Skip navigation
London Review of Books Christmas Books

In the City subscriber-only content

Ben Gilbert

I was led away from my PhD in theology and into working in the financial markets by a love of poker. Trading, it seemed to me, might be something like playing poker all day, for vast sums of money, without any risk of bankrupting myself. After a few years it turns out that I was more or less right, although I had underestimated the psychic cost of the intensity and repetitiveness of the work. This isn’t to say that traders are reckless gamblers. Yet trading is more like an intricate game than anything else. Traders don’t make anything or develop projects, they win or lose, day by day, minute by minute. Above all, what makes the analogy with gaming unavoidable is the element of personal competition at the heart of the job. For all the financial importance of their decisions and the implications for real economies and real lives, traders remain a group of individuals devoted all day to trying to outguess, outwit, out-think one another, entering on deals purely in the hope of catching their rivals out. It still astonishes me that financial markets are animated by such boyish, combative drives.

subscriber-only content Subscribers to the print edition can log in to view the entire article. For information about subscribing to the London Review of Books click here. This article is available for purchase online. Buy this article.

Ben Gilbert works as a trader in the City of London.

LRB cover artwork

From the archive

Why blame the Russians?
Edward Luttwak writes about the financial crisis in Russia, September 1998

Hooray Hen-Wees
John Christensen: Pinochet’s Millions

El Casino Macabre
James Morone: Rebellion of the Rich

Towards the Precipice
Robert Brenner: The Continuing Collapse of the US Economy

From Miracle to Crash
Benedict Anderson writes about the Asian economic crisis (April 1998)