Programme
Tickets cover the entire weekend, offering access to two exciting strands this year with a wealth of sessions to choose from. See details below.
Please note: the program is subject to change in the event of speaker cancellations.
- Day 1Friday 21st March
- Day 2Saturday 22nd March
- Day 1Sunday 23rd March
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Clore16:00 - 17:00Get ready for the weekend as our expert panel including investment strategist consultant Tom Elliott and Weekend of Mistakes Co-Director Paul Greatbach…Get ready for the weekend as our expert panel including investment strategist consultant Tom Elliott and Weekend of Mistakes Co-Director Paul Greatbach who gently bring you up to speed on key topics like GDP, money supply, ESG, and fiat currencies.…Paul Greatbatch
Paul Greatbatch
Paul Greatbatch was a Partner & Portfolio Manager at Genesis Investment Management from 1994-2013, one the oldest specialist managers operating in Emerging Markets on behalf of large institutional clients
Tom ElliottTom Elliott
Tom Elliott is an investment strategist consultant, helping multi-asset management companies with their asset allocation decisions. Tom previously worked for the Mattioli Woods Group as a Senior Strategist, and at JP Morgan Asset Management in London for 18 years, leaving at Executive Director level. Before that he worked for four years as a company analyst, for stockbrokers Greig Middleton and Co.
Tom is also a visiting lecturer at King’s College (London University), in the department of political economy. He has a Master’s degree in Economic History from the London School of Economics, and a degree in History from the University of Sussex.
Clore16:00 - 17:00Something for the Weekend? A Jargon Buster for the Curious. Bring your questions
Get ready for the weekend as our expert panel including investment strategist consultant Tom Elliott and Weekend of Mistakes Co-Director Paul Greatbach who gently bring you up to speed on key topics like GDP, money supply, ESG, and fiat currencies. Discover what these concepts mean, why they matter, and how they impact your world. Whether you're a seasoned professional or just curious, this session is for everyone. And remember, there's no such thing as a stupid question—so come along and dive in!
Paul GreatbatchPaul Greatbatch
Paul Greatbatch was a Partner & Portfolio Manager at Genesis Investment Management from 1994-2013, one the oldest specialist managers operating in Emerging Markets on behalf of large institutional clients
Tom ElliottTom Elliott
Tom Elliott is an investment strategist consultant, helping multi-asset management companies with their asset allocation decisions. Tom previously worked for the Mattioli Woods Group as a Senior Strategist, and at JP Morgan Asset Management in London for 18 years, leaving at Executive Director level. Before that he worked for four years as a company analyst, for stockbrokers Greig Middleton and Co.
Tom is also a visiting lecturer at King’s College (London University), in the department of political economy. He has a Master’s degree in Economic History from the London School of Economics, and a degree in History from the University of Sussex.
Mezzanine17.30 - 18.30Welcome Drinks - for all participants in the full-weekend programme.Welcome Drinks - for all participants in the full-weekend programme.Mezzanine17.30 - 18.30Welcome Drinks
Welcome Drinks - for all participants in the full-weekend programme.
The Great Hall18.30 - 19.30A world without money is unimaginable. One of humanity’s greatest inventions, it shapes all aspects of our lives—personal, political, and economic.…A world without money is unimaginable. One of humanity’s greatest inventions, it shapes all aspects of our lives—personal, political, and economic. Join one of the most perceptive thinkers on the subject, David McWilliams (economist, podcaster,…David McWilliamsDavid McWilliams
David McWilliams strives to demystify economics and make the topic accessible to
audiences worldwide. Economist, author, podcaster, journalist, he founded the world’s only
economics and stand-up comedy festival “Kilkenomics”— described by the Financial Times
as “simply, the best economics conference in the world”. He writes a weekly column for the
Irish Times and hosts The David McWilliams Podcast, which aims to make economics
uncomplicated. Adjunct Professor at Trinity College Dublin, in a previous life, David had a
few “real jobs”, working as an economist at the Irish Central Bank, UBS and Banque
Nationale de Paris. In his new book Money: A Story of Humanity, McWilliams charts the
relationship between humans and money – from a tally stick in ancient Africa to coins in
Republican Greece, from mathematics in the mediaeval Arab world to the French
Revolution, and from the emergence of the US dollar right up to today’s cryptocurrency and
beyond. Along the way, we meet a host of characters who have innovated with money,
disrupting society and changing the way we live, in an ongoing monetary evolution that
has, for the last 5000 years, animated human progress.Merryn Somerset-WebbMerryn Somerset-Webb
Merryn Somerset Webb was founding editor of Moneyweek magazine in 2000. She remained at the magazine as Editor in Chief until late 2022. Merryn was also a Contributing Editor to and weekly columnist for the Financial Times until September 2022. She is currently a Senior Columnist at Bloomberg writing about wealth, investing and personal finance and hosts the 'Merryn Talks Money' podcast. Merryn is also an experienced non executive director and currently sits on the board of two listed investment trusts.
The Great Hall18.30 - 19.30The Gift of Money: How an Ancient Invention Still Rules the World
A world without money is unimaginable. One of humanity’s greatest inventions, it shapes all aspects of our lives—personal, political, and economic. Join one of the most perceptive thinkers on the subject, David McWilliams (economist, podcaster, and author of Money: A Story of Humanity), in conversation with Merryn Somerset-Webb (Senior Columnist at Bloomberg, award-winning commentator on economics, financial markets, and personal finance), as they explore the very origins of Money—from clay tablets, seashells, and giant stones to the earliest coins. Discover what we owe the ancients—and how they shaped the money of today. If you want to understand the meaning of money and how it makes the world go round, this session is for you.
David McWilliamsDavid McWilliams
David McWilliams strives to demystify economics and make the topic accessible to
audiences worldwide. Economist, author, podcaster, journalist, he founded the world’s only
economics and stand-up comedy festival “Kilkenomics”— described by the Financial Times
as “simply, the best economics conference in the world”. He writes a weekly column for the
Irish Times and hosts The David McWilliams Podcast, which aims to make economics
uncomplicated. Adjunct Professor at Trinity College Dublin, in a previous life, David had a
few “real jobs”, working as an economist at the Irish Central Bank, UBS and Banque
Nationale de Paris. In his new book Money: A Story of Humanity, McWilliams charts the
relationship between humans and money – from a tally stick in ancient Africa to coins in
Republican Greece, from mathematics in the mediaeval Arab world to the French
Revolution, and from the emergence of the US dollar right up to today’s cryptocurrency and
beyond. Along the way, we meet a host of characters who have innovated with money,
disrupting society and changing the way we live, in an ongoing monetary evolution that
has, for the last 5000 years, animated human progress.Merryn Somerset-WebbMerryn Somerset-Webb
Merryn Somerset Webb was founding editor of Moneyweek magazine in 2000. She remained at the magazine as Editor in Chief until late 2022. Merryn was also a Contributing Editor to and weekly columnist for the Financial Times until September 2022. She is currently a Senior Columnist at Bloomberg writing about wealth, investing and personal finance and hosts the 'Merryn Talks Money' podcast. Merryn is also an experienced non executive director and currently sits on the board of two listed investment trusts.
