The Library of Mistakes

It's back-to-school time for everyone at Library of Mistakes, Future Asset and Leavers' Money Skills. David Clarke, CEO of Didasko (which runs these three wonderful charities) is back from his summer holidays and brimming with enthusiasm as he looks forward to our autumn events. But first, we're excited to introduce you to our new Librarian, Emily Holmes. Discover what's already caught Emily's eye on the Library of Mistakes bookshelves, what her plans are and why she's no stranger to an ice cream scoop. Presented and produced by Fraser Allen & Leila Johnston. www.libraryofmistakes.com

Many of our listeners are interested in what financial history can tell us about the returns of financial assets – and particularly of equities. We are therefore delighted as Sandy Nairn and Michael O’Connell join Russell Napier to discuss their new paper for the University of Strathclyde – ‘What Does Shareholder Wealth Creation Tell Investors?’. Michael is an Accountancy and Finance Researcher at the University of Strathclyde. Sandy is Executive Director of Global Opportunities Trust plc, and was previously Chairman of Templeton Global Equity Group and Chief Investment Officer of Scottish Widows Investment Partnership. You can download the full report here: www.libraryofmistakes.com/blog/what-does-shareholder-wealth-creation-tell-investors (This episode was recorded around an office table during the Edinburgh Festival, and excitable pedestrians in the street outside joined in the fun by providing occasional background noises.)

Manoj and Charles join Russell Napier to discuss their view that "real interest rates will rise because increasingly ageing societies will create a persistent and still-underappreciated deterioration in the government’s fiscal position". Can AI offset these demographic headwinds? The pair aren't convinced – suggesting that the glory days of central banks may be behind us. Lauded by Russell for once again "annoying the right people in the right places", he describes the book as "a quick read that makes you think for a long time". www.libraryofmistakes.com

As the Library of Mistakes prepares to host its first Edinburgh Fringe performance, we speak to the show's creator, Tom Paper. Mistakes On Maps is a witty, visually immersive journey through 20 historical maps, each featuring a fascinating flaw. Encounter sea monsters in the 1539 Carta Marina, the phantom continent of Terra Australis, California drawn as an island, the Open Polar Sea, canals on Mars, and the Mountains of Kong. Were these errors accidents, ambition, propaganda or fear of empty space? Along the way, see how trade, empire, faith and imagination bent geography. Through projected maps, story and music, this show reveals how cartographers got it wrong, and what their errors reveal about us. This episode was presented by Fraser Allen & Leila Johnston Mistakes On Maps runs every day at the Library of Mistakes in Edinburgh from 7-30 August 2026 inclusive (except 17, 18, 24 and 25 August). For more information and tickets, see: https://www.edfringe.com/tickets/whats-on/mistakes-on-maps

LIVE RECORDING Welcome to a special episode of the podcast recorded live at the Library of Mistakes and featuring a debate between two distinguished former investment practitioners – Andrew Milligan and Sandy Nairn. The question they debate is: 'Does history shows that current market valuations for AI are nuts?' Andrew, with his experience as a global strategist over many years, believes their value might be overextended, while Sandy, with his keen knowledge of technology, believes AI could herald a seismic change that might justify some of the excitement. Listen in and join in the fun, ably hosted by Robbie Mochrie and compered by David Clarke, with plenty of lively contributions from the floor. You can also watch this debate on our YouTube channel, as well as many other fascinating lectures.

We have a real treat for you this time as we speak to financial crime expert Anja Shortland. After books on art theft and kidnapping, Anja has now turned her attention to ransomware, with her latest title We Know You Can Pay a Million – and offers fascinating glimpses into the business practices of the international criminals involved. Fraser Allen and Leila Johnston also hear from Future Asset's Jemma McLean about further celebrations of the 250th anniversary of Adam Smith's Wealth of Nations, while David Clarke bids a fond farewell to our brilliant Librarian Helen Williams. www.libraryofmistakes.com

Blue Blood tells the story of Cazenove & Co., the prestigious stockbroking firm founded in 1823. Former CEO Robert Pickering reveals what happened in 2000 when the firm decided to abandon its traditional partnership structure, raise external capital and prepare for a stock market flotation. He then describes to Russell Napier the difficult years that followed as the firm reshaped its business, entered a joint venture with J.P. Morgan and ultimately moved towards a full takeover by the US banking giant (and what it felt like when the two working cultures collided). www.libraryofmistakes.com

