The Library of Mistakes
The Political Orphanage
Andrew Heaton
5 • 951 Ratings
🗓️ 8 January 2025
⏱️ 67 minutes
🧾️ Download transcript
Summary
Russell Napier is the Keeper of the Library of Mistakes, in Edinburgh, Scotland. Napier has worked in the investment business for 30 years and has been advising global institutional investors on asset allocation since 1995. He also is the author of the book “Anatomy of The Bear: Lessons From Wall Street’s Four Great Bottoms” and he is founder and course director of The Practical History of Financial Markets course that is part of the Edinburgh Business School MBA.
Transcript
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| 0:00.0 | Hello and welcome to the political orphanage, a home for plucky misfits and problem solvers. |
| 0:13.9 | I'm your host, Andrew Heaton. |
| 0:16.8 | And probably the best I have ever been at any job was as a tour guide. |
| 0:23.8 | I was a great tour guide. |
| 0:27.2 | And I know you're thinking, but Heaton, you're such a good podcast host and lover. |
| 0:32.6 | Friend, you don't know the half of it. |
| 0:36.4 | Tour guide. |
| 0:37.9 | That was the best I've ever been. |
| 0:40.7 | In Edinburgh, Scotland, specifically. |
| 0:42.5 | Yes, I am from Oklahoma, but my degrees in history, |
| 0:46.0 | and also, whenever our company hired Scots, |
| 0:48.3 | they would immediately pop off to Portugal or Spain or prison, |
| 0:52.0 | so I wound up being about as Scottish as you were likely to get. |
| 0:56.1 | So imagine my surprise to discover that in Edinburgh, a city I know better than any other city in the |
| 1:06.0 | world. In Edinburgh, just this last summer, I discovered there is an institution called the Library of Mistakes. |
| 1:18.6 | I found out about this randomly. |
| 1:20.6 | I was researching something else while I was in Scotland, and I stumbled on to this institution, |
| 1:24.9 | and I was intrigued. |
| 1:26.3 | What is the Library of Mistakes? |
| 1:29.1 | It sounds very Scottish. Touched hour. The website notes, |
| 1:34.4 | The Library of Mistakes is a free-to-use library dedicated to the study of financial history |
| 1:39.0 | with an outreach and educational program that includes courses, events, and podcasts. |
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