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[Patrons & Premium only] Cafe08.30 - 09.30Seventy-five days into the Trump presidency, our expert panel including Russell Napier and Edward Chancellor take a deep dive into the economic impacts…Seventy-five days into the Trump presidency, our expert panel including Russell Napier and Edward Chancellor take a deep dive into the economic impacts so far. We know things are going to happen. Who will be the winners and losers, and what are the…Russell Napier
Russell Napier
Russell Napier is author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson. Russell has worked in the investment business for 35 years and has been advising global institutional investors on asset allocation since 1995. Russell is author of the book Anatomy of The Bear: Lessons From Wall Street’s Four Great Bottoms ( in print for almost twenty years and ‘a cult classic’ according to the FT) and is founder and course director of The Practical History of Financial Markets course. The course has run since 2004 and is now available on campus at Edinburgh Business School, in a two and a half day in-person executive version in London and also online.
He is a member of the investment advisory committees of three fund management companies, Cerno Capital, Kennox Asset Management and Bay Capital. He is part owner of both Cerno and Kennox.
In 2014 Russell founded the charitable venture The Library of Mistakes a business and financial history library in Edinburgh that now has branches in India and Switzerland. Plans to open libraries in London, Singapore, Toronto and Mumbai are progressing. The Library of Mistakes hosts lectures which are live streamed and recorded and a podcast series was launched in 2022. The Library and the course are owned and operated by a Scottish registered charity called Didasko which donates its financial surpluses to promote financial education.
Russell has degrees in law from Queen’s University Belfast and Magdalene College Cambridge. He is a Fellow of The CFA Society of the UK , an Honorary Fellow of the CISI and is an Honorary Professor at The University of Stirling and a Visiting Professor at Heriot Watt University. His second book – The Asian Financial Crisis 1995-1998: Birth of the Age of Debt- was published in July 2021.
Edward ChancellorEdward Chancellor
Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times Notable Book of the Year. In 2005, he published Crunch-Time for Credit?(Harriman House), an analysis of the ongoing credit boom in the US and UK. Edward has also edited two well-received investment books, Capital Account (Thomson Texere, 2004) and Capital Returns (Palgrave Macmillan, 2015). His latest book, The Price of Time: The Real Story of Interest (Allen Lane, 2022) is the recipient of the 2023 Hayek Prize.
Edward read history at Cambridge and Oxford. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston investment firm. He is currently a columnist for Reuters Breakingviews, the financial commentary site, and has contributed to many publications, including the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. In 2008, Edward received the George Polk Award for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine.
[Patrons & Premium only] Cafe08.30 - 09.30Trump: The First 75 Days – Is Trumponomics Delivering?
Seventy-five days into the Trump presidency, our expert panel including Russell Napier and Edward Chancellor take a deep dive into the economic impacts so far. We know things are going to happen. Who will be the winners and losers, and what are the consequences for investment? During his election campaign, Trump boasted that his first term created the ‘greatest economy in the history of our country.’ Now, as Trump 2.0 unfolds, we ask: what does this new chapter mean for the global economy?
Russell NapierRussell Napier
Russell Napier is author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson. Russell has worked in the investment business for 35 years and has been advising global institutional investors on asset allocation since 1995. Russell is author of the book Anatomy of The Bear: Lessons From Wall Street’s Four Great Bottoms ( in print for almost twenty years and ‘a cult classic’ according to the FT) and is founder and course director of The Practical History of Financial Markets course. The course has run since 2004 and is now available on campus at Edinburgh Business School, in a two and a half day in-person executive version in London and also online.
He is a member of the investment advisory committees of three fund management companies, Cerno Capital, Kennox Asset Management and Bay Capital. He is part owner of both Cerno and Kennox.
In 2014 Russell founded the charitable venture The Library of Mistakes a business and financial history library in Edinburgh that now has branches in India and Switzerland. Plans to open libraries in London, Singapore, Toronto and Mumbai are progressing. The Library of Mistakes hosts lectures which are live streamed and recorded and a podcast series was launched in 2022. The Library and the course are owned and operated by a Scottish registered charity called Didasko which donates its financial surpluses to promote financial education.
Russell has degrees in law from Queen’s University Belfast and Magdalene College Cambridge. He is a Fellow of The CFA Society of the UK , an Honorary Fellow of the CISI and is an Honorary Professor at The University of Stirling and a Visiting Professor at Heriot Watt University. His second book – The Asian Financial Crisis 1995-1998: Birth of the Age of Debt- was published in July 2021.
Edward ChancellorEdward Chancellor
Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times Notable Book of the Year. In 2005, he published Crunch-Time for Credit?(Harriman House), an analysis of the ongoing credit boom in the US and UK. Edward has also edited two well-received investment books, Capital Account (Thomson Texere, 2004) and Capital Returns (Palgrave Macmillan, 2015). His latest book, The Price of Time: The Real Story of Interest (Allen Lane, 2022) is the recipient of the 2023 Hayek Prize.
Edward read history at Cambridge and Oxford. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston investment firm. He is currently a columnist for Reuters Breakingviews, the financial commentary site, and has contributed to many publications, including the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. In 2008, Edward received the George Polk Award for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine.
Gallery09:30 - 10:25For centuries, the only universally accepted money was coin—minted by sovereigns and frequently either too scarce, too abundant, or of poor quality.…For centuries, the only universally accepted money was coin—minted by sovereigns and frequently either too scarce, too abundant, or of poor quality. But as trade expanded during the Renaissance, a need arose for more flexible systems of exchange that…Dr. Felix MartinDr. Felix Martin
Dr Felix Martin (www.felixmartin.org) is an economist, investor, and highly acclaimed author.
