
About us
Last spring, an unusual and exciting event came to Hay’s best-loved landmark
The Library of Mistakes and Hay Castle held the first 'Weekend of Mistakes’. It featured a first-class line-up of historians, economists, financial experts, and investment sages. Speakers and attendees were invited to look at the past, and especially its recurring mistakes, follies and manias to better understand the present.
‘Progress is cumulative in science and engineering, but cyclical in finance.’
James Grant, American financial historian and author
We welcomed a varied audience: students, investment industry professionals, and those with a general interest in the history of finance, business, and economics. There was something for everyone. Locals—and others from as far afield as Hungary, Canada, the USA (and even the Cayman Islands!)—joined us at the Castle for an immersive, enlightening, and fun weekend.
‘This was a Glastonbury for financial historians – there was just a little mud, and the only drug was caffeine, but minds expanded all the same! Can’t wait for Weekend of Mistakes 2025 to turn on, tune in, and drop out to the blasts from the past that seem to echo down the ages!’
Russell Napier, Keeper of the Library of Mistakes
EXPLORE FASCINATING WORLDS: MONEY, HAPPINESS, FRAUDS, FIXING THE UK, AND GLOBAL INVESTMENT TRENDS
In March 2025, we return with these new themes, and with our usual observations on the investment landscape
We’ll be telling the story of How Money Changed Our World. This gripping tale will be presented by some of the most profound and insightful thinkers on money, including David McWilliams, Merryn Somerset-Webb, Felix Martin, Edward Chancellor, Russell Napier, Iszabella Kaminska, and Tamim Bayoumi.
Come on a journey through time—from money’s ancient origins in Mesopotamia, via Greece and Rome, and the extraordinary stones of Yap—Whether it’s conventional assets, crypto, gold, or simply under the mattress, expect sharp analysis and expert insights from Russell Napier, Edward Chancellor, and Tamim Bayoumi about where to put your money in 2025. Don't miss this conversation—an essential one for investors, economists, and anyone looking to stay ahead of the curve in a rapidly evolving financial landscape.to today’s cutting-edge innovations of cryptocurrencies, tokens, and central bank digital currencies (CBDCs). Hear about the pivotal moments in financial history and the human stories behind them.
Find out how, in Italian Renaissance city-states, resourceful merchants faced with a scarcity of coins created their own private money—and with it, their private banks— and became powers in the land.
How the birth of the Bank of England, after a hundred years in labour, led to the central banks now at the heart of modern economies.
We trace the far-from-inevitable rise of the Gold Standard, and its eventual collapse. Examine the dismantling of the Bretton Woods system, and shed light on the current era of fiat money—currency backed by nothing but trust. And explore how abuse of that trust has seen the rise of cryptocurrencies, in turn with their very own issues of credibility.
After an unexpected excursion into the Economics of The Wizard of Oz, we return to our own volatile and uncertain times. For our final session, we turn to our experts for their take on global money— and what to do with yours in 2025.
Another compelling thread will centre on Gross National Happiness (GNH). We’ll hear from the inspirational Emma Slade, a CFA charter-holder and former Buddhist nun who worked on Bhutan's GNH project and offers a unique perspective on happiness and well-being. Joining her will be Gus O’Donnell, former Cabinet Secretary and Head of the British Civil Service, and a proponent of placing increased well-being at the centre of economic policymaking. Over two sessions, we'll explore how to measure what truly matters to us and whether we can represent this in a Happiness Index.
Having tackled happiness, we move on to explore the darker side of finance in the digital age. Join our insightful session on money laundering, led by Oliver Bullough, bestselling author of Moneyland and Butler to the World as he exposes the staggering scale of this form of financial crime, and asks what governments can do to combat global fraud.
Expert on the economics of crime, Professor Anja Shortland, will speak about the growing risk of digital extortion known as ransomware, where attacks are growing faster than our ability to defend ourselves against them. Learn the strategies to stay one step ahead of the digital criminals.
We’ll also be turning the spotlight on some crucial parts of the UK economy. Sir Philip Augar will lead a thought-provoking panel on the parlous state of higher education funding and the catastrophic consequences of even a single university filing for bankruptcy, sadly an all too likely event. And the curious case of UK Regulation. With so much of our economy and society regulated by independent bodies, what is the proper role of government? And where is the democratic accountability for regulators’ decisions? Ed Richards (former director of OFCOM) and Terry Burns (former Chair of Channel Four and Welsh Water) will provide an in-depth look at the current state of regulation in the UK.
And finally we turned to the vexed question of the UK Planning System. From houses to railways, hospitals to nuclear power stations, why is it so expensive to build anything in the UK compared to other countries? Who benefits from the current system? Who loses? How could we do things better?
On the investment front, our expert panels will be highlighting areas of risk and opportunity, as the Trump presidency takes hold. We’ll also examine the question ‘ESG – Dead or Alive?’ in a lively session featuring a partner from Baillie Gifford and the CEO of leading impact investor, Snowball Capital And, back by popular demand, Professor Helen Thompson and Nick Butler tackle Trump’s volte-face on the USA’s energy policy, and the likely consequences for climate change.
‘A Weekend that was definitely not a Mistake! I greatly enjoyed the wonderfully warm atmosphere that blurred the boundaries between the audience and the speakers. A wonderful event and brilliant for everyone to share ideas and expertise in this relaxed atmosphere.’
CONTINUING PROFESSIONAL DEVELOPMENT
We are happy to be working with CISI (Chartered Institute for Securities and Investment) again. In addition to its exceptional intellectual content, the weekend will provide many valuable professional insights, and participation in the Weekend of Mistakes 2025 at Hay Castle has been accredited with up to 5 hours of CISI-endorsed CPD (Continuing Professional Development) per day, to a maximum of 10 hours for the weekend.
