trading floor it's in a big skyscraper in Canary Wharf which is in the east end of London not far from where I grew up not far from where I live now it's only on the second floor it's not the top floor the trading floors are all quite low down these are the floors that are making the most money long long rows of men with huge walls of screens sort of nine monitors 12 monitors up in a big square rectangle around them and most people have that and they'll be sitting back to back in these long rows you know it's classic skyscraper environments my trading desk was in the foreign exchange department which back then had the very sort of boisterous ladish atmosphere I came in first day in a suit and they got the guys were like no suits no tires whereas I think the European Bank's like Credit Suisse and Deutsche Bank they're likely to wear suits and then I'd be checking my positions you know really there was a really big rush in the morning from sort of 8am to about 10th day am d-m with all the customers so between 8 and sort of 10th day 11 would just be a mad rush by then I'd be knackered I'd go and get massive nandos sit there smash my nandos down then in the afternoon it's actually quite chill because Citibank offers a 20 for our pricing service which means there's a period where if you call up you get the London trader there's a period where you get the New York trader and there's a period where you get the Sydney trader by our afternoon we've handed over to New York they're doing the business so we're sitting around reading the newspaper sort of chatting but in the evening yeah you chill out read the paper check your making money I was making a lot of money so sort of celebrate then we'd finish at about five earlier on in my career I'd get dragged out a lot with like the senior traders drinking and go into fancy restaurants and I kind of hated that to be honest but by the end of my career I say I was about 24 I was you know I'd go I'd cycle back home I'd leave about five cycle home go to the gym cook dinner with my flatmate you know watch the football if it's on obviously I'm waking up at 5 30 so you know I'm wasn't like big on the nightlife a lot of people were waking up at 5 30 and also big on the nightlife and I didn't understand how they did it but I think I understand more now things even when you're there really there's only sort of three or three or four hours of hard work and that was because I was the euro trader

他真的很有钱，也很健壮，有一个非常漂亮的女朋友，还住在一套非常昂贵的公寓里。我觉得，不管你怎么说他是个混蛋，如果把这些条件放在一个18、19岁的男孩面前，都会把这些年轻男孩搞得一团糟。我每天大约5:30起床，之前是7:30，如果7:30还没到公司就算迟到了，所以我会在5:30起床，看看我的BlackBerry手机，浏览邮件和价格，吃点早餐，洗个澡，然后骑自行车去上班，大概7点钟到公司。我们工作在一个巨大的交易大厅里，位于伦敦东部的金丝雀码头的一座高楼内，不远处就是我长大的地方，现在也住得不远。交易楼层一般都很低，因为这些楼层赚的钱最多，一排排的男人面对着巨大的屏幕墙，通常有九个或十二个显示器围成一个大方框，大多数人都是这样，背靠背地坐在这些长排里。这是典型的摩天大楼环境。 我的交易桌在外汇部门，当时那里氛围很活跃。第一天我穿着西装来，结果被同事们取笑，他们说不用穿西装、打领带。而在欧洲的银行，比如瑞士信贷和德意志银行，员工通常会穿西装。我会检查我的仓位，从早上8点到10点之间是最忙的时间，和客户之间的交易在这个时间段很频繁，到10点或11点我就已经精疲力尽了，然后会去吃一顿豪华的南美烤鸡。下午时间相对轻松，因为花旗银行提供24小时定价服务，也就是说我们下午时间会交接给纽约的交易员，他们来接手业务，所以我们可以坐下来读报纸、聊天。在晚上，我们会看看报纸，检查一下赚钱情况。那时候我赚了很多钱，偶尔会庆祝一下。大约五点钟，我们会下班。刚开始工作时，我常常被高级交易员拉出去喝酒、去高级餐厅吃饭，说实话我真的不喜欢这种生活。到我24岁的时候，我会骑自行车回家，去健身房锻炼，和室友一起做晚饭，足球赛播出时就会看一看。毕竟我早上5:30就得起床，所以我并不怎么喜欢夜生活。很多人能够一边早起，一边还过着丰富的夜生活，我不明白他们是怎么做到的，但现在我理解了，毕竟实际工作中真的只有三四个小时是非常忙碌的，这是因为我负责的是欧元交易。

