Library of Mistakes

EP 31: Money & Promises (Paolo Zannoni) Nov 07, 2024

Money & Promises (Seven Deals That Changed World) is Paolo Zannoni's first book and one of Russell Napier's favourite books of the year. For as well as being President of the luxury Italian fashion group Prada, Paolo is a highly experienced banker who has combined his professional expertise with a passion for exploring ledger archives to create a ground-breaking work of financial history.
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 30: Money – A Story of Humanity (with David McWilliams) Oct 08, 2024

"Despite being a fully paid-up member of the economist tribe for many years, I’ve concluded that most economists don’t really understand money," says David McWilliams, co-founder of Kilkenomics, (the world's first economics and comedy festival). David's new book, Money: A Story of Humanity, explains why he takes this entertainingly provocative position – and backs it up with powerful arguments. The book has received many plaudits. Professor Brian Cox describes it as: "A breathtaking, expansive and imaginative ride through the history and future of money from an author who truly understands it." And this free-ranging discussion with Russell Napier – embracing Karl Marx, Van Morrison and James Joyce – is just as fascinating.
•To discover more about Kilkenomics, go to: https://www.kilkenomics.com
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 29: The Bankers' New Clothes (with Anat Admati) Sep 19, 2024

In this lively episode, Anat Admati (Professor of Finance and Economics at Stanford) explains what she believes to be wrong about banking, and how it should be changed. Anat is co-author (with Martin Hellwig) of The Bankers' New Clothes, originally published in 2013, then expanded and re-published this year to encompass the era of increased regulation. Interviewer Russell Napier challenges Anat on some of her opinions, and Anat challenges Russell back, making for a fascinating listen.
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 28: The Twilight Before The Storm (with Viktor Shvets) Sep 05, 2024

Technology is transforming our societies, promising a far deeper disruption than the industrial revolutions. As a result, humanity is at a major turning point, and how we respond to the merger of technology and financialisation will decide our future. Are we heading for "enlightened communism" or "despotic feudalism"? Russell Napier quizzes Viktor Shvets on his throught-provoking book The Twilight Before The Storm.
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 27: Seven Crashes (with Harold James) Jul 08, 2024

Join Russell Napier for a fascinating discussion with Harold James, author of Seven Crashes: The Economic Crises That Shaped Globalisation. And unlike many of our episodes, brace yourself for a relatively optimistic conclusion!
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 26: The Rise Of Carry (with Tim Lee & Kevin Coldiron) Jun 18, 2024

Russell Napier revisits a book that slipped out during the pandemic crisis but does, he believe, deserve considerable attention. Listen to him quizzing Tim Lee and Kevin Coldiron, two of the authors of The Rise of Carry: The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis.
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 25: What I Learned This Week (with Kiril Sokoloff) Apr 22, 2024

For 40 years, Kiril Sokoloff, the founder of 13D Research & Strategy, has been picking some of the biggest turning points in financial markets. And, in 2001, he launched 'What I Learned This Week' – a must-read for anyone in the investment community. In this interview with Russell Napier, Kiril shares some of the insights he has gleaned across a long and successful career.
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 24: Investing in US Financial History (with Mark J Higgins) Mar 22, 2024

Russell Napier and Mark J Higgins explore some of the lessons to be learned from Mark's latest book, Investing in US Financial History: Understanding the Past to Forecast the Future. The book opens with Alexander Hamilton’s financial programmes of 1790 and ends with the Federal Reserve’s battle with inflation in 2023 – and Russell welcomes the valuable way in which it fills a void in our understanding of American financial history.
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 23: Boom and Bust (with William Quinn & John D. Turner) Feb 05, 2024

In an appetising taster of our Weekend of Mistakes at Hay Castle on 1-3 March 2024, Russell Napier is joined by the authors of Boom And Bust, William Quinn & John D. Turner, to discuss their fascinating global history of financial bubbles.
William will also be joining Russell at Hay Castle for a session called The Madness Of Crowds.
If you're accessing this podcast before 1 March 2024, there may still be tickets left for the Weekend of Mistakes. More info at https://www.haycastletrust.org/p-3525-weekend-of-mistakes-at-hay-castle.aspx
•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 22: Humanomics (with Professor Deidre McCloskey) Dec 19, 2023