There are plenty of books suggesting ways in which wealthy people can invest their money, but very few for people who lack the investment funds in the first place. After suffering his own financial challenges, US academic Joseph S. Moore dipped into history to conduct a series of experiments in how to get the rich 'the American way'. That resulted in a funny, eye-opening and optimistic book, sparking an illuminating discussion between Joseph and Russell Napier for our latest episode. www.libraryofmistakes.com

Join us in Montreal as we speak with François Boutin-Dufresne who, together with Karl Gauvin, is co-founder of the Observatoire des Erreurs – Canada's very own version of the Library of Mistakes. Inspired by a trip to Edinburgh, the Observatoire embraces the same ethos as the Library of Mistakes, and joins other extensions of our activity in Pune (India) and Lausanne (Switzerland). The Observatoire is currently an online community but is hoping to establish a physical presence – and François is a really interesting listen. We also hear from Didasko CEO David Clarke on summer activites in Edinburgh, while our Librarian, Helen Williams, dips into books about the oil industry. Enjoy! Presented by Leila Johnston & Fraser Allen. www.libraryofmistakes.com

Welcome to a very special episode in which the talented young women of Future Asset stage a takeover of the podcast. Recorded at the annual Future Asset finals in Edinburgh (at which teams of girls from Scottish schools compete to present the most effective investment pitch), we discover why Future Asset is so valuable in encouraging young women to consider a career in investment and finance. This episode is presented by Future Asset alumnus Grace London, who spoke to the charity's Communication Coordinator Jemma McLean, this year's winning team from Hamilton Grammar School, fellow alumnus Jenna Donnelly (now a Financial Analysis Apprentice at M&G), and one of the competition judges, Mandy Rawlinson – Head of UK & EMEA at Aberdeen Investments. Find out more at www.futureasset.org.uk www.libraryofmistakes.com

Welcome to a very special episode of the podcast, as we hear from eminent economic historian and prolific author Barry Eichengreen. Barry is the man who inspired our very own Russell Napier to realise that he could learn much more from the history of finance than he could from books on economic theory. That 'eureka' moment was inspired by Barry's first book, Golden Fetters – The Gold Standard and the Great Depression, but in this episode the pair discuss Barry's latest work, Money Beyond Borders – Global Currencies from Croesus to Crypto. As Russell dials in from a trip to the north of Scotland to speak to the California-based professor, listen in for fascinating insights into international currencies, and mounting challenges to the dominance of the US dollar. Produced by Fraser Allen. www.libraryofmistakes.com

Join Russell Napier and Costa Vayenas as they explore a currency with a cult following – the Swiss Franc. Costa is author of The Swiss Franc, from 1798 to 2055 – and yes, that's not a typo. The book promises a treasure trove of deep data and insights, and explains how Switzerland manages with an ever-appreciating exchange rate. Looking ahead, it also discusses what long-term bond yield differentials might imply for the Swiss franc against the US dollar, and the importance of jurisdictions for asset values in a world where states and private individuals are shifting to new forms of digital money. Produced by Fraser Allen. www.libraryofmistakes.com

The much-anticipated Weekend of Mistakes 2026 took place on 20-22 March, with leading investment and ecomonic thinkers such as Russell Napier, Merryn Somerset Webb and Professor Helen Thompson entertaining an enthusiastic audience gathered from across the UK and far beyond. Topics included football finance, the water industry, a guide for countries hoping to avoid going bust, and the mafia's unlikely role in shaping queer nightlife. It all took place in the stunning setting of Hay Castle in Hay-on-Wye on the Welsh border – and our very own Leila Johnston was there. Enjoy her report from a lively and thought-provoking weekend, and hear from several of the speakers and guests that she met. www.weekendofmistakes.org www.librayofmistakes.com Produced by Fraser Allen and Leila Johnston.

Russell Napier, founder of the Library of Mistakes, joins Fraser Allen & Leila Johnston to discuss the Library’s Practical History of Financial Markets, which has been running for almost two decades. What does it cover? Who is it for? And what are the benefits of taking part? Didasko CEO David Clarke is also on hand to offer his perspective on the course, while our Librarian Helen Williams recommends relevant books from our collection This episode is introduced by Fraser (heckled by some sparrows on his window ledge) on a busy day that coincides with the Weekend of Mistakes in Hay-on-Wye and the finals of the Growing Future Assets investment competition in Edinburgh. Listen in to find out more! Info on the course: https://www.libraryofmistakes.com/course Info on The Weekend of Mistakes: https://www.weekendofmistakes.org Info on Future Asset: https://www.futureasset.org.uk Robbie Mochrie’s posts on The Smith Conversations: https://robbiemochrie.substack.com/p/no-mere-economist?r=1vva35 Our YouTube channel: https://www.youtube.com/@LibraryofMistakes Produced by Fraser Allen and Leila Johnston.

