The HC Commodities Podcast – “Rivers of Money: A History of Oil Trading – Meet the Authors Live Event”
Host: Paul Chapman (HC Group)
Guests: Adi and Colin (co-authors of “Rivers of Money”)
Date: October 21, 2025
Episode Overview
In this special live episode, Paul Chapman welcomes authors Adi and Colin to celebrate their book “Rivers of Money,” a social and economic history of modern oil trading. The conversation is wide-ranging and intimate, mixing academic insights, industry anecdotes, and personal reflections on the evolution of oil trading, its major personalities, changes in culture, and the future of the industry. The authors share behind-the-scenes stories from writing the book and discuss what the next era might hold.
Key Discussion Points & Insights
1. The Story Behind the Book and Its Title
-
Origins of the Title:
- The initial academic subtitle (“The Social and Economic History of Modern Oil Trading”) was deemed “boring”; the “Rivers of Money” metaphor more evocatively captures the social construct of the market and how money flows like a river through least resistance (01:31).
- Adi: “The idea of the river is the market and markets always flow following the contours of least resistance...traders follow the lowest cost, highest profit.” (03:10)
-
Narrative Over Statistics:
- Adi explains that anecdotes and personal recollections—like a memo from a trader who described oil as a “miscellaneous commodity” in the early ’80s—tell the story better than data (02:55).
2. The Need for the Book
- Context and Legacy:
- Colin: “This was a period that had to be memorialized before it was too late…Prior to 1990, it’s not [on the internet]; we wanted to get the personal views and reminiscences of participants.” (05:17)
- The book’s style is semi-academic, aiming for humor and accessibility.
3. The Changing Life of an Oil Trader
-
Then vs. Now:
-
Regulation and Culture:
4. Trader Compensation—Then and Now
-
Big Numbers Old and New:
- Paul Chapman highlights the dramatic increases in trader pay and the rise of a “Premier League” culture (11:00).
- Colin: “I have a strong view that one part of the oil market, the paper side, which relies...on speed, is both socially and economically useless…[but] the merchanting side is valuable.” (13:00)
- Adi: “Each period had its own heroes…I remember in 1990, [someone’s] bonus was $40 million. Ridiculous!” (13:55)
-
US vs. London Market:
- The entry of Wall Street refiners transformed London’s bonus culture from “100k plus a BMW” to Wall Street-style bonuses (15:33).
-
Perceptions & Adaptations:
- “Traders are football managers. They fail and somebody still wants to hire them.” (16:26)
5. Behind the Scenes: Writing the Book
-
Collaboration:
- The authors previously collaborated on a Brent book—positive experience led to this project (17:38).
-
Stories Left Unsaid:
- Personal tales and unverifiable stories were mostly omitted for objectivity and academic rigor (18:43).
- Colin’s memorable story:
- The pig’s head sent to Morgan Stanley as a warning, and the Bridie Tobin oyster and vodka anecdote (19:14–21:20).
6. Advice for Future Traders
-
Attributes for Success:
- Adi: “It’s hard work at the end of the day, long hours… holidays are never without phone calls.” (22:30)
- Colin: “Numeracy, emotional intelligence, discipline… very few people are really good traders. Lots of people have been lucky.” (23:47)
- Notable quote from Trish Collins: “Traders’ careers run in five-year cycles: three average years, one stonking year, one complete fuck up.” (24:42)
-
Market Reality:
- Adi: “The oil market is not democratic. It’s $1 one vote. So people with big books will always win.” (25:00)
7. Risks to the Oil Trading Sector
-
Regulatory Overreach and Market Structure:
-
Government Intervention:
- Adi: “Fixing the price of a futures market… these are incredibly stupid ideas… We do only hope that governments…abstain from killing the messenger because price is a messenger.” (27:00)
-
Sustainability and the Green Transition:
- The “green elephant in the room”—industry must evolve to remain sustainable and avoid litigation (28:28).
8. What’s Next? The Authors’ Podcast
- Expanding the Narrative:
- Adi and Colin announce their new podcast “50 Years of Modern Oil Trading,” aiming to feature stories and people left out of the book (29:14–30:09).
Notable Quotes & Memorable Moments
-
On the market as a metaphor:
- Adi: “The idea of the river is the market and markets always flow following the contours of least resistance. Just like markets and traders follow the lowest cost, highest profit.” (03:10)
-
On change and memory:
- Colin: “We wanted to get the personal views and reminiscences of participants and get that book written on how the business started...” (05:17)
-
On the evolution of trading culture:
- Colin: “Folks had to be sociable to be part of that milieu at the time. They didn’t have to be scientific or STEM people. Now they do.” (08:27)
-
On compensation:
- Adi: “…in 1990, [Andy Hall’s] bonus was $40 million. Ridiculous!” (13:55)
-
On traders’ job security:
- Colin: “Traders are football managers. They fail and somebody still wants to hire them.” (16:26)
-
On the true nature of trading:
- Colin (via Trish Collins): “Traders’ careers run in five year cycles: three average years, one stonking year, one complete fuck up.” (24:42)
-
On the oil market’s lack of democracy:
- Adi: “The oil market is not democratic. It’s $1 one vote. So people with big books will always win.” (25:00)
-
On regulation:
- Colin: “Regulatory overreach could be very damaging if it occurs....” (26:04)
-
On sustainability:
- Adi: “The industry needs to clean up and to stay here, and it will stay for a very long time, but it needs to be clean...” (28:28)
Timestamps for Important Segments
- [01:31] - The decision behind the book’s title and the “rivers” metaphor
- [05:17] - Why now: preserving the untold oral history of oil trading
- [07:34] - Day-in-the-life of an oil trader: Then vs. now
- [11:00] - Compensation across the eras
- [13:55] - Memorable compensation stories: $40 million bonuses in 1990
- [15:33] - Wall Street’s influence on London’s bonus culture
- [18:43] - Stories left out of the book
- [19:14] - The pig’s head and other wild trading tales
- [22:30] - Advice for aspiring traders
- [24:42] - Five-year trader career cycles
- [25:00] - Market power and “$1 one vote”
- [26:04] - Risks and regulatory threats to the sector
- [28:28] - The sustainability challenge
- [29:14] - The authors’ new podcast: 50 Years of Modern Oil Trading
Tone and Atmosphere
The conversation combines academic rigor with storytelling and gentle humor. The rapport between the authors and host is warm and candid, marked by the wisdom of decades in the oil trading business and the curiosity to keep learning and sharing with new generations.
Summary
This episode gives listeners an insider’s look at “Rivers of Money,” not just as a history book but as a living oral history of oil trading’s transformation. The anecdotes, reflections on working culture, and honest assessments of change and risk make the conversation valuable for industry veterans and newcomers alike. By placing personal memory alongside market analysis, the discussion humanizes a notoriously opaque corner of global finance—showing its wild sides, its evolving challenges, and what it takes to last within it.
For more on HC Group and the authors’ new podcast, listeners are directed to hcgroup.global and the authors’ future podcast series.