The Trading Game: The No. 1 Sunday Times bestseller

Gary Stevenson’s memoir rattles along with real urgency. One moment he is hanging around bus stops in Ilford, the next he is planted in front of a bank of Bloomberg screens, gambling amounts of cash that barely seem real to the rest of us. At just shy of four hundred pages it is not slim, yet I polished it off in two sittings because his walk-through of swaps and interest-rate trades is so clear and free of waffle. He explains the maths without turning the whole thing into an evening class, which is handy when you have just wrestled a four-year-old into bed and only want to keep your eyes open for another chapter. The colour is supplied in spades, from boozy steak dinners to those bleary five o’clock finishes when only a taxi home will do. The first half crackles. When the story shifts to Tokyo the pace does dip and his bout of soul-searching feels a little thin. Stevenson also points out the yawning gap between the trading floor and the real world but does not push very far beyond observing the problem. That said, the inside view he offers is still a treat. The writing is sharp, often funny, and light on jargon so even readers with no City experience can follow the action. The hardback itself feels sturdy, the print is clear, and the price strikes me as fair for the window it opens on a world that is normally closed off. If you enjoy tales of high finance but doze off the moment somebody fires up a PowerPoint, this one is well worth a look.

Gary Stevenson is a former Citibank trader turned YouTuber and anti-inequality activist. This is an absorbing memoir of his life as a top trader at Citibank but the sections setting out how he rose from a working class upbringing in Ilford, Essex to become a top trader making millions of pounds in bonuses are more convincing than the final section, which charts how he became disillusioned with his job and its role in fuelling societal inequality. I picked this up because I read an interview with Stevenson in The Guardian and was interested in his story and what he had to say about city culture and how the financial sector has fuelled inequalities within society. In particular I felt a degree of kindred spirit with him because although I did not come from the same working class roots as him, I did go to a grammar school (although I was not expelled for dealing drugs) and I was the first in my university to go to university - like him, attending LSE (albeit he studied mathematics and economics and I studied law). I also know what it’s like to go into the City and not know anything about how I’m expected to behave and what everyone is talking about. After buying it, I became aware that there is some controversy about the claims that he makes within the book - notably about being the best trader at Citibank and having beaten Citibank to get them to release him with his bonus at the end. Having read the book, I have to say that whatever the merits of Stevenson’s claims, focusing on whether he was the best trader or whatever kinda misses the point about this book. Fundamentally this is the story of a man who got everything that he thought he wanted, only to realise that all of the money he was making did not make him happy and at a basic level he did not know who he was or what he actually wanted. The memoir is pretty straightforward, focusing mainly on how Stevenson got his job at Citibank after performing well in a trading game competition sponsored by Citibank and he claims he went straight into working on the trading desks in 2007 rather than doing the usual graduate seat rotations. There he worked his way up in learning how to make his own trades and after realising how badly the global economy was doing, made millions of pounds in bonuses after trading against central banks increasing interest rates. Where the book works well is in setting out what happens on the trading floor, the relationship between traders and brokers and how Stevenson made his money. I can’t say that I believed Stevenson’s claim not to have known how to go about applying to banks - I was no more clued into how to get jobs when I was at LSE but everyone knew about banking internships and the need to apply for the same in good there and I was there a good 10 years ahead of him. However his account of how he won Citibank’s trading game was interesting as are his descriptions of his fish-out-of-water view of being taken to fancy restaurants by brokers keen to win his business and the snapshot portraits he paints of his fellow traders are sharp and sardonic, albeit he has composed his trading characters based on people he knew rather than recounting actual people for confidentiality reasons. Where the book is weak is in self-reflection and personal relationships. Stevenson doesn’t really go into personal relationships - he casually mentions towards the end that he never got on with his mum but there’s no explanation as to why and he gives nothing on his relationship with his dad other than to say that they used to go to football games together. The only interaction he describes has a somewhat snide tone to it as he mentions taking them to a Japanese restaurant but - mirroring a scene he recounts earlier - like him they don’t know how to use chopsticks. Similarly we don’t know anything about his girlfriend Wizard other than that she was beautiful and apparently very supportive. The only friend he appears to have is Harry, who he knew from growing up in Ilford and who he helps to become a broker but even then there is little about their friendship with Stevenson seemingly feeling a mix of obligation and irritation as Harry succumbs to substance abuse and keeps him awake with his partying. It’s interesting that Stevenson feels no loyalty to those traders who helped him to get started and they in turn appear ready to stab him if it works for them and I would have welcomed more insight into it than Stevenson is willing to give. Where the lack of introspection spoils the book though is in the final part where Stevenson recounts how he becomes depressed and disillusioned with trading as he can see how society is becoming more broken. It all comes a bit out of nowhere, Stevenson doesn’t try to explore why he became so paralysed and miserable and you have to read between the lines to see that it’s become about winning for him, about proving that he can take it but at the same time not doing anything with his bonuses other than investing them. The problem is that his time in Japan simply isn’t that interesting to read and the fact that Stevenson has never shown himself as being particularly invested in his community and there is nothing tangible to show why he is worried about inequality other than as an academic exercise. This is reinforced by the fact that he openly says he only looked at working for a charity because he discovered that doing so would allow him to leave Citibank and keep his bonus and for someone who talks a lot about inequality and its effects, he does not offer any solutions - although maybe this is something he is saving for a follow-up book. His ‘battle’ to leave Citibank also doesn’t ring true for me in terms of how it plays out - specifically for someone who says he hired lawyers, his strategies are remarkably stupid and yet he triumphs regardless. For all this the book is an absorbing read. Stevenson has a good narrative voice, which plays up his Ilford roots and the aggressive language and alpha male competitiveness of the trading floor. He breaks down the complexity of trading in a way that’s easy to understand and he wears his gift for numbers and clear intelligence lightly. His hunger and ambition to make something of himself also comes through strongly and I have to say that I related to that as well as I recognised it in my younger self, which may be why I enjoyed what he had to say and would happily read his next book.