His twenty-five year career in international finance has ranged from sovereign lending and post-conflict reconstruction at the World Bank to designing, launching, and managing a sequence of global investment funds at publicly-listed asset managers, leading private firms, and his own independent boutique. Today, he advises global investors, governments, and corporate leaders on how to navigate complex financial and political risks using an approach that makes economics engaging and digestible.
Felix’s 2013 book Money: the Unauthorised Biography has been published in fifteen countries and ten languages, was a Financial Times Economics Book of the Year, and was called “compulsively readable” by the New York Times. It must also (surely...) be the only book to have been both cited by the US Supreme Court and endorsed by the lead singer of glam rock legends Kiss. He is a columnist for Reuters Breakingviews.
Gallery09:30 - 10:25Whose Money Is It Anyway? The Rise of Private Money
For centuries, the only universally accepted money was coin—minted by sovereigns and frequently either too scarce, too abundant, or of poor quality. But as trade expanded during the Renaissance, a need arose for more flexible systems of exchange that would reduce reliance on sovereign money. Enter the merchants. With informal credit notes known as IOUs, they enabled trade to be settled without the use of cash, effectively creating an early form of private money.
With the passage of time, the great merchant houses found themselves managing private money on a massive scale. They had created an independent monetary economy that allowed them to finance wars and undermine the sovereign's authority in numerous other ways. A seismic shift that marked the birth of modern finance, where institutions—not kings—hold control over money.
Join Felix Martin in this captivating exploration of how the rise of private money transformed the financial landscape and laid the groundwork for the global banking systems we rely on today.
Dr. Felix MartinDr. Felix Martin
Dr Felix Martin (www.felixmartin.org) is an economist, investor, and highly acclaimed author.
His twenty-five year career in international finance has ranged from sovereign lending and post-conflict reconstruction at the World Bank to designing, launching, and managing a sequence of global investment funds at publicly-listed asset managers, leading private firms, and his own independent boutique. Today, he advises global investors, governments, and corporate leaders on how to navigate complex financial and political risks using an approach that makes economics engaging and digestible.
Felix’s 2013 book Money: the Unauthorised Biography has been published in fifteen countries and ten languages, was a Financial Times Economics Book of the Year, and was called “compulsively readable” by the New York Times. It must also (surely...) be the only book to have been both cited by the US Supreme Court and endorsed by the lead singer of glam rock legends Kiss. He is a columnist for Reuters Breakingviews.
Clore09:45 - 10:40Is Gross National Happiness more important than Gross Domestic Product? What if we measured economic success by what maximises our well-being, rather…Is Gross National Happiness more important than Gross Domestic Product? What if we measured economic success by what maximises our well-being, rather than what makes a country rich? A groundbreaking philosophy, introduced by Bhutan’s visionary 4th…CHAIR: Daniela Barone SoaresDaniela Barone Soares
Daniela is a leader known for driving change at the intersection of the commercial and impact worlds, from strategy development through operating execution with almost 20 years of board level experience. Daniela is the CEO of Snowball Impact Investment, a diversified investment fund that creates positive outcomes for people and planet whilst generating competitive financial returns. She is also a non-executive director at InterContinental Hotels Group Plc and a trustee of the Institute for the Future of Work. Among her various accolades are Fifty Most Influential in Sustainable Finance (2023 - Financial News), top 100 women in engineering (2019 - Financial Times), “20 People who are Changing Brazil and the World for the Better" (2017- Istoé Dinheiro) and 100 people who make Britain a better place (2008 – Independent on Sunday “Happy List”). Daniela holds an MBA from Harvard Business School and a BSc in Economics from Unicamp, Brazil. Daniela was awarded an OBE at the King’s Birthday Honours list in 2024 for services to business and impact investing’.
Emma SladeEmma Slade
Emma Slade was educated at Cambridge University and London University and attained the CFA qualification as a Chartered Financial Analyst. She had a very successful career as a Senior Financial Analyst for HSBC, largely based in Hong Kong from 1994-1999 and, later, in private equity and hedge fund analysis.
As an investment analysis she assisted on investing $1bn in Asian securities. Then, in the turmoil of the Asian financial crisis of 1997, on a business trip to Jakarta, I was held in her hotel room by an armed gunman. This event proved a turning point in my life and kick started her on a quest to think what she really wished to do with her life and contribute to the world.
Already a Buddhist and an experienced yoga teacher it was on her first trip to Bhutan in 2011 that she met Lama Nima Tshering who became her teacher and who, a year later, instructed her to follow a path of renunciation and compassion and become a nun.
In 2022 she became the first and only Western woman ever to be fully ordained in the Himalayas itself when a historic event occurred in Bhutan when 142 nuns were given full ordination on a level equivalent to monks.
In 2015 she set up the UK charity - Opening Your Heart to Bhutan - to help special needs children in Bhutan. The charity has raised £800,000 and played a major role in building the first purpose-built special needs school in Bhutan.
With her in-depth understanding of the country of Bhutan and its contribution to writings on happiness and her personal story of transformation she is often featured in international events. She donates such engagements to her charity.
Lord Gus O’DonnellLord Gus O’Donnell
Gus O'Donnell served as Cabinet Secretary and Head of the British Civil Service from 2005 to 2011, during which he oversaw the formation of the first coalition government since World War II. Prior to this, he was Permanent Secretary to the Treasury (2002–2005) and represented the UK on the IMF and World Bank Boards. Recently stepping down as Chair of Frontier Economics after 11 years, Gus continues to support the consulting firm in an Ambassadorial role. He also holds several other positions, including Strategic Advisor and Board Member for Brookfield Asset Management, President of the Council of the Institute for Fiscal Studies (IFS), and Honorary President of Pro Bono Economics (PBE). Additionally, he is a Visiting Professor at the London School of Economics (LSE) and University College London (UCL), as well as a member of the Economist Trust. Gus studied Economics at Warwick University and Nuffield College, Oxford, before beginning his academic career as a lecturer at Glasgow University. Knighted in 2005, he was appointed to the House of Lords in 2012, where he sits as a crossbencher. He is also an Honorary Fellow of the British Academy and a Fellow of the Academy of Social Sciences
Clore09:45 - 10:40The Gross National Happiness Index: Measuring What Matters
Is Gross National Happiness more important than Gross Domestic Product? What if we measured economic success by what maximises our well-being, rather than what makes a country rich? A groundbreaking philosophy, introduced by Bhutan’s visionary 4th King, Jigme Singye Wangchuck, in the late 1970s, Gross National Happiness (GNH) emphasises a harmonious balance between economic growth and the deeper, non-economic dimensions of human well-being and happiness.