In this episode, Robbie Mochrie catches up with Leila Johnston and Fraser Allen to discuss a series of events he has organised to celebrate the 250-year anniversary of Adam Smith's Wealth of Nations. Called The Smith Conversations, the programme begins on 9 March as a distinguished panel of guests assemble at the Library of Mistakes to discuss Smith on Equality. Further events explore Smith's thoughts on Wealth, Capitalism, Power and Education. See link below for tickets. We also hear from Didasko CEO David Clarke as he playfully plans a bus-trip beano to the Weekend of Mistakes in Hay-on-Wye, while Library of Mistakes Librarian Helen Williams provides her guide to books in the collection with a strong focus on that filthy lucre – money. Get your tickets for The Smith Conversations www.libraryofmistakes.com/lectures Produced by Fraser Allen and Leila Johnston.

Tom Levitt was exploring a course on 19th century history during the pandemic crisis when he stumbled upon WH Beable’s 'Romance of Great Businesses', a 1926 book exploring 32 iconic British companies. He was intrigued by the realisation that many of them still exist today (although mostly as brand names rather than intact corporations). It inspired the former teacher, MP and business advisor to delve into their stories and write his own book – The Business of History: Tales and Lessons from Two Centuries of British Commerce. Listen in to Tom's entertaining discussion with Russell Napier about famous names such as WH Smith, Boots and Cadbury – and, as an interesting aside, the thriving innovation of commercial lending libraries, before the advent of free public reading resources. And if you're interested in Tom's guided history walks around London, find out more by searching for The Business Of History at www.londonwalks.com Produced by Fraser Allen. www.libraryofmistakes.com

In the latest Shelf Life, we begin with a clip of Russell Napier speaking at this year's Mistake Of The Year awards at the Library of Mistakes - you can see the whole thing on YouTube (link below). We then discover the wonderful Weekend Of Mistakes, held every year in Hay-on-Wye, on the Welsh/English border. Inspired by the Library of Mistakes, the event shares the Library's mission of encouraging us all to learn from the mistakes of the past – and features a fantastic line-up of speakers in a wonderful setting. Organisers Paul Greatbatch and Alice Sherwood explain all to our regular hosts, Leila Johnston and Fraser Allen, and we also chat to our Librarian Helen Williams and our CEO David Clarke. www.weekendofmistakes.org www.libraryofmistakes.com Mistake of the Year: https://www.youtube.com/live/W6ibPkVvXaQ?si=Rf3N3Bhz7sZb7-kO To get in touch withn us, please email leila@libraryofmistakes.com or fraser@libraryofmistakes.com Produced by Fraser Allen and Leila Johnston.

Join Russell Napier and American economist George Selgin as they discuss George’s book, ‘Good Money – Birmingham Button Makers, the Royal Mint and the Beginnings of Modern Coinage 1775-1821’. George’s colourful and impeccably researched insights into what served as money more than two hundred years ago remain every bit as relevant today. Produced by Fraser Allen. www.libraryofmistakes.com

There's a festive feeling in the air for the last Shelf Life episode of the year, in which our guests are Jonathan Ford and Neil Collins. The pair are co-presenters of A Long Time In Finance, a history of finance podcast, which is now part of the Library of Mistakes family. Jonathan and Neil talked to us about their background as financial journalists, the thinking behind the podcast, and memorable moments from the series to date. There's also a spot of entertaining sparring between the duo, demonstrating their contrasting styles. Meanwhile, Librarian Helen Williams spotlights several gems from our corporate history shelves, and David Clarke previews our December events. And if you're fearful of Library of Mistakes podcast withdrawal symptoms, fear not as Russell Napier will be back with another interview before Christmas – plus there's a huge archive of podcast episodes and Library of Mistakes YouTube videos that you can freely access. Enjoy! Shelf Life is presented and produced by Leila Johnston and Fraser Allen. Leila@libraryofmistakes.com fraser@libraryofmistakes.com www.libraryofmistakes.com

Join Russell Napier in discussion with author Perry Mehrling about the extraordinary life of Charles P. Kindleberger – central banker, US Department of State representative steering post-war German reconstruction, leading academic, and author of Manias, Panics And Crashes. Kindleberger was driven by the hope that, if he helped people understand how the dollar system really works, they would stop trying to destroy it. Perry's account is given additional nuance and insight through the friendship he developed with Kindleberger in his later years. Produced by Fraser Allen. www.libraryofmistakes.com