The Library of Mistakes

Join Russell Napier in conversation with FT journalist Robin Wigglesworth discussing his fascinating new book on the history of bonds – A Fabulous Debt: The Epic Story of How Bonds Built the Modern World.

Enjoy an entertaining and fact-packed gallop through the 400-year history of 'tradeable loans' – and hear about Robin's 'rock star' moment when he got to hold the world's oldest performing bond. Made from goatskin, it's still paying out interest four centuries on.

Produced by Fraser Allen

•Want to get a better understanding of how the markets really work? Explore our renowned Practical History of Financial Markets course: www.libraryofmistakes.com/course

Join Robbie Mochrie, organiser of our upcoming Weekend Of AI, in conversation with Chris Stokel-Walker and Ellie Howard. Chris and Ellie are two of the expert speakers taking part in this exciting three-day event. In this episode, they offer fascinating insights into what the rapid advance of AI may mean for finance, business and society at large. Recommended listening!

Part two, featuring two more speakers, follows later this month.

The Weekend Of AI takes place at the Library of Mistakes in Edinburgh over three days from 30 October to 1 November. For more information and tickets, visit: https://www.eventbrite.co.uk/e/weekend-of-ai-tickets-2002195653096?aff=oddtdtcreator

This podcast episode was hosted and produced by Leila Johnston & Fraser Allen

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