The Gross National Happiness model influenced Bhutan’s development policy and also captured the imagination of others far beyond its borders, including the UK. We’ll hear from inspirational speaker Emma Slade, the only Western woman to be ordained in Bhutan as a Buddhist nun. Emma, who began her career as a qualified Chartered Financial Analyst (CFA) and helped to implement Bhutan's Gross National Happiness project, will offer a unique perspective on the issues involved. She’s joined by Lord Gus O’Donnell, former UK Cabinet Secretary and Head of the British Civil Service, and a prominent advocate of measuring what matters and integrating well-being into economic policy. Chaired by Daniela Barone Soares, CEO of Snowball Capital and leading ‘impact’ investor.
CHAIR: Daniela Barone SoaresDaniela Barone Soares
Daniela is a leader known for driving change at the intersection of the commercial and impact worlds, from strategy development through operating execution with almost 20 years of board level experience. Daniela is the CEO of Snowball Impact Investment, a diversified investment fund that creates positive outcomes for people and planet whilst generating competitive financial returns. She is also a non-executive director at InterContinental Hotels Group Plc and a trustee of the Institute for the Future of Work. Among her various accolades are Fifty Most Influential in Sustainable Finance (2023 - Financial News), top 100 women in engineering (2019 - Financial Times), “20 People who are Changing Brazil and the World for the Better" (2017- Istoé Dinheiro) and 100 people who make Britain a better place (2008 – Independent on Sunday “Happy List”). Daniela holds an MBA from Harvard Business School and a BSc in Economics from Unicamp, Brazil. Daniela was awarded an OBE at the King’s Birthday Honours list in 2024 for services to business and impact investing’.
Emma SladeEmma Slade
Emma Slade was educated at Cambridge University and London University and attained the CFA qualification as a Chartered Financial Analyst. She had a very successful career as a Senior Financial Analyst for HSBC, largely based in Hong Kong from 1994-1999 and, later, in private equity and hedge fund analysis.
As an investment analysis she assisted on investing $1bn in Asian securities. Then, in the turmoil of the Asian financial crisis of 1997, on a business trip to Jakarta, I was held in her hotel room by an armed gunman. This event proved a turning point in my life and kick started her on a quest to think what she really wished to do with her life and contribute to the world.
Already a Buddhist and an experienced yoga teacher it was on her first trip to Bhutan in 2011 that she met Lama Nima Tshering who became her teacher and who, a year later, instructed her to follow a path of renunciation and compassion and become a nun.
In 2022 she became the first and only Western woman ever to be fully ordained in the Himalayas itself when a historic event occurred in Bhutan when 142 nuns were given full ordination on a level equivalent to monks.
In 2015 she set up the UK charity - Opening Your Heart to Bhutan - to help special needs children in Bhutan. The charity has raised £800,000 and played a major role in building the first purpose-built special needs school in Bhutan.
With her in-depth understanding of the country of Bhutan and its contribution to writings on happiness and her personal story of transformation she is often featured in international events. She donates such engagements to her charity.
Lord Gus O’DonnellLord Gus O’Donnell
Gus O'Donnell served as Cabinet Secretary and Head of the British Civil Service from 2005 to 2011, during which he oversaw the formation of the first coalition government since World War II. Prior to this, he was Permanent Secretary to the Treasury (2002–2005) and represented the UK on the IMF and World Bank Boards. Recently stepping down as Chair of Frontier Economics after 11 years, Gus continues to support the consulting firm in an Ambassadorial role. He also holds several other positions, including Strategic Advisor and Board Member for Brookfield Asset Management, President of the Council of the Institute for Fiscal Studies (IFS), and Honorary President of Pro Bono Economics (PBE). Additionally, he is a Visiting Professor at the London School of Economics (LSE) and University College London (UCL), as well as a member of the Economist Trust. Gus studied Economics at Warwick University and Nuffield College, Oxford, before beginning his academic career as a lecturer at Glasgow University. Knighted in 2005, he was appointed to the House of Lords in 2012, where he sits as a crossbencher. He is also an Honorary Fellow of the British Academy and a Fellow of the Academy of Social Sciences
Gallery11.00 - 11:55Established in 1694, the Bank of England—fondly known as the Old Lady of Threadneedle Street—stands as the world’s oldest central bank. Created to…Established in 1694, the Bank of England—fondly known as the Old Lady of Threadneedle Street—stands as the world’s oldest central bank. Created to finance foreign wars, its foundation marked the culmination of centuries of evolving ideas about…Dr. Felix MartinDr. Felix Martin
Dr Felix Martin (www.felixmartin.org) is an economist, investor, and highly acclaimed author.
His twenty-five year career in international finance has ranged from sovereign lending and post-conflict reconstruction at the World Bank to designing, launching, and managing a sequence of global investment funds at publicly-listed asset managers, leading private firms, and his own independent boutique. Today, he advises global investors, governments, and corporate leaders on how to navigate complex financial and political risks using an approach that makes economics engaging and digestible.
Felix’s 2013 book Money: the Unauthorised Biography has been published in fifteen countries and ten languages, was a Financial Times Economics Book of the Year, and was called “compulsively readable” by the New York Times. It must also (surely...) be the only book to have been both cited by the US Supreme Court and endorsed by the lead singer of glam rock legends Kiss. He is a columnist for Reuters Breakingviews.
Edward ChancellorEdward Chancellor
Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times Notable Book of the Year. In 2005, he published Crunch-Time for Credit?(Harriman House), an analysis of the ongoing credit boom in the US and UK. Edward has also edited two well-received investment books, Capital Account (Thomson Texere, 2004) and Capital Returns (Palgrave Macmillan, 2015). His latest book, The Price of Time: The Real Story of Interest (Allen Lane, 2022) is the recipient of the 2023 Hayek Prize.
Edward read history at Cambridge and Oxford. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston investment firm. He is currently a columnist for Reuters Breakingviews, the financial commentary site, and has contributed to many publications, including the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. In 2008, Edward received the George Polk Award for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine.
Gallery11.00 - 11:55‘A Society of Money'd Men’: The Bank of England and the Great Monetary Settlement
Established in 1694, the Bank of England—fondly known as the Old Lady of Threadneedle Street—stands as the world’s oldest central bank. Created to finance foreign wars, its foundation marked the culmination of centuries of evolving ideas about public trust and private credit. But the Bank’s structure and purpose were deeply influenced by the era in which it was born.
