The Keys to Managing Money & Risk Alan Howard is the founder of Brevan Howard. He started his career at Salomon Brothers, where he was assigned to the Eurobond desk. He then moved to the London securities arm of Tokai Bank to head interest rate trading in Europe. Next, he joined Credit Suisse First Boston as a trader before being promoted to Head of Proprietary Trading for Fixed Income in Europe. His team generated $500mn in profits for CSFB, before leaving to start Brevan Howard in 2002, which peaked at $40bn of AUM in 2013 across nine funds, downsized to $18bn in 2016 across three funds, bottomed at $6.3bn in 2018, and as of 2023, managed $35-40bn. George Osborne is a Partner at Robey Warshaw. He started his career as a freelance journalist for The Daily Telegraph, before joining the Conservative Research Department and becoming the Head of its Political Section. He then worked as a special adviser to Minister of Agriculture, Fisheries and Food Douglas Hogg, in the Political Office at 10 Downing Street, working on Prime Minister John Major’s campaign team, and then for William Hague as a speechwriter and political secretary, also helping prepare him for the weekly session of Prime Minster’s Questions, playing the role of Prime Minister Tony Blair. After his stint on the Prime Minster’s Questions team, he was elected as the Member of Parliament for Tatton, Cheshire, before being appointed to the Shadow Cabinet as Shadow Chief Secretary to the Treasury, and then promoted to Shadow Chancellor of the Exchequer. After a few years, he was appointed Chancellor of the Exchequer. After half a decade as Chancellor, George became the editor of the Evening Standard and an advisor at BlackRock before ultimately joining Robey Warshaw as their first-ever external partner hire. Letter #288: Alan Howard and George Osborne (2023) Today’s letter is the transcript of a conversation between Alan and George. In this conversation, Alan shares introduces his namesake fund, why they opened an office in Abu Dhabi, persuading talent to move there, general migration patterns, the importance of in-office, in-person work, trading volatility during the Financial Crisis, lessons learned from that period, and the foundations it laid, trading when Covid first emerged, predictions for the next few years, issues that may arise, and thoughts on building and running a large multi-strategy firm. [Full transcript in link in bio]