which was like that was definitely the most work of anyone what you really were at the time you were the risk holder you were the risk holder your job was to be the person who made the decisions and took the risk and who took the hit if you were wrong first thing says there's lots of different kinds of traders trading lots of different kinds of things I was an interest rate trader it means I was borrowing and lending money interest rates traders borrow and lend money and the idea is quite simple you want to borrow a low interest rate and you want to lend a high interest rate so a lot of what is done on that desk the stirred desk the short term interest rates trading desk is one day loans corporations pension funds hedge funds that have loans running out will come to people like me and say we've got a loan in six months what interest rate will you give us for a loan starting in six months time on a very very basic level when the economy is good sometimes just because inflation is overheating the central bank's raise rates and they cut rates when the economy is weak so in a very broad sense although we are also looking at inflation really we're trying to judge the strength of economy in my desk there were about 10 traders and each traders job was to look at a different currency and you kind of get promoted through the ranks

（翻译如下，尽量易读） 当时情况是这样：你绝对是工作最多的人，你真正的角色是风险承担者。你的工作是做决定并承担风险，如果出错了，你得承受后果。首先，要明白有很多不同类型的交易者，他们在交易各种不同的东西。我是一名利率交易员，意思是我在借贷资金。利率交易员的工作是借贷资金，概念很简单：你想以低利率借款，以高利率放款。因此，在那个部门，也就是短期利率交易部门，很多工作是关于一天的贷款。公司、养老金基金、对冲基金在贷款到期时会来找像我这样的人，说我们有笔贷款将在六个月后到期，问我们能给什么样的利率。非常基本的来说，当经济情况良好，有时仅仅因为通货膨胀过热，中央银行会提高利率；当经济疲弱时，央行会降低利率。所以在大范围上，虽然我们也在关注通胀，但实际上我们是在试图判断经济的强弱。在我的部门有大约10个交易员，每个交易员负责观察一种不同的货币，你会在工作中逐步晋升。

It split between what you'd call rich world currencies and what they call emerging market poor country currencies so in my desk the rich world desk we're basically doing Europe Japan North America Australian New Zealand first I was you know desk junior buying the coffees then I was New Zealand Dollar trader then I was Swiss Frank trader then eventually I was euro trader then I moved to Japan and I was the end trader as interest rate traders we make loans we borrow and lend money we try to borrow a cheaper and higher a lot of people do that. by a variety of dodgy ways what I tried to do and what I think is most interesting is I did that by trying to predict strength of economies so in 2011 by the time I became a really profitable trader C bank for some reason had this big thing where they wanted to become the biggest bank in the world in terms of volumes traded and because we're doing one day loans it's massive volume because if you borrow money for a day you have to come back every day it's stupid but it looks like really big volume and it meant that senior management had asked me to try to do as much trade as I could so I was probably lending and borrowing between currencies probably not far off a trillion dollars a day of a variety of currencies which was ridiculous but it's what I've been asked to do

这段话分为两个部分，一个是富裕国家货币，比如你所说的欧洲、日本、北美、澳大利亚、新西兰等地的货币，另一个是新兴市场和所谓贫困国家的货币。在我的工作台上，我们主要处理富裕国家的货币：欧洲、日本、北美、澳大利亚、新西兰。一开始，我是个新手，负责买咖啡；后来我成为了新西兰元交易员，然后是瑞士法郎交易员，最终成为欧元交易员。接着，我转到了日本，成为日元交易员。作为利率交易员，我们会发放贷款、借入和放款，尝试以较低利率借入资金并以较高利率贷出，很多人都是通过各种不正当手段来做到这一点。而我尝试做的是通过预测经济强弱来进行交易，这也是我认为最有趣的地方。 在2011年，当我已经成为一名非常盈利的交易员时，C银行出于某种原因突然想要成为全世界成交量最大的银行。由于我们做的是一天期的贷款，成交量十分庞大，因为如果你借钱一天，你每天都得回来借，这虽然愚蠢，但看起来像是很大的交易量。这就意味着高级管理层要求我尽量多进行交易。所以，我每天在不同货币之间借贷的金额可能接近一万亿美元，这非常荒谬，但这是他们要求我做的事。