Join renowned experts Felix Martin and Edward Chancellor as they delve into the Great Monetary Settlement and trace the Bank’s groundbreaking achievements—from introducing paper money backed by government promises to becoming the lender of last resort during economic crises—and explore the fascinating forces that shaped its creation and its legacy in modern central banking. Discover the origins of the financial systems that underpin today’s global economies and gain fresh insights into one of history’s most significant institutions.
This session will captivate history enthusiasts, finance professionals, and anyone curious about the foundations of modern money.
Dr. Felix MartinDr. Felix Martin
Dr Felix Martin (www.felixmartin.org) is an economist, investor, and highly acclaimed author.
His twenty-five year career in international finance has ranged from sovereign lending and post-conflict reconstruction at the World Bank to designing, launching, and managing a sequence of global investment funds at publicly-listed asset managers, leading private firms, and his own independent boutique. Today, he advises global investors, governments, and corporate leaders on how to navigate complex financial and political risks using an approach that makes economics engaging and digestible.
Felix’s 2013 book Money: the Unauthorised Biography has been published in fifteen countries and ten languages, was a Financial Times Economics Book of the Year, and was called “compulsively readable” by the New York Times. It must also (surely...) be the only book to have been both cited by the US Supreme Court and endorsed by the lead singer of glam rock legends Kiss. He is a columnist for Reuters Breakingviews.
Edward ChancellorEdward Chancellor
Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times Notable Book of the Year. In 2005, he published Crunch-Time for Credit?(Harriman House), an analysis of the ongoing credit boom in the US and UK. Edward has also edited two well-received investment books, Capital Account (Thomson Texere, 2004) and Capital Returns (Palgrave Macmillan, 2015). His latest book, The Price of Time: The Real Story of Interest (Allen Lane, 2022) is the recipient of the 2023 Hayek Prize.
Edward read history at Cambridge and Oxford. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston investment firm. He is currently a columnist for Reuters Breakingviews, the financial commentary site, and has contributed to many publications, including the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. In 2008, Edward received the George Polk Award for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine.
Clore11.15 - 12:10As universities face unprecedented financial struggles, some are teetering on the brink of collapse. It seems more than plausible that some universities…As universities face unprecedented financial struggles, some are teetering on the brink of collapse. It seems more than plausible that some universities will go under in 2025. But how did we get here, and what happens when a university goes bust? Join…Sir Philip AugarSir Philip Augar
Sir Philip Augar is an author and former investment banker. A PhD in History, he has been speaking, writing and broadcasting about the challenges of modern capitalism and banking for twenty five years. He has written seven books, contributes to the Financial Times, Sunday Times and the BBC. Philip has held a number of advisory and non-executive roles in the public and private sectors and chaired the panel reviewing post-18 education for the UK government in 2018-19. He was knighted in 2021.
Dame Alison WolfDame Alison Wolf
Professor Dame Alison Wolf DBE is the Sir Roy Griffiths Professor of Public Sector Management at King’s College London. She sits as a cross-bench peer (Baroness Wolf of Dulwich) in the UK House of Lords. She specialises in the relationship between education and the labour market. She was the founding Chair of Governors of King’s College London Mathematics School, and remains a governor and vice-chair, and she is a trustee of the University Maths Schools Network.
Alison Wolf served in the No 10 Policy Unit, as a part-time expert adviser on skills and workforce to the UK Prime Minister, from February 2020 to February 2023. She was a panel member for the ‘Augar Review’: the independent Review of Post-18 Education and Funding chaired by Sir Philip Augar, which reported in 2019. In March 2011 she completed the Wolf Report which led to major reforms in vocational education for 14-18 year olds, and she was also a member of the Sainsbury Review which led to the creation of T-levels. Publications include The XX Factor and Does Education Matter?
James NewbyJames Newby
Prior to joining NMITE, James worked for the University of Surrey in a range of roles involving the leadership of teams responsible for most non-academic aspects of the University’s activities including Estates, IT, Commercial Services, Community relations, Fundraising and Institutional Governance. In his final year at Surrey, he led an organisational change team to reshape the University to prepare it to meet the many challenges facing the Higher Education sector.
James specialises in organisational development and business change having worked with a number of organisations on restructuring projects. He is also a data compliance specialist so spent considerable time working on projects across the HE sector to prepare universities for the changes resulting from the introduction of the GDPR regulations in 2018.
Clore11.15 - 12:10How Universities Go Bust: Education on the Brink
As universities face unprecedented financial struggles, some are teetering on the brink of collapse. It seems more than plausible that some universities will go under in 2025. But how did we get here, and what happens when a university goes bust?
Join us as we examine the critical issues at the heart of the crisis in higher education. We’ll explore how financial mismanagement, shifting student demographics, and rising costs have led to this crisis, and ask: What happens to creditors and to the students who are left stranded by a failing institution? With overseas students crucial to university revenues, will this crisis affect international recruitment? Could the failure of one major university trigger a larger systemic breakdown?
Or, are universities, like banks, too big to fail?
Be part of the conversation with Sir Philip Augar (Chair of the 2019 report to Parliament into university funding and education) Dame Alison Wolf (Sir Roy Griffiths Professor of Public Sector Management at King’s College London) and James Newby (President and CEO of NMITE, the groundbreaking technical institute in Hereford) as we explore the challenges and potential solutions to this growing crisis in education.
Sir Philip AugarSir Philip Augar
Sir Philip Augar is an author and former investment banker. A PhD in History, he has been speaking, writing and broadcasting about the challenges of modern capitalism and banking for twenty five years. He has written seven books, contributes to the Financial Times, Sunday Times and the BBC. Philip has held a number of advisory and non-executive roles in the public and private sectors and chaired the panel reviewing post-18 education for the UK government in 2018-19. He was knighted in 2021.
Dame Alison WolfDame Alison Wolf
Professor Dame Alison Wolf DBE is the Sir Roy Griffiths Professor of Public Sector Management at King’s College London. She sits as a cross-bench peer (Baroness Wolf of Dulwich) in the UK House of Lords. She specialises in the relationship between education and the labour market. She was the founding Chair of Governors of King’s College London Mathematics School, and remains a governor and vice-chair, and she is a trustee of the University Maths Schools Network.
Alison Wolf served in the No 10 Policy Unit, as a part-time expert adviser on skills and workforce to the UK Prime Minister, from February 2020 to February 2023. She was a panel member for the ‘Augar Review’: the independent Review of Post-18 Education and Funding chaired by Sir Philip Augar, which reported in 2019. In March 2011 she completed the Wolf Report which led to major reforms in vocational education for 14-18 year olds, and she was also a member of the Sainsbury Review which led to the creation of T-levels. Publications include The XX Factor and Does Education Matter?
