The Library of Mistakes

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Jun 2026

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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

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

May 27, 202645 min

EP 59: How to Get Rich the American Way (with Joseph S. Moore)

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

May 18, 202631 min

EP 58: Observatoire des Erreurs (with François Boutin-Dufresne) Shelf Life #15

Join us in Montreal as we speak with François Boutin-Dufresne who, together with Karl Gauvin, is co-founder of the Observatoire des Erreurs – Canada's very own version of the Library of Mistakes. Inspired by a trip to Edinburgh, the Observatoire embraces the same ethos as the Library of Mistakes, and joins other extensions of our activity in Pune (India) and Lausanne (Switzerland). The Observatoire is currently an online community but is hoping to establish a physical presence – and François is a really interesting listen. We also hear from Didasko CEO David Clarke on summer activites in Edinburgh, while our Librarian, Helen Williams, dips into books about the oil industry. Enjoy!Presented by Leila Johnston & Fraser Allen.www.libraryofmistakes.com

April 20, 202658 min

EP 57: The Future Asset Takeover! (with Grace London) Shelf Life #14

Welcome to a very special episode in which the talented young women of Future Asset stage a takeover of the podcast. Recorded at the annual Future Asset finals in Edinburgh (at which teams of girls from Scottish schools compete to present the most effective investment pitch), we discover why Future Asset is so valuable in encouraging young women to consider a career in investment and finance.This episode is presented by Future Asset alumnus Grace London, who spoke to the charity's Communication Coordinator Jemma McLean, this year's winning team from Hamilton Grammar School, fellow alumnus Jenna Donnelly (now a Financial Analysis Apprentice at M&G), and one of the competition judges, Mandy Rawlinson – Head of UK & EMEA at Aberdeen Investments.Find out more at www.futureasset.org.ukwww.libraryofmistakes.com

April 10, 202646 min

EP 56: Money Beyond Borders (with Barry Eichengreen)

Welcome to a very special episode of the podcast, as we hear from eminent economic historian and prolific author Barry Eichengreen. Barry is the man who inspired our very own Russell Napier to realise that he could learn much more from the history of finance than he could from books on economic theory. That 'eureka' moment was inspired by Barry's first book, Golden Fetters – The Gold Standard and the Great Depression, but in this episode the pair discuss Barry's latest work, Money Beyond Borders – Global Currencies from Croesus to Crypto. As Russell dials in from a trip to the north of Scotland to speak to the California-based professor, listen in for fascinating insights into international currencies, and mounting challenges to the dominance of the US dollar.Produced by Fraser Allen.www.libraryofmistakes.com

April 2, 202649 min

EP 55: The Swiss Franc, 1798 to 2055 (with Costa Vayenas)

Join Russell Napier and Costa Vayenas as they explore a currency with a cult following – the Swiss Franc. Costa is author of The Swiss Franc, from 1798 to 2055 – and yes, that's not a typo. The book promises a treasure trove of deep data and insights, and explains how Switzerland manages with an ever-appreciating exchange rate. Looking ahead, it also discusses what long-term bond yield differentials might imply for the Swiss franc against the US dollar, and the importance of jurisdictions for asset values in a world where states and private individuals are shifting to new forms of digital money.Produced by Fraser Allen.www.libraryofmistakes.com

March 26, 202634 min

EP 54: The Weekend Of Mistakes (with Leila Johnston) Shelf Life #13

The much-anticipated Weekend of Mistakes 2026 took place on 20-22 March, with leading investment and ecomonic thinkers such as Russell Napier, Merryn Somerset Webb and Professor Helen Thompson entertaining an enthusiastic audience gathered from across the UK and far beyond. Topics included football finance, the water industry, a guide for countries hoping to avoid going bust, and the mafia's unlikely role in shaping queer nightlife. It all took place in the stunning setting of Hay Castle in Hay-on-Wye on the Welsh border – and our very own Leila Johnston was there. Enjoy her report from a lively and thought-provoking weekend, and hear from several of the speakers and guests that she met.www.weekendofmistakes.orgwww.librayofmistakes.comProduced by Fraser Allen and Leila Johnston.

March 20, 202626 min

EP 53: A Practical History of Financial Markets (with Russell Napier) Shelf Life #12

Russell Napier, founder of the Library of Mistakes, joins Fraser Allen & Leila Johnston to discuss the Library’s Practical History of Financial Markets, which has been running for almost two decades. What does it cover? Who is it for? And what are the benefits of taking part?Didasko CEO David Clarke is also on hand to offer his perspective on the course, while our Librarian Helen Williams recommends relevant books from our collectionThis episode is introduced by Fraser (heckled by some sparrows on his window ledge) on a busy day that coincides with the Weekend of Mistakes in Hay-on-Wye and the finals of the Growing Future Assets investment competition in Edinburgh. Listen in to find out more!Info on the course: https://www.libraryofmistakes.com/courseInfo on The Weekend of Mistakes: https://www.weekendofmistakes.orgInfo on Future Asset: https://www.futureasset.org.ukRobbie Mochrie’s posts on The Smith Conversations: https://robbiemochrie.substack.com/p/no-mere-economist?r=1vva35Our YouTube channel: https://www.youtube.com/@LibraryofMistakesProduced by Fraser Allen and Leila Johnston.

February 13, 202646 min

EP 52: The Smith Conversations (with Robbie Mochrie) Shelf Life #11

In this episode, Robbie Mochrie catches up with Leila Johnston and Fraser Allen to discuss a series of events he has organised to celebrate the 250-year anniversary of Adam Smith's Wealth of Nations. Called The Smith Conversations, the programme begins on 9 March as a distinguished panel of guests assemble at the Library of Mistakes to discuss Smith on Equality. Further events explore Smith's thoughts on Wealth, Capitalism, Power and Education. See link below for tickets.We also hear from Didasko CEO David Clarke as he playfully plans a bus-trip beano to the Weekend of Mistakes in Hay-on-Wye, while Library of Mistakes Librarian Helen Williams provides her guide to books in the collection with a strong focus on that filthy lucre – money.Get your tickets for The Smith Conversationswww.libraryofmistakes.com/lecturesProduced by Fraser Allen and Leila Johnston.

February 4, 202640 min

EP 51: The Business of History (with Tom Levitt)

Tom Levitt was exploring a course on 19th century history during the pandemic crisis when he stumbled upon WH Beable’s 'Romance of Great Businesses', a 1926 book exploring 32 iconic British companies. He was intrigued by the realisation that many of them still exist today (although mostly as brand names rather than intact corporations). It inspired the former teacher, MP and business advisor to delve into their stories and write his own book – The Business of History: Tales and Lessons from Two Centuries of British Commerce.Listen in to Tom's entertaining discussion with Russell Napier about famous names such as WH Smith, Boots and Cadbury – and, as an interesting aside, the thriving innovation of commercial lending libraries, before the advent of free public reading resources.And if you're interested in Tom's guided history walks around London, find out more by searching for The Business Of History at www.londonwalks.comProduced by Fraser Allen.www.libraryofmistakes.com