Financial Foundations of Early America

This chapter explores the financial struggles of the early United States after the Revolutionary War, focusing on strategies to manage significant debt and the political challenges surrounding them. It further examines the evolution of market efficiency and investor behavior, drawing parallels between historical and contemporary issues in finance and regulation.

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On today’s episode, Clay is joined by financial history expert, Jamie Catherwood, to discuss market forecasting, interest rates, and the efficiency of markets from a historical perspective.

Jamie Catherwood is a Client Portfolio Specialist at O'Shaughnessy Asset Management and also the author of the popular blog, Investor Amnesia.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:35 - Why we shouldn’t try to make market forecasts.

04:56 - Psychological biases that play into why investors are prone to forecast markets.

08:47 - How we can determine which market forecasts are worth putting weight on.

17:10 - Jamie’s thoughts on the AI craze of 2023.

25:52 - Jamie’s take on where interest rates may head from here.

30:23 - Broader consequences of zero percent interest rates and loose monetary policy.

33:59 - Historical examples of governments restructuring their debt.

40:47 - How investor access to information has impacted the efficiency of markets.

47:53 - Jamie’s favorite book from 2023.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.
Related Episode: TIP505: The Price of Time w/ Edward Chancellor | Youtube Video.
Jamie’s blog: Investor Amnesia.
Jamie’s Sunday Reads Blog.
Marc Andreeson’s article: Why Software Is Eating the World.
Books mentioned: Seeking Wisdom by Peter Bevelin, Confusion de Confusiones by Josef De La Vega, The Price of Time by Edward Chancellor, and Taming the Street by Diana B. Henriques.
Follow Jamie on Twitter.
Follow Clay on Twitter.
Check out all the books mentioned and discussed in our podcast episodes here.

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