James NewbyJames Newby
Prior to joining NMITE, James worked for the University of Surrey in a range of roles involving the leadership of teams responsible for most non-academic aspects of the University’s activities including Estates, IT, Commercial Services, Community relations, Fundraising and Institutional Governance. In his final year at Surrey, he led an organisational change team to reshape the University to prepare it to meet the many challenges facing the Higher Education sector.
James specialises in organisational development and business change having worked with a number of organisations on restructuring projects. He is also a data compliance specialist so spent considerable time working on projects across the HE sector to prepare universities for the changes resulting from the introduction of the GDPR regulations in 2018.
Gallery12.30 - 13.25What is it with gold? Why are we so obsessed with it? And why do we trust it like nothing else? For Locke, money was gold—its innate qualities of…What is it with gold? Why are we so obsessed with it? And why do we trust it like nothing else? For Locke, money was gold—its innate qualities of scarcity and durability made it special. For Adam Smith, money served as a conduit of human emotions;…Chris SwinsonChris Swinson
Visiting Fellow, Newcastle University Business School. Formerly Senior Partner, BDO Chartered Accountants and President of the Institute of Chartered Accountants.
Tamim BayoumiTamim Bayoumi
Tamim Bayoumi is a visiting scholar at King’s College London working on macroeconomics and international finance. After graduating from Cambridge and Stanford Universities, he had a long and varied career at the IMF, including overseeing work on the World Economic Outlook and the United States. He is also head of author of an FT economics book of the year on the origins of the 2009 North Atlantic financial crisis, Unfinished Business.
Jesse Norman MPJesse Norman MP
Jesse Norman is a British politician who has served as Shadow Leader of the House of Commons since November 2024. A member of the Conservative Party, he has been a Member of Parliament for Hereford and South Herefordshire since 2010.
He served as a Minister in the Treasury, Foreign Office, Cabinet Office, Department for Business, Energy and Industrial Strategy, and the Department for Transport. Among his Ministerial roles he served as Paymanster General and Financial Secretary to the Treasury.
Gallery12.30 - 13.25The Embodiment of Trust: How We Learned to Stop Worrying and Love the Gold Standard
What is it with gold? Why are we so obsessed with it? And why do we trust it like nothing else? For Locke, money was gold—its innate qualities of scarcity and durability made it special. For Adam Smith, money served as a conduit of human emotions; for Keynes, however, the gold standard was 'A barbarous relic'. Yet, for over three centuries, it underpinned our trust in money.
Join us for the session which gets to the very heart of money. Is money only ‘real’ if it’s backed by shiny yellow metal? What were the arguments for and against the Gold Standard? And why, with central banks around the world loading up on gold, can we still not agree?
Expect a lively discussion from our expert panel: Jesse Norman, MP, political philosopher of Adam Smith and former Treasury Minister, Tamim Bayoumi, former IMF Head of Research, and Chris Swinson, biographer of Montagu Norman, the Governor of the Bank of England who was a staunch advocate of the gold standard, and who played a pivotal role in Britain's return to it in 1925.
Chris SwinsonChris Swinson
Visiting Fellow, Newcastle University Business School. Formerly Senior Partner, BDO Chartered Accountants and President of the Institute of Chartered Accountants.
Tamim BayoumiTamim Bayoumi
Tamim Bayoumi is a visiting scholar at King’s College London working on macroeconomics and international finance. After graduating from Cambridge and Stanford Universities, he had a long and varied career at the IMF, including overseeing work on the World Economic Outlook and the United States. He is also head of author of an FT economics book of the year on the origins of the 2009 North Atlantic financial crisis, Unfinished Business.
Jesse Norman MPJesse Norman MP
Jesse Norman is a British politician who has served as Shadow Leader of the House of Commons since November 2024. A member of the Conservative Party, he has been a Member of Parliament for Hereford and South Herefordshire since 2010.
He served as a Minister in the Treasury, Foreign Office, Cabinet Office, Department for Business, Energy and Industrial Strategy, and the Department for Transport. Among his Ministerial roles he served as Paymanster General and Financial Secretary to the Treasury.
Clore12.45 - 13.40How do we strike the right balance between regulatory independence and government oversight? Ensure democratic accountability? What challenges do…How do we strike the right balance between regulatory independence and government oversight? Ensure democratic accountability? What challenges do regulators face in the UK today, and what are the implications for key sectors like media, communications,…CHAIR: Professor Christel KoopProfessor Christel Koop
Professor Christel Koop
Christel is a professor of political economy at King’s College London and a leading expert in economic regulation. She was educated in the Netherlands and Italy, and has done extensive research on the independence, accountability, and legitimacy of economic regulators and other technocratic bodies, in the UK and elsewhere. In recent years, her work has focused on the re-politicisation of independent economic regulators – and politically insulated expert bodies more generally – and the organisational responses this has triggered. She also has a keen interest in citizen engagement by regulators.
Ed RichardsEd Richards
Ed Richards is a co-founder of Flint Global Ltd. Flint works with companies and other organisationswho seek to navigate successful developments in the policy, political and regulatory arenas. The company works globally from six offices across Europe and the Asia Pacific region. Ed works across a broad range of sectors including digital/tech and other network industries, as well as on general policy, competition, and regulatory issues.
Before co-founding Flint, Ed spent more than eight years as the Chief Executive of Ofcom, the UK’s communications regulator. Earlier in his career Ed worked as an adviser to the UK Prime Minister in 10 Downing Street covering a wide range of domestic policy areas and helping to coordinate the introduction of significant legislation. Prior to this, he led the Corporate Strategy team at the BBC during the development of digital technology and services.
In addition to his position as Founding Partner at Flint, Ed is also Chair of Nesta, the social innovation charity and Chair of the Behavioural Insights Team (the Nudge Unit).
Lord Terence BurnsLord Terence Burns
Lord Terence Burns, often known as Terry Burns, is a British economist, made a life peer in 1998 following a civil service career as Chief Economic Advisor and Permanent Secretary to HM Treasury. He served as Chairman of Ofcom and was also a non-executive member of the Office for Budget Responsibility. He was Chairman of Santander UK, Welsh Water, Marks and Spencer and Channel 4 Corporation. He is a former President of the National Institute of Economic and Social Research and of the Society of Business Economists. He was Chairman of the Governing Body of the Royal Academy of Music and is currently Chairman of YCAT (Young Classical Artists Trust).
