The Library of Mistakes

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