I was in a situation towards the end of my career where I was trying to get fired I was a very successful trader but for a very short time and I quit when I was like 27 I think I was just so in the game and I was kind of I was quite dehumanized in a way I'd done it to myself you know but I mean how do I balance this love for being the best with also like being a human and taking care of myself and also fulfilling my responsibility to a collapsing society the traders don't think it's their job because they're trying to do trades make money the politicians are trying to win elections the academics are trying to win are trying to write fancy papers the guys in media are trying to get clicks and get views you know actually nobody's trying to fix it my big success was in 2011 and that came from this realization that the economy was never going to get better that we had a growing crisis of inequality that wouldn't be resolved that the rich would get richer and the ordinary people would get poorer living standards would collapse things would collapse and I put that bet on and I never really stopped to think what does that mean because it because my job was to bet on these things you know it's if your job is to look at the economy think is it going to be stronger is it going to be a week that's what you do you know what I mean and by the end of that year 2011 I've become city bank's most profitable trader in the whole world by this bet that society would collapse and everybody could see that I'd done that nobody turned around and said should you do something there's not like a bell you can go and ring you know

我在职业生涯的末期遇到了一个我想要被解雇的情况。我是一位非常成功的交易员，但时间很短，我记得我是27岁左右退出的。我那时完全沉浸在交易中，几乎成了一个没有人性的机器，可以说是我自己把自己变成这样的。但是，我怎么能平衡对成为最成功的交易员的热爱，同时又照顾好自己和履行对一个正在崩溃的社会的责任呢？交易员们不认为这是他们的工作，因为他们的任务是进行交易并赚取钱财；政治家们在努力赢得选举；学者们在努力写出有影响力的论文；媒体人则在努力获取点击和观看率。实际上，没有人在尝试解决问题。 我最大的成功是在2011年，那时我意识到经济状况永远不会好转，不平等的危机会不断扩大，富人会变得更富，而普通人的生活水平会下降，一切都会崩溃。我下了这样一个赌注，并因此成为全球最盈利的花旗银行交易员。2011年底，我因为押注社会会崩溃而成为花旗银行全球最赚钱的交易员，每个人都能看到我做到了这一点，但没有人会问我是否该做些什么。没有一个铃铛可以去敲响，提醒人们醒悟的。

I think it's worth realizing right the best paid 10,000 economists in the world are all traders towards the end of my career I decide I want to leave and I tell my boss I want to leave and my boss takes me out for this dinner and he told me a story about a trader a young trader at Deutsche Bank you know nice guy could trade that wanted to leave the only problem is Deutsche didn't really want him to leave you know so they went through all of his look through some of his past trades and his emails you know there wasn't really anything in there but there was enough you know there was this you know I mean enough to take him to court and he rolled through court for years and years and eventually the guy was bankrupted and then he literally said to me you know I like you I think you're a good person but sometimes bad things happen to good people we can make life very difficult for you you're going to find out about that it's so obviously similar to the way that like ganks to speak that's exactly the same kind of person that goes into drug dealing exactly the same kind of person

我觉得值得注意的是，世界上收入最高的1万名经济学家其实都是交易员. 在我职业生涯快结束时，我决定要离职，并告诉了我的老板. 我的老板于是带我出去吃了一顿饭，并给我讲了一个故事. 这个故事是关于一个德意志银行的年轻交易员，一个不错的人，善于交易，但想要离开. 但是，德意志银行真的不想让他走. 于是，他们查了他的过去交易记录和邮件，虽说查不出什么实质性的把柄，但也足够将他告上法庭. 结果，这个交易员在法庭上耗了好几年，最终破产. 然后我的老板对我说："你知道，我喜欢你，我认为你是个好人，但有时候坏事也会发生在好人身上. 我们可以让你的生活变得非常艰难，你会知道这点的". 这显然非常类似于黑帮说话的方式，和那些从事毒品交易的人是完全一样的类型。

and I can't help but but think that a lot of the guys who become traders if they grew up on the street I grew up on would have been drug dealers and a lot of the kids selling drugs in Alfred if they went to the same boarding school as Rupert and if they went to LSE they would have become traders really you see because it's the exact same personality type I come from very poor background and the people are being hurt by what's happening in the economy are people that were exactly like me when I was a kid and people that were exactly like my mom and like my dad and like my sister and my friends I grew up with but it was a really a long time before I ever started to explicitly think should we do anything about this and by then I've been kind of like kicked out to Tokyo