I've watch Gary Stevenson on YouTube and am familiar with what he is trying to do, which is help people understand why the economy is failing and why we need to tax the ultra rich, and stop believing the narrative being fed by them about immigrants. It made me curious about him, and after hearing him talk on a podcast about his book, and them saying it is as much about the class system as being a trader, I decided to buy it and read it. I though it might be a bit beyond my understanding, all the maths and financial stuff, but like with his videos, Gary explains it in easy layman's terms, about how he became a trader, what that means and also what it involves. It helps that I come from London, and have worked in large banking institutes like Citibank, and know a few people who are traders and brokers. I understand the lifestyle and the type of people - though Gary explains that really well, and is funny with it. It's a book that documents the financial crash of 2008 - and explains why it happened and why the economy won't recover from it. It also details how the rich are holding all the cards and ordinary people don't have a chance. This causes an emotional and moral dilemma for Gary, who comes from a poor background, and it ultimately leads to him wanting to leave Citibank who he works for, but it turns out they weren't going to let him go quite so easily. He had a fight on his hands. An interesting insight, and enjoyable book which made compelling reading. It is very much written in Gary's tone and style of speaking, although I do feel that the publishers could have proofed it better as there are sentences that don't make sense as they are missing a word, and some terms could have been explained better. (Gary refers to the 'Square Mile' a couple of times, this is actually the colloquial name for the financial heart of central London where all the banks are, it is literally a square mile, but it is never explained, so if you aren't from London, you wouldn't know).

An entertaining and interesting read. There’s the odd occurrence where the writing is a bit off but doesn’t ruin a fascinating story.

Ever wonder what would have happened to Matt Damon's Good Will Hunting character if he had gone into the finance world? Gary Stevenson's story tells us what. This is a compelling story of someone with big dreams but who discovered they come at a price. And who at the end of the day, never lost his connection to his humble roots and refused to sell out. Like the Will Hunting character, Gary is from a working class background but has genuis level maths skills. His story takes him from the East End of London/Essex borders to the LSE and then on to trade on an international scale. The characters he encounters - even their egos, faults and foibles, are documented factually - but also with a touch of compassion. Certainly this is an eye-opener as to how the finance system operates. The high stakes game that is played out across world markets every day - the roll of a dice, calls into question just who is or should be in charge of your money or the economy? And also the real price to be paid for the massive bonuses traders like Gary receive. I guess the next game for Gary is probably the Netflix series based on his book. As for the investment you make reading it - well worth it. Gary - thank you for sharing your story. One of my best reads so far this year.

By three-quarters of the way into this book you begin to quite like Gary, as he casts a critical eye over the moral squalor he encounters on the trading floor of a big investment bank and in the drinking sessions with the brokers. But by the end, all that has gone. He’s in Tokyo, with nothing much to do except quarrel with his employer over how and when he’ll get paid his bonuses. He seems to claim he wins the tussle – but most of your sympathy for him has disappeared. It’s worth reading, though.

