Library of Mistakes

Stephen Clapham, creator of Behind The Balance Sheet podcast, discusses clues in company accounts missed by investors and journalists. Topics include analyzing shareholder registers, mistakes in acquisitions, motivations behind deals, high margin red flags, and the value of education in investing.

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.

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.

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.

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.

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.

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.

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.

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.

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.