我不禁想到，许多成为交易员的人，如果他们在我成长的街区长大，可能会成为毒贩。而在阿尔弗雷德卖毒品的许多孩子，如果他们和鲁珀特上同一所寄宿学校，并且进入伦敦经济学院，他们很可能也会成为交易员。你看，其实是同一种性格类型。我来自一个非常贫穷的背景，受到经济状况影响的正是像我小时候那样的人，像我妈妈、我爸爸、我姐姐和我的朋友们那样的人。但我要很久之后才会开始明确地考虑我们是否应该做点什么，但到那时，我已经被派去东京了。

and my junior was this very very very posh very rich very wealthy but very smart Australian kid and I said to him you know do you think we should do something and he was like about what and I was like you know about like collapsing global economy and he was like yeah we we put that trade on we bought the green euro dollars and I was like well yeah yes but you know do you think we should do something and he was like I don't understand what you mean you don't go into trading to save the world but you kind of assume that there are people whose job it is to look after the world you know like politicians most obviously economists at universities economists at central banks like the Fed like the Bank of England economists in the media you kind of think these guys are their job is to look after it

我的下属是个非常非常富有、非常非常有钱，但也非常聪明的澳大利亚孩子。我对他说，你知道吗，你觉得我们应该做点什么吗？他问：关于什么？我回答：关于全球经济崩溃。他说：是啊，我们已经把这个交易做了，我们买了绿色的欧元债券。我说：对，但是你不觉得我们应该做点什么吗？他说：我不明白你的意思。你来做交易不是为了拯救世界的，但你会假设有一些人，他们的工作就是照看这个世界，比如最明显的政客，大学里的经济学家，中央银行的经济学家，比如美联储和英格兰银行，还有媒体里的经济学家，你会认为这些人的工作就是负责看顾这个世界。

But what was becoming increasingly clear to me was well our job is not to fix it those guys whose job is to fix it they're definitely not going to fix it like I want to leave and work for Terry and the banks are just you know the senior management it's just very strong in applying well we're going to see and at that point they have no reason to suit they're just going like well you do that we're going to see and I think to be honest that high levels of banking probably high levels of a lot of other industries that's how it works like the law is uh is an is an arm of power like they're okay if you piss us off we're gonna we're gonna find a way to see you and I think that is kind of how it works so I suspect that a lot of the people who get actually sued by banks are not the people who did bad **** they're the people who pissed off the wrong people

但逐渐清晰的是，我们的工作不是去解决这些问题。那些负责解决问题的人，他们绝对不会像我希望的那样去解决。我想离开这里为Terry工作，因为银行的高级管理层非常强硬，总是说“我们再看看”。在那种情况下，他们没有理由采取行动，他们只是说“那你就去做吧，我们再看看”。坦白说，在银行业的高层，甚至在很多其他行业的高层，情况大概都是这样的。法律是权力的一个工具，他们的态度是：“如果你惹恼了我们，我们总会找到办法收拾你。”所以，我猜被银行起诉的人通常不是那些真的做了坏事的人，而是那些惹怒了不该惹怒的人的人。

