Key Takeaways
- • Colin Lancaster, former head of macro strategy at Citadel (which manages over $38 billion in investment capital), authored "Fed Up!" — a market novel chronicling a macro trader's experience during the 2020 pandemic market volatility while under a non-compete clause.
- • Lancaster utilized his mandatory non-compete period to document extraordinary market movements in daily journal entries, accumulating substantial content that he converted into a completed manuscript within eight months.
- • The novel captures authentic market details and trading dynamics from the pandemic era while employing fictional characters to convey the pace, volatility, and high-pressure nature of institutional macro trading for prospective industry entrants.
- • Lancaster has built a 25-year Wall Street career running macro and fixed-income operations at multiple top-tier hedge funds including Citadel and Balyasny Asset Management, positioning him as an authority on trading execution and market strategy.
- • The book provides rare insider perspective on institutional trading operations during the greatest market panic since the Great Depression, with all market events remaining factually accurate despite fictionalized character narratives.
Summary
Colin Lancaster, a 25-year Wall Street veteran and former head of macro strategies at Citadel, has authored a novel titled "Fed Up!" that offers institutional investors and trading professionals an insider's perspective on macro trading during the 2020 pandemic market dislocation. The book was written during Lancaster's non-compete period following his departure from Citadel, where he previously managed macro strategy at the $38 billion hedge fund.
Rather than remain idle during his contractual non-compete restriction, Lancaster leveraged the volatile market environment to document his observations. He maintained detailed daily journal entries chronicling market movements, accumulating substantial content within weeks. Recognizing the opportunity, he completed the manuscript within eight months, translating his real-time market observations into narrative form.
The novel is set within a London-based hedge fund and follows a fictional macro trader navigating the pandemic-era market environment. While all market details and trading dynamics remain factually accurate, Lancaster created fictional characters to convey the operational realities of institutional macro trading. As Lancaster explained, this approach was deliberate: "I thought it was really important because I wanted people who are thinking about getting into this business to have a sense as to the pace of our life and the frenetic nature of it and to feel that energy."
Lancaster's professional background provides substantial credibility for the work. Beyond his tenure at Citadel, he has held senior positions at Balyasny Asset Management and has run two of the highest-profile global macro businesses among top-performing hedge funds. His stated purpose in writing "Fed Up!" was to authentically capture the period through the lens of a macro trader, given that macro trading represents his core expertise. The book documents what Lancaster characterizes as the greatest market panic since the Great Depression, providing both market professionals and prospective industry participants with an account of trading operations during unprecedented volatility.
Rather than remain idle during his contractual non-compete restriction, Lancaster leveraged the volatile market environment to document his observations. He maintained detailed daily journal entries chronicling market movements, accumulating substantial content within weeks. Recognizing the opportunity, he completed the manuscript within eight months, translating his real-time market observations into narrative form.
The novel is set within a London-based hedge fund and follows a fictional macro trader navigating the pandemic-era market environment. While all market details and trading dynamics remain factually accurate, Lancaster created fictional characters to convey the operational realities of institutional macro trading. As Lancaster explained, this approach was deliberate: "I thought it was really important because I wanted people who are thinking about getting into this business to have a sense as to the pace of our life and the frenetic nature of it and to feel that energy."
Lancaster's professional background provides substantial credibility for the work. Beyond his tenure at Citadel, he has held senior positions at Balyasny Asset Management and has run two of the highest-profile global macro businesses among top-performing hedge funds. His stated purpose in writing "Fed Up!" was to authentically capture the period through the lens of a macro trader, given that macro trading represents his core expertise. The book documents what Lancaster characterizes as the greatest market panic since the Great Depression, providing both market professionals and prospective industry participants with an account of trading operations during unprecedented volatility.
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