Tim Price: Rules for Understanding and Investing Through a New Bretton Woods Moment

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Apr 9, 2025

Tim Price, Director at Price Value Partners, brings over 30 years of capital market expertise. He advocates for filtering media information and distrust of conventional narratives, especially after political upheavals like Brexit. Price critiques Keynesian economics, emphasizing the need for human behavior in financial models and highlights gold's stability compared to volatile cryptocurrencies. He underscores emotional discipline in investment strategies and warns against over-financialization, suggesting a return to fundamental investing principles.

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ADVICE

Avoiding News

To deal with news overload, simply turn it off.
Avoiding news benefits the brain like avoiding sugar benefits the body.

INSIGHT

Filtering Information

There's now an overwhelming amount of information available, requiring careful filtering.
Prioritize alternative sources like Substack or Twitter for more in-depth analysis and diverse perspectives.

ANECDOTE

Erosion of Trust

Brexit's success, despite establishment opposition, signaled a shift in public trust.
This, along with Trump's presidency and COVID, eroded faith in traditional institutions.

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Sapiens

A Brief History of Humankind

Yuval Noah Harari

This book surveys the history of humankind from the Stone Age to the 21st century, focusing on Homo sapiens. It divides human history into four major parts: the Cognitive Revolution, the Agricultural Revolution, the Unification of Humankind, and the Scientific Revolution. Harari argues that Homo sapiens dominate the world due to their unique ability to cooperate in large numbers through beliefs in imagined realities such as gods, nations, money, and human rights. The book also examines the impact of human activities on the global ecosystem and speculates on the future of humanity, including the potential for genetic engineering and non-organic life.

The Origin of Wealth

The Radical Remaking of Economics and What It Means for Business and Society

Eric Beinhocker

In this book, Eric D. Beinhocker argues that modern science provides a radical perspective on how wealth is created within the global economy. He posits that the economy is a 'complex adaptive system' where physical technologies, social technologies, and business designs interact to create novel products, new ideas, and increasing wealth. Beinhocker explores how 'complexity economics' offers insights into issues such as creating adaptive organizations, the evolutionary workings of stock markets, and new perspectives on government policies. The book takes readers on an entertaining journey through economic history, from the Stone Age to the modern economy, highlighting the three-step evolutionary formula of differentiate, select, and amplify as the key to wealth creation.

Through the looking-glass

Lewis Carroll

In this sequel to 'Alice's Adventures in Wonderland', Alice climbs through a mirror and enters a world where everything is reversed, much like a reflection. Here, she finds herself in a land laid out like a giant chessboard, where she must navigate to the eighth rank to become a queen. Along her journey, she meets a variety of bizarre characters, including the Red Queen, the White Queen, Tweedledum and Tweedledee, and Humpty Dumpty. The story is filled with Carroll's signature nonsensical logic, word play, and imaginative world-building.

Tom welcomes back Tim Price, Director at Price Value Partners. The discussion begins around the importance of filtering information in today's overwhelming media landscape. He suggests turning off legacy media and instead seeking alternative sources like Substack or Twitter for deeper insights. Price warns against over-financialization and the risks it poses to economic stability, advocating for a return to fundamental principles such as value investing and staying within one's zone of competence. He highlights the current geopolitical chaos as a critical moment, noting similarities to past crises like the 1930s. Price critiques Keynesian economics, arguing that treating the economy as a machine fails to account for human behavior. He also discusses the collapse of trust in institutions, particularly after events like Brexit and the Trump presidency, which have led to increased skepticism among voters. Price underscores the role of gold as a reliable store of value during uncertain times, contrasting it with the speculative nature of cryptocurrencies. He advises investors to focus on long-term strategies, avoid getting spooked by short-term market fluctuations, and resist the urge to follow every financial fad. Price stresses the importance of emotional discipline in investing, referencing stoicism as a key trait for navigating volatile markets. He also touches on the destructive impact of unaccountability among elites, comparing it to historical precedents that led to societal destabilization. Timestamp References:0:00 - Introduction0:38 - News Cycle Avoidance4:50 - Finding & Filtering Info7:42 - Confirmation Bias12:37 - Economic Ivory Towers19:28 - Sapiens - Yuval Harari22:45 - Repeating Cycles & Problems27:46 - Consequential Times33:06 - Fragility & Chaos Theory35:52 - Multiflation & Bad Economics37:34 - Gold Signs & Revolution42:44 - Rumors & Market Reactions48:00 - Age of Unaccountability50:28 - Wrap Up Guest Links:X: https://x.com/TimPrice1969Website: https://www.pricevaluepartners.com/War On Cash: https://www.pricevaluepartners.com/war-on-cash/Articles: https://www.pricevaluepartners.com/commentaryTim's Podcast: State of the Markets BooksTim's Book (Amazon): https://www.amazon.ca/Investing-Through-Looking-Glass-Irrational/dp/0857195360 Book Recommendations:180 Degrees (Amazon): http://tinyurl.com/3vjvpnud Tim Price has worked in the capital markets for over 30 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms. Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards program and was a winner in 2005 in the category of Defensive Investing. He is now co-manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. He also co-manages bespoke private client portfolios. Tim writes for MoneyWeek Magazine and The Spectator, and his weekly commentaries are freely available at the Price Value Partners website.