Welcome to this special episode – a lecture by Professor Deirdre McCloskey recorded at the University of Edinburgh. With great humour and wisdom, Professor McCloskey discusses Humanomics, her attempt to eradicate (or at least reduce) the role of mathematics in economics. She also explores the Market Mind Hypothesis, a new approach to the understanding of the market, the mind and the rational economic man being developed here in Edinburgh at the Edinburgh Futures Institute.
[The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course]

EP 21: War and Gold (with Kwasi Kwarteng) Dec 01, 2023

Financial historian and former Chancellor of the Exchequer Kwasi Kwarteng discusses War And Gold, his 500-year review of 'empires, adventures and debt'. In conversation with Russell Napier, he also looks back on the fallout from the 'fiscal statement' of September 2022 and the power of the bond markets.
(The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course)

EP 20: The Market Mind Hypothesis (with Patrick Schotanus) Nov 28, 2023

Welcome to a special, extended episode recorded live at the Library of Mistakes on 15 November 2023. Cognitive economist and investment 'pracademic' Patrick Schotanus discusses his important new book The Market Mind Hypothesis, with an introduction from Russell Napier. Drawing on the thinking of Adam Smith, The Market Mind Hypothesis touches on key issues in economics, investing, and cognitive science, leading to insights that can improve markets, make investing more sustainable, increase the effectiveness of public policy and benefit society.
The two quotes that Patrick refers to in his talk are as follows:
"Now the issue, as is plain, relates to the treatment of 'consciousness' in human beings. The essence is [economics'] iniststence that we ignore... the existence of conscousness... In oppositioon to this view, I propose... that we cannot treat human beings as... mechanisms, and that we do not want to do so even if it were possible."
Frank Knight 1925
The global behavor of the market... is reminiscent of... the emergence of consciousness."
Didier Sornette 2003
[The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course]

EP 19: Behind the Balance Sheet (with Stephen Clapham) Nov 06, 2023

Stephen Clapham joins Russell Napier to discuss the clues and warnings that are often hiding in plain sight within the pages of a company's accounts – and yet are all too often missed by investors and journalists. Steve is the author of The Smart Money Method, and the creator of the Behind The Balance Sheet podcast and the popular online training course of the same name. Join us for an entertaining and insightful conversation.
Also, to find out more about Stephen's course, go to: www.behindthebalancesheet.com
And remember that the Library of Mistakes also runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

EP 18: The Millionaires' Factory (with Joyce Moullakis & Chris Wright) Oct 02, 2023

Hear the authors of the Millionaires' Factory reveal the inside of story of how Macquarie Bank became a global giant – a fascinating tale which also reflects the profound changes to have taken place across the financial world since 1974. Joyce and Chris are interviewed by Russell Napier, Keeper of the Library of Mistakes, who explores how the story of this institution illuminates issues that affect us all.
And remember, that if you’d like to learn more about the world of investment, the Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, simply visit www.libraryofmistakes.com/course.

Ep 17: The Strange Case of Arif Naqvi (with Simon Clark – Live at the Library of Mistakes) Sep 22, 2023

Welcome to a special bonus episode, in which we hear a live talk from Simon Clark recorded at the Library of Mistakes on 20 September 2023. Together with Will Louch, Simon is co-author of The Key Man, a fascinating exposé of Arif Naqvi, the disgraced founder of the Dubai-based Abraaj Group. Naqvi was arrested in 2019 on charges of money laundering and misappropriating hundreds of millions of dollars, and is currently fighting extradition from the UK to the US.
In this bumper episode running to over an hour, we also hear questions from our Keeper Russell Napier and members of the audience. As tends to happen with live events, there is a little extraneous noise picked up by the microphone but we hope you enjoy this extraordinary story.
And remember, that if you’d like to learn more about the world of investment, the Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, simply visit www.libraryofmistakes.com/course.

