Russell Napier on The Solid Ground, Anatomy of a Bear, The Library of Mistakes and Value | S07 E45
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I think we're live. This is Value After Hours. I am Tobias Carlisle joined as always by my cohost, Jake Taylor. Our very special guest today is Russell Napier. He's best known perhaps for his book, The Anatomy of a Bear, his research service, The Solid Ground, or his the library of mistakes that Jake gave us veggies on a few weeks ago. Russell, welcome.
Great, thank you, Tobias. Thanks, Jake. Good to see Jake, you could make it to Edinburgh and get to the library.
Yeah, I much appreciate arranging the tour for me, and I had a great time. And then I tried to bring back some of the the things that I saw there to the to the audience. So it's much appreciated.
Just for a minute, thought you were gonna say you tried to bring back some of the books, but thank good thank goodness you didn't.
No. Couldn't fit them all in my suitcase.
Russell, I wanna just introduce you to folks who perhaps don't know. I think that you've done a lot of work on financial history and it's your view, your philosophy that financial history is perhaps a better way to learn than economic theory. And to that end, that's why you've created the library of financial mistakes and written the books and documented so on. And you've also spent a lot of time looking at very deep bear markets and the characteristics of those markets, what a bottom would look like and so on. Fair that representation of, have I missed anything?
No, that's about it. Mean, why financial history and why not economic theory? So financial history includes psychology, philosophy, sociology, politics. And surely, surely when we look out the window today, we realize that we need some of that in our understanding of finance, economics, and investment. And I think it's possible to leave university with a degree in finance and not have any of it. Certainly no understanding of economic financial history, perhaps not even comparative economic thought, never mind politics, sociology and philosophy. So we stand as an adjunct to any traditional trai
And where's the breakdown there? Is it that like, is there an initial assumption that's made in economics that then is the keystone that you pull that out and the whole edifice collapses?
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