In Red Dwarf, book or TV series, one of the characters eats a chilli fried egg sandwich and describes it as ingredients that are individually wrong but somehow right together. Half way through this book I assessed the various parts and concluded that there wasn't really anything standout in it. There wasn't any real depth to the explanation of trading, the characters in it were not really fleshed out, including the author, the events somewhat shallowly dealt with, but somehow it was an amusing and enjoyable read, which I finished less that 24 hours after taking delivery - a chilli fried egg sandwich of a book indeed. Unfortunately I should have, but didn't, put down the book once the author was transfered to Japan as it rapidly runs out of steam and sadly any sympathy that I should have had for the author's situation evaporates as quickly. Irvine Welsh is quoted on the back thus: "The Wolf of Wall Street with a moral compass" but given the author of the book goes to work for a charity at the end, not to be charitable. but to be able to leave his trading job with a seven figure bonus intact, i'm not sure Mr Welsh is a man to have his reviews trusted. It's an enjoyable book, until it isn't, but having finished it i'm struggling to recall much that I would bring up in conversation, apart from not spending a lot on it. That's both my advice and review.

Gary has distilled an extraordinary life into a well-written autobiography covering his rise from working-class East London to Tokyo's Marunouchi financial district and back via LSE and Canary Wharf. It offers a glimpse into a world of international finance that generally goes unseen considering its influence over our lives. It struck me that a recurring theme of the book is how this world is structurally, almost intentionally opaque. As a young trader, it's normal to everyone around him that he has no idea what is going on and no one will readily explain anything, even though he is now an insider. We join him on this journey from cluelessness as he collects pieces of the puzzle through successes, mistakes, and little pearls of wisdom dropped intentionally and unintentionally by the bizarre cast of characters that inhabit this world. In the end, we arrive at a picture of a global economy in decay, eaten away by out-of-control wealth inequality. Gary doesn’t throw around blame for the problem carelessly. His critique is for a system that has grown to enable the worst in our very human nature, that redirects our resources to corrupt ends. Gary’s unique circumstances and perceptiveness mean that, unlike those around him, he cannot live with separating what they do behind the mirrored-glass tower windows from its consequences, as experienced by his childhood friends. He describes how a clueless and corrupt media and establishment have failed to inform the public about what is eating away at our living standards while it misdirects our anger with division, fear and an endless lineup of scapegoats. I think many of us have felt that something is deeply wrong and that our political systems are not offering effective options for change. I found a deep sense of relief reading the book that someone is speaking publically and credibly about the root causes. I strongly support Gary’s wider mission to spread understanding of how spiralling wealth inequality is killing our economies and living standards and leading us down the path to authoritarianism. I hope he can achieve his goal of building a grass-roots movement to compel politicians to act. The book is well worth a read in its own right. Pitching in a few quid to help with the movement is a bonus.

MUST READ POLITICAL AND SPIRITUAL ESSENTIAL READING BY A BRILLIANT YOUNG ECONOMIST & INVESTOR WATCH HIS PODCASTS TO UNDERSTAND HOW OUR ECONOMIES CURRENTLY FUNCTION

Enjoyed reading this book. I also like a lot of what Garry talks about and agree with. Spread the wealth.

I work in a similar field as him, but more one the back side of the process. It was fun to read, I can recommend

元CITI Bankのトレーダーが書いた回想録。作者視点の感情や回想がリアルに描かれている。疾走感のある読み応えのある本。育ちは悪いが頭の良さで金融界に入り、その歪みの中で苦闘や葛藤し、その中で変化していく主人公から、仕事とはなにか、お金とはなにか、人生とはなにか、を考えさせてくれる。 内容は全く違うが、ストーリーのテンポ感だけを切り抜くと、少しトレインスポッティングに似ていると感じた。 金融界がシステムを逆手にとって過剰に利益を上げることで、そのしわ寄せを貧困層が受けるという図の描写が極めてリアルで考えさせられる。（一般投資家だが）今後の投資戦略の在り方も考えさせられる内容。 一方で、この本では日本が登場する。その描写の仕方は綺麗で、時に笑えて、イギリス人にはこうやって見えるんだなー、と参考になったし、面白い。作者は日本が本当に好きなんだと思う。英語で読むとその感じが伝わると思う。

An utterly absorbing autobiography. Gary took me inside his head as he grappled with the issues he analysed. Thank you for that intimacy. I wish you well now as you work on the side of the angels.