so I get 18 months like wandering around Tokyo like studying Japanese and like learning to draw and they make me sit in the corner so I'm just sitting in the corner of the office like studying Japanese and drawing pictures of the Beatles and stuff and um in a way it was nice it was nice because it gave me a bit of time to sort of think about what I was doing you know I played that final game pretty well despite the fact that I was in terrible mental health condition at the time and I got them into a position where I think first of all I think they thought because I was kind of a young kid from kind of a rough background making a lot of money I think they thought that if they dug far enough they'd find some dodgy **** in there but really I was just betting on like the world collapsing every single year that's what I was **** doing and in the end two things have been simultaneously which is I start sending these mad emails every day to like the CEO and the global head of HR and um one guy got fired and then I get let out so I don't really know whether it is because I started going mental and causing big problems or if it was because the sky got fired and um I'll never know we'd run on those things but eventually I got out which is which is why I'm here and not stuck in the skyscraper it's all a big game it's all a big game it's all a big power game and like you can kind of get away with whatever you want as long as it's not in the bank's interest to go for you you know and it's it's horrible but you know this is the world that we've built you know where if you're very very rich and very very powerful you can get away with the **** I don't hate rich people I am a rich people I don't blame rich people I'm an economist that makes millions of pounds by predicting the **** future and I've got a **** good track record these guys will get rich in a richer and they will eat the middle class alive and it's not because they're bad and it's not because they're evil it's because that's what **** compound interest does if you are a guy who's worth a hundred million dollars you're going to make five million dollars a passive income and you are going to use that money to buy the assets that ordinary families kids need that is the direction of travel that is where heading up we will lose the middle class there's obviously that one scene in the big short couple of guys make a lot of money by betting on like the collapse of the American economy and they're going to make a ton of money and they're really like they're really happy they're dancing and there's this Brad Pitt character that turns around it's like stop **** dancing and they're like why don't you just make a lot of money

所以我有18个月像是游荡在东京一样，一边学日语一边学画画。他们让我坐在角落里，所以我就坐在办公室的角落里学习日语，画甲壳虫乐队的画。在某种程度上，这是不错的，因为这给了我一点时间思考我在做什么。你知道吗，尽管那时我的精神状态很糟糕，但我在最终的比赛中发挥得很好，我把他们带到了一个位置。 首先，我认为他们认为我是一个来自艰苦背景、赚了很多钱的年轻人，他们觉得如果深入挖掘，肯定能发现一些可疑的东西。但实际上我每年都在赌世界会崩溃。这是我在干的。 最终，两件事同时发生：我开始每天给CEO和全球人力资源主管发送这些疯狂的邮件，然后有一个人被解雇了，接着我也被放出来了。所以我不确定是因为我开始精神崩溃并制造大麻烦，还是因为那个人被解雇。 但我永远不会知道那些事情，但最终我出来了，这就是为什么我现在在这里，而不是被困在摩天大楼里。所有这一切都是一个大游戏，一个大权力游戏。只要对银行不利，你就可以做任何你想做的事情。这很糟糕，但这是我们建立的世界。如果你非常非常富有和强大，你就能逃脱惩罚。我不讨厌富人，我自己也是个富人。我不责怪富人，我是一个经济学家，通过预测**未来赚了数百万英镑，并且我有一个非常好的记录。 这些人会变得越来越富有，他们会吞噬中产阶级。不是因为他们不好，也不是因为他们邪恶，而是因为这是复利效应。如果你是一个价值一亿美元的人，你每年会有五百万美元的被动收入，你会用这笔钱购买普通家庭孩子需要的资产。这是发展的方向，我们将失去中产阶级。 就像《大空头》里的那一幕，有几个人通过赌美国经济崩溃赚了很多钱，他们非常高兴，在跳舞。然后布拉德·皮特扮演的角色转过身来说：“停****跳舞。”他们说：“为什么？我们刚刚赚了很多钱。”

It's like you made money betting on the collapse of the economy you know what that means that means people in his now homes that means people committing suicide that means the family's breaking down and obviously for me as someone who's done the same thing like you feel that my free market rate is two million dollars a year for three years. I was out here in the media on youtube for free telling people exactly what was going to happen in covid you can go back and look at my only videos my only articles in 2020 predicting covid everything I said was going to happen exactly happened nobody's **** listening it was hard it was hard because you're used to getting up you know I was trading the nearly trillion dollars a day you know what I mean and you're used to getting up and coming to the desk and bam bam bam bam bam smashing all that money through and I would wake up in the morning and you just have this like energy you know this energy and you know of course I made millions of dollars but then once you quit your income is zero.

