The Library of Mistakes

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Oct 2026

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About the show

Based in Edinburgh, the Library of Mistakes is a free public library designed to improve understanding of finance, one mistake at a time. In this podcast series the Library's Keeper, Professor Russell Napier, speaks to leading financial history authors around the world, with Fraser Allen & Leila Johnston presenting an additional thread of episodes called Shelf Life. Series produced by Fraser Allen.

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60 recent

October 19, 202644 min

EP 69: The Weekend of AI – part two (with Eve Poole and Vladimir Maltsev)

Join Robbie Mochrie, organiser of our upcoming Weekend Of AI, in conversation with Eve Poole (author of Robot Souls) and Vladimir Maltsev (an ecomomist at the Adam Smith Business School, University of Glasgow). Eve and Vladimir are two of the expert speakers taking part in this exciting three-day event. In this episode, they offer provocative insights into what the rapid advance of AI may mean for students in particular. Recommended listening! 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.

October 14, 202646 min

EP 68: A Fabulous Debt (with Robin Wigglesworth)

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

October 9, 202641 min

EP 67 The Weekend of AI – part one (with Chris Stokel-Walker and Ellie Howard) Shelf Life#19

Join Robbie Mochrie, organiser of our upcoming Weekend Of AI, in conversation with Chris Stokel-Walker (tech journalist and author of several books, including How AI Ate The World) and Ellie Howard (a commercial and financial operator who specialises in building and scaling technology businesse). 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

September 11, 202617 min

EP 66 Meet our new Librarian! (with Emily Holmes) Shelf Life #18

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

August 17, 202637 min

EP 65: What Does Shareholder Wealth Creation Tell Investors? (with Sandy Nairn & Michael O'Connell)

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.)

July 31, 202650 min

EP 64: The Unanchored Central Banker (with Manoj Pradhan and Charles Goodhart)

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

July 24, 202629 min

EP 63: Mistakes On Maps (with Tom Paper) Shelf Life #17

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

July 17, 20261 hr 14 min

EP 62: Kaboom! Does history show that market valuations for AI are nuts?

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.

June 19, 202644 min

EP 61: We Know You Can Pay a Million (with Anja Shortland) Shelf Life #16

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

June 9, 20261 hr 0 min

EP 60: Blue Blood (with Robert Pickering)

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