Ep 16: How Private Equity is Plundering America (with Brendan Ballou) Jul 18, 2023

With a skull and crossbones on the cover, and the title of Plunder: Private Equity's Plan to Pillage America, Brendan Ballou's debut book pulls no punches over the perceived greed and ineptitude of many of America's private equity firms – and the damage they are causing to the economy and society. All the more surprising then that the author is neither a journalist or a retired lawman but very much an active special counsel working for the U.S. Department of Justice. Brendan clearly has a passion for the subject, matched by his deeep knowledge in the field, and his conversation with Russell Napier is as fascinating as it is alarming. Very much worth a listen.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 15: Controlling Credit (with Eric Monnet) Jun 09, 2023

Want to learn about monetary policy without interest rates, and how we may be going back to the future? These questions, and many more, are explored as Russell Napier meets up with Eric Monnet, former senior economist at the Banque de France and now Professor of Economic History at the Paris School of Economics. Eric takes us on a journey through the evolution of central banks and credit policy, both in France and across western Europe.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 14: Geopolitical Alpha (with Marko Papic) Apr 03, 2023

Marko Papic, author of Geopolitical Alpha, joins our Keeper Russell Napier to discuss his investment framework for predicting the future. In a world where geopolitical tensions are ever more influential, Marko is one of the few people with an investment background writing about the impact we can expect them to have. And as someone who grew up in Yugoslavia as it descended into war, and lived through the second highest period of hyperinflation in history, these are issues he has been considering for much of his life.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 13: Capital Wars - The Rise Of Global Liquidity (with Michael Howell) Feb 06, 2023

Michael Howell, legendary market strategist, author and founder of CrossBorder Capital, joins our Keeper Russell Napier to discuss global liquidity. Join us for a thought-provoking episode that seasoned investors and knowledgable market observers will enjoy getting their teeth stuck into.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 12: The Wall Street Renegades who Changed Finance Forever (with Robin Wigglesworth) Dec 15, 2022

Robin Wigglesworth, the FT journalist and author of Trillions, joins us from Oslo to discuss the revolutionists who invented index funds, and the consequent threats to capitalism posed by the spread of passive investing.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 11: The Myth of Capitalism (with Denise Hearn) Nov 25, 2022

Wander into any small town in the US and you'll find "a Subway, a Bank of America and some private-equity-owned retail chain".
Denise Hearn, co-author (with Jonathan Tepper) of The Myth of Capitalism (the Financial Times Book of the Year in 2018), explains how corporate monopolies are not only killing competition, choice and diversity, but weakening the economy. This thought-provoking interview with the influential Seattle-based writer and campaigner is well worth a listen.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

EP 10: The Wirecard Criminals (with Dan McCrum) Oct 21, 2022

When FT investigative journalist Dan McCrum began challenging the financial model of so-called fintech pioneer Wirecard, he was threatened with criminal charges in Germany – and worse from the murky forces of the Russian underworld. Yet he persisted, demonstrating that Wirecard was a fraudulent operation that had hoodwinked auditors worldwide – and many others, including former German Chancellor Angela Merkel. Hear Russell Napier ask Dan about his extraordinary book Money Men, and how the hubristic forces behind Wirecard were doomed to fail.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 9: The Extraordinary Story of John Stonehouse (with Sir Philip Augar) Oct 03, 2022

He was a Labour Cabinet Minister tipped to be a future Prime Minister – charming, handsome and apparently a passionate advocate for social justice. Yet John Stonehouse was also a spy who sold secrets to Czechoslovakia, a fraudster who propped up his supposedly altruistic bank with illegal transactions, and ultimately a criminal who successfully faked his own death – until he was mistaken for Lord Lucan!
In this special podcast, recorded live in the Library of Mistakes on 27 September 2022, Sir Philip Augar reveals the John Stonehouse story as portrayed in Agent Twister, his recent book with Keely Winstone. A fascinating tale.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 8: Lex Greensill and the Pyramid of Lies (with Duncan Mavin) Sep 13, 2022