这就像你通过押注经济的崩溃而赚钱。你知道这意味着什么吗？这意味着有人失去了家园，这意味着有人自杀，这意味着家庭分崩离析。而显然，对我这样和你一样做过这种事情的人来说，这是一个非常沉重的感受。 我的自由市场收益率是每年两百万美元，持续三年。我在媒体和YouTube上免费告诉人们在新冠疫情期间即将发生的事情。你可以回去看看我2020年的视频和文章，我预测的一切都完全应验了，但没人听，真的很难受。你知道，习惯于每天处理近万亿美元的交易，而你习惯于早上起床走到工作台前，处理所有那些资金。我每天早上醒来时都充满了那种能量。当然，我赚了几百万美元，但一旦你停止工作，你的收入就是零。

You know I just had this really strong feeling like you're being unproductive you're wasting your time and I went to like I went to like psychiatry on the NHS and then she gave me like a little like a timetable to fill in putting everything you're doing on here she looked at and she was like you're really really **** but I become so used to this hot house environment where you just feel like you have to be a hundred percent all of the time that anything other than like working 120 percent felt like doing nothing to me at the beginning of covid I picked up trade then again because there was a lot of money on the table so I still do do a bit of trade in it just sits in investments you know obviously I quit my job and the work I do now it's educational work trying to explain to people the importance of inequality I don't get paid a lot of money for it you know in fact very often I get paid no money for it so it funds my work it funds my life you know hopefully one day in the future it will pay for me to have a family with a bit of financial you know who reads articles in the garden about economics like rich people basically and I wanted to talk to all the new people so I moved to youtube started making a youtube made a load of videos but of course nobody was watching them and you know I've got a degree from endless here I've got a degree from Oxford I'm a multi-millionaire one of the very successful x-trader.

你知道吗，我当时有一种很强烈的感觉，觉得自己没有效率，浪费时间。于是我去了NHS的精神科医生那里，她给了我一张时间表，上面要填入我每天做的事情。她看了表后说我真的特别**。但我已经习惯了那种高压环境，你总觉得自己必须时时刻刻百分之百地努力，而任何低于120%的努力对我来说都像是在浪费时间。疫情刚开始时，我又开始从事交易，因为那时有很多赚钱的机会。所以，我现在还做一些投资。这些投资资助了我的工作和生活。你知道，我现在的工作是教育性的，试图向人们解释不平等的重要性。这份工作收入不高，很多时候甚至没有收入。但它支撑了我的工作和生活，希望有一天能让我经济上足够稳定，甚至养家糊口。比如，有些富人会在花园里读经济学文章，我也希望自己能达到那样的生活水平。我想和新人交流，所以转战到YouTube，开始制作视频，但当然没人观看。你知道，我有牛津大学的学位，我是个多次成功的前交易员，也是个百万富翁。

I put videos out about economics and people say the **** this guy is not an economist you know what I mean and somebody called me up and I've read my own articles you've thought we're writing a book and I was like no not really but then I thought you know if I could use this story it's a **** good story you know expelled from school winter job in a card game top trading the world by betting on the collapse of society you know bank tries to stop him from leaving it's a good story I thought if I could tell that story well then hopefully you will know with the confidence I have that this is going to go down the toilet and if enough people know that then we can stop it. Did you have to sign any NDA or like keep any secrets? I'm not allowed to answer that question unfortunately illegal reasons I'd love to tell you but I can't answer it yeah yeah it's quite bizarre you might but you might be like you might think I'd be able to say I did sign it in the A but I can't I can't talk about these things but unfortunately I cannot discuss whether I signed NDA or not.

我发布了一些关于经济学的视频，人们说这个家伙根本不是经济学家，你知道我的意思吧。然后有人给我打电话，我读了自己写的文章，他们以为我在写书，我说没有真的写，但是后来我想，如果我能利用这个故事，那真是个好故事。你知道，被学校开除、在牌局里赢得一份工作、通过押注社会崩溃成为世界顶级交易员、银行想阻止他离开，这是一个好故事。我想，如果我能把这个故事讲好，那么希望你们也能像我一样有信心知道事情会变糟，如果足够多的人知道，我们就能阻止它。 你有签什么保密协议或者保守秘密之类的吗？由于法律原因，我不允许回答这个问题，我很想告诉你但我不能回答，是的，是的，这有点奇怪。你可能会想我是不是可以说我签了保密协议，但我不能谈论这些事情。不幸的是，我不能讨论是否签了保密协议。

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