Clore12.45 - 13.40Regulating the Regulators: Does the 'Gentleman in Whitehall' really know best?
How do we strike the right balance between regulatory independence and government oversight? Ensure democratic accountability? What challenges do regulators face in the UK today, and what are the implications for key sectors like media, communications, and public utilities?
We try to keep politicians out of technical decisions, but many of these technical decisions have political and human consequences. Decisions about energy price caps (Ofgem), what content is appropriate for broadcast (Ofcom), whether water companies are investing enough in infrastructure to prevent sewage spills (Ofwat) or whether financial products are marketed responsibly (FCA) affect us all.
So, who really does know best? Whitehall or Westminster? Experts or elected politicians?
Join Ed Richards (former director of OFCOM) and Lord Terry Burns (former Chair of Channel Four, OFCOM, and Welsh Water) as they delve into these pressing questions. The discussion is led By Professor Christel Koop, expert in regulation at King's College London. An important and in-depth look at the state of regulation in the UK—and its impact on our democracy and society.
CHAIR: Professor Christel KoopProfessor Christel Koop
Professor Christel Koop
Christel is a professor of political economy at King’s College London and a leading expert in economic regulation. She was educated in the Netherlands and Italy, and has done extensive research on the independence, accountability, and legitimacy of economic regulators and other technocratic bodies, in the UK and elsewhere. In recent years, her work has focused on the re-politicisation of independent economic regulators – and politically insulated expert bodies more generally – and the organisational responses this has triggered. She also has a keen interest in citizen engagement by regulators.
Ed RichardsEd Richards
Ed Richards is a co-founder of Flint Global Ltd. Flint works with companies and other organisationswho seek to navigate successful developments in the policy, political and regulatory arenas. The company works globally from six offices across Europe and the Asia Pacific region. Ed works across a broad range of sectors including digital/tech and other network industries, as well as on general policy, competition, and regulatory issues.
Before co-founding Flint, Ed spent more than eight years as the Chief Executive of Ofcom, the UK’s communications regulator. Earlier in his career Ed worked as an adviser to the UK Prime Minister in 10 Downing Street covering a wide range of domestic policy areas and helping to coordinate the introduction of significant legislation. Prior to this, he led the Corporate Strategy team at the BBC during the development of digital technology and services.
In addition to his position as Founding Partner at Flint, Ed is also Chair of Nesta, the social innovation charity and Chair of the Behavioural Insights Team (the Nudge Unit).
Lord Terence BurnsLord Terence Burns
Lord Terence Burns, often known as Terry Burns, is a British economist, made a life peer in 1998 following a civil service career as Chief Economic Advisor and Permanent Secretary to HM Treasury. He served as Chairman of Ofcom and was also a non-executive member of the Office for Budget Responsibility. He was Chairman of Santander UK, Welsh Water, Marks and Spencer and Channel 4 Corporation. He is a former President of the National Institute of Economic and Social Research and of the Society of Business Economists. He was Chairman of the Governing Body of the Royal Academy of Music and is currently Chairman of YCAT (Young Classical Artists Trust).
[Patrons & Premium only] Clore14.00 - 14.55Top international trade observer, Sir Martin Donnelly, joins Professor Helen Thompson and Nick Butler for this briefing on the politics of Mr Trump’s…Top international trade observer, Sir Martin Donnelly, joins Professor Helen Thompson and Nick Butler for this briefing on the politics of Mr Trump’s first seventy-five days. What are the patterns so far? How are foreign friends treated differently…Professor Helen ThompsonProfessor Helen Thompson
Helen Thompson is Professor of Political Economy in the Department of Politics and International Studies at Cambridge University. Her most recent book Disorder: Hard Times in the 21stCentury was published by Oxford University Press on 24 February 2022 and was shortlisted for the 2022 Financial Times Business Book of the Year. She has written for, among other outlets, the Financial Times, the New York Times, the Sunday Times, the Guardian, Foreign Affairs, Project Syndicate, the London Review of Books, New Statesman, UnHerd, Nature, and Prospect. She co-presents the politics podcast These Times.
Sir Martin DonnellySir Martin Donnelly
Sir Martin Donnelly is a former Permanent Secretary with expertise in business, trade and global economic issues, and four decades of experience shaping policy across Government and the private sector, in the UK and globally. He has worked in Brussels and Paris as well as London, and has written widely on international trade and economic issues, gender diversity and leadership. Martin has just completed a report on Economic Diplomacy commissioned by the Foreign Secretary David Lammy. He lives in Bwlch, Powys.
Nick ButlerNick Butler
Nick Butler is an energy economist and Visiting professor in the Policy Institute at Kings College London. He was Group Vice President for Strategy and Policy at BP from 2002 to 2007 and subsequent senior policy adviser to Prime Minister Gordon Brown.
[Patrons & Premium only] Clore14.00 - 14.55Trump: The First 75 Days – Are His Politics Delivering?
Top international trade observer, Sir Martin Donnelly, joins Professor Helen Thompson and Nick Butler for this briefing on the politics of Mr Trump’s first seventy-five days. What are the patterns so far? How are foreign friends treated differently from foreign foes? Does the US hold all of the high-value cards in the trade game? Trump has appointed himself 'The Tariff Man’, but will that description come back to haunt him? Our super-informed panel address these urgent questions.
Professor Helen ThompsonProfessor Helen Thompson
Helen Thompson is Professor of Political Economy in the Department of Politics and International Studies at Cambridge University. Her most recent book Disorder: Hard Times in the 21stCentury was published by Oxford University Press on 24 February 2022 and was shortlisted for the 2022 Financial Times Business Book of the Year. She has written for, among other outlets, the Financial Times, the New York Times, the Sunday Times, the Guardian, Foreign Affairs, Project Syndicate, the London Review of Books, New Statesman, UnHerd, Nature, and Prospect. She co-presents the politics podcast These Times.
Sir Martin DonnellySir Martin Donnelly
Sir Martin Donnelly is a former Permanent Secretary with expertise in business, trade and global economic issues, and four decades of experience shaping policy across Government and the private sector, in the UK and globally. He has worked in Brussels and Paris as well as London, and has written widely on international trade and economic issues, gender diversity and leadership. Martin has just completed a report on Economic Diplomacy commissioned by the Foreign Secretary David Lammy. He lives in Bwlch, Powys.
Nick ButlerNick Butler
Nick Butler is an energy economist and Visiting professor in the Policy Institute at Kings College London. He was Group Vice President for Strategy and Policy at BP from 2002 to 2007 and subsequent senior policy adviser to Prime Minister Gordon Brown.
Gallery15.15 - 16.10Bretton Woods worked—until it didn’t. As the final incarnation of gold-backed money, it collapsed in 1971, fatally undermined by U.S. domestic…Bretton Woods worked—until it didn’t. As the final incarnation of gold-backed money, it collapsed in 1971, fatally undermined by U.S. domestic political demands. Treasury Secretary John Connally’s famous remark of the time—that the U.S. dollar…Tamim BayoumiTamim Bayoumi
Tamim Bayoumi is a visiting scholar at King’s College London working on macroeconomics and international finance. After graduating from Cambridge and Stanford Universities, he had a long and varied career at the IMF, including overseeing work on the World Economic Outlook and the United States. He is also head of author of an FT economics book of the year on the origins of the 2009 North Atlantic financial crisis, Unfinished Business.
Russell NapierRussell Napier
Russell Napier is author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson. Russell has worked in the investment business for 35 years and has been advising global institutional investors on asset allocation since 1995. Russell is author of the book Anatomy of The Bear: Lessons From Wall Street’s Four Great Bottoms ( in print for almost twenty years and ‘a cult classic’ according to the FT) and is founder and course director of The Practical History of Financial Markets course. The course has run since 2004 and is now available on campus at Edinburgh Business School, in a two and a half day in-person executive version in London and also online.
He is a member of the investment advisory committees of three fund management companies, Cerno Capital, Kennox Asset Management and Bay Capital. He is part owner of both Cerno and Kennox.
In 2014 Russell founded the charitable venture The Library of Mistakes a business and financial history library in Edinburgh that now has branches in India and Switzerland. Plans to open libraries in London, Singapore, Toronto and Mumbai are progressing. The Library of Mistakes hosts lectures which are live streamed and recorded and a podcast series was launched in 2022. The Library and the course are owned and operated by a Scottish registered charity called Didasko which donates its financial surpluses to promote financial education.
Russell has degrees in law from Queen’s University Belfast and Magdalene College Cambridge. He is a Fellow of The CFA Society of the UK , an Honorary Fellow of the CISI and is an Honorary Professor at The University of Stirling and a Visiting Professor at Heriot Watt University. His second book – The Asian Financial Crisis 1995-1998: Birth of the Age of Debt- was published in July 2021.
Gallery15.15 - 16.10‘Our Currency, But Your Problem’: Fifty Years After the Collapse of Bretton Woods, Do We Still Trust Fiat Money?
Bretton Woods worked—until it didn’t. As the final incarnation of gold-backed money, it collapsed in 1971, fatally undermined by U.S. domestic political demands. Treasury Secretary John Connally’s famous remark of the time—that the U.S. dollar was ‘our currency, but your problem’—reflected the emerging reality of the dollar as an unbacked fiat currency at the heart of the global financial system. It was a blunt acknowledgment of the asymmetry in the international monetary system, where other countries bore the burden of adjusting to U.S. economic policy.
The new fiat money system unleashed global inflation. While central banks eventually restored order, it came at the cost of repeated financial bubbles. Now, with global debt at record highs and inflation being used as a tool to reduce it, is our trust in fiat money running out? The rising appeal of gold and the success of cryptocurrencies suggest that it might be.
This session is essential for anyone interested in monetary and economic history. Join our financial sages, Tamim Bayoumi and Russell Napier, as they illuminate this pivotal history and explore what the future holds.
Tamim BayoumiTamim Bayoumi
Tamim Bayoumi is a visiting scholar at King’s College London working on macroeconomics and international finance. After graduating from Cambridge and Stanford Universities, he had a long and varied career at the IMF, including overseeing work on the World Economic Outlook and the United States. He is also head of author of an FT economics book of the year on the origins of the 2009 North Atlantic financial crisis, Unfinished Business.
Russell NapierRussell Napier
Russell Napier is author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson. Russell has worked in the investment business for 35 years and has been advising global institutional investors on asset allocation since 1995. Russell is author of the book Anatomy of The Bear: Lessons From Wall Street’s Four Great Bottoms ( in print for almost twenty years and ‘a cult classic’ according to the FT) and is founder and course director of The Practical History of Financial Markets course. The course has run since 2004 and is now available on campus at Edinburgh Business School, in a two and a half day in-person executive version in London and also online.
He is a member of the investment advisory committees of three fund management companies, Cerno Capital, Kennox Asset Management and Bay Capital. He is part owner of both Cerno and Kennox.
In 2014 Russell founded the charitable venture The Library of Mistakes a business and financial history library in Edinburgh that now has branches in India and Switzerland. Plans to open libraries in London, Singapore, Toronto and Mumbai are progressing. The Library of Mistakes hosts lectures which are live streamed and recorded and a podcast series was launched in 2022. The Library and the course are owned and operated by a Scottish registered charity called Didasko which donates its financial surpluses to promote financial education.
Russell has degrees in law from Queen’s University Belfast and Magdalene College Cambridge. He is a Fellow of The CFA Society of the UK , an Honorary Fellow of the CISI and is an Honorary Professor at The University of Stirling and a Visiting Professor at Heriot Watt University. His second book – The Asian Financial Crisis 1995-1998: Birth of the Age of Debt- was published in July 2021.
Clore15.30 - 16.25Has Trump ‘broken ranks’ on climate change? Or is the U.S. under his leadership simply acknowledging a world still deeply entrenched in oil? Either…Has Trump ‘broken ranks’ on climate change? Or is the U.S. under his leadership simply acknowledging a world still deeply entrenched in oil? Either way, his policies promise continuing carbon emissions that far exceed current climate goals. Join…Professor Helen ThompsonProfessor Helen Thompson
Helen Thompson is Professor of Political Economy in the Department of Politics and International Studies at Cambridge University. Her most recent book Disorder: Hard Times in the 21stCentury was published by Oxford University Press on 24 February 2022 and was shortlisted for the 2022 Financial Times Business Book of the Year. She has written for, among other outlets, the Financial Times, the New York Times, the Sunday Times, the Guardian, Foreign Affairs, Project Syndicate, the London Review of Books, New Statesman, UnHerd, Nature, and Prospect. She co-presents the politics podcast These Times.
Nick ButlerNick Butler
Nick Butler is an