Boxing and trading aren’t as different as they seem on first inspection. Our discussions with Amir Khan, who’s joined forces with us for the Ring the Changes initiative, has shown that success in both the ring and the markets requires a similar skillset.
Today we’re continuing the investigation, looking at the white-collar boxing history, a part of the sport that’s become a hugely popular charity fundraiser. It’s reached meteoric heights, - the BBC’s 2003 Celebrity Boxing event featured Lee Dennis and Ricky Jervais and raised over £1.5m for a huge range of charities. There’ve been over a hundred sold out events since the sport leapt into the spotlight in 2003, and it looks set to keep on growing.
While white collar boxings success might look instantaneous, bursting into light overnight, the reality is that the sport has followed a slow and steady journey of development that goes as far back as the eighties.
How did white-collar boxing begin?
White-collar boxing began in New York City, in a small place called Gleason's Gym. Owner Bruce Silverglade began to set up fights between the white-collar workers of his clientele in the late 1980s, and it gradually became a regular monthly event. Over the years, it began to become more and more popular, but wasn’t until the late 1990’s that the sport began to really expand.
The sport reached new heights when in 2000 the Gleason’s gym crew brought a team of Wall Street bankers to the Broadgate Arena, London. Now a yearly event, white collar boxing has been cemented as a staple sport, bringing in both big crowds and pig paycheques for charities. The sport has achieved global success, and the largest event to date took place in Singapore and raised a stunning $2m dollars.
But what does this all mean for traders?
The white-collar boxing history shows that while success might look instantaneous from the outside, there’s always an unsung story of hard work behind the scenes. Whether you’re a boxer or a trader, lasting success never comes over-night. It’s a well-established truth in the business world, but perhaps Warren Buffet put it most aptly: “Someone is sitting in the shade today because someone planted a tree long time ago.”