How did Australian farmer Lex Greensill convince the likes of Credit Suisse and the Softbank Vision Fund that he was a highly investable fintech entrepreneur? Why was former UK Prime Minister David Cameron recruited as a lobbyist? And what caused Greensill's 'pioneering' chain finance model to collapse with the loss of billions of dollars? Join our host Russell Napier as investigative journalist Duncan Mavin reveals a tale of greed, deceit and incompetence.
Duncan Mavin is the author of The Pyramid Of Lies: Lex Greensill and the Billion-Dollar Scandal, published by Pan Macmillan.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 7: The Price of Time (with Edward Chancellor) Jul 22, 2022

All economic and financial activities take place across time – and interest coordinates those activities. The story of capitalism is thus the story of interest: the price that individuals, companies and nations pay to borrow money. Edward Chancellor could barely have chosen a more topical moment to publish a book about the history of interest rates (The Price Of Time), and host Russell Napier opens this fascinating interview by asking him if one of the problems that economies face is that interest rates are expected to perform too many functions.
(Note to listeners: Edward's first answer is accompanied by some effusive birdsong and traffic noise, but the quality improves thereafter.)
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

EP 6: Hard Times in the 21st Century (with Helen Thompson) Jun 14, 2022

Disorder, a new book by the political economist Helen Thompson, has made waves with its depiction of the long history behind the world's current political challenges. Helen's view is that the disruption experienced in geopolitics, the world economy and western democracies has come together in one big surge of turbulence. It also suggests that, even as the world moves towards greener energy, the predicaments cause by our reliance on fossil fuels will not go away. It's a fascinating book and a lively discussion with Professor Russell Napier, who starts by asking Helen how she believes that the international capital flows of the very wealthy have impacted upon western democracy.
This episode is a great listen for anyone interested in what really makes the world tick.
For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 5: The Economics of the Stock Market (with Andrew Smithers) May 20, 2022

Andrew Smithers first dabbled in the stock market as a schoolboy in the 1950s, and grew into one of the most respected economics commentators of his generation. As well as running S G Warburg's asset management business (now part of Black Rock) for many years, he was a columnist for The Financial Times and has written several books. His latest – The Economics of the Stock Market – focuses on the difference between corporate net worth and market valuation, and the discrepancies between the theory and the practice.
This episode is a must-listen for anyone interested in the markets, with the interview expertly conducted by Professor Russell Napier.
[Note to listeners: Andrew's audio was recorded remotely on his home set-up and while not up to the usual sound quality of the series, we hope you are able to enjoy his observations.]
For more information on the Advanced Valuation In Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

Ep 4: Back from the Brink (with Lord Darling) May 02, 2022

Lord Darling opens the new Library of Mistakes in Edinburgh, and explains to business journalist and author Ray Perman what it was like to be Chancellor of the Exchequer during the global financial crisis, as the UK banking system teetered on the edge of collapse. A highly entertaining listen for anyone interested in banking, politics and people.

Ep 3: Adapting to the New Economic World Order (Hidden Forces v Russell Napier) Apr 25, 2022

This is a special episode, republished by kind permission of the Hidden Forces podcast series, in which Demetri Kofinas interviews our very own Professor Russell Napier about how investors should prepare for the greatest economic and financial revolution in 100 years. A great listen, particularly for investment experts and enthusiasts.

Ep 2: The Financial Cold War (with James Fok) Mar 18, 2022

As the West seeks to punish Russia for its invasion of Ukraine through financial sanctions, Russell Napier meets an expert on how this kind of warfare tends to play out. In a timely and thought-provoking discussion, he puts the questions to James Fok, author of Financial Cold War – A View of Sino-US Relations from the Financial Markets. A great listen, particularly for finance experts and enthusiasts.

Ep 1: Iceland's Secret (with Jared Bibler) Jan 21, 2022

In this first episode of the Library of Mistakes podcast series, Russell Napier explores the 2008 financial collapse of Iceland with Jared Bibler, author of Iceland's Secret – The Untold Story Of The World's Biggest Con. After moving from the US financial world to Iceland in search of a quieter life, Jared found himself working for the nation's tiny, cash-strapped regulator, digging into multi-billion-dollar crimes carried out by top executives. His page-turner of a book provides a fascinating basis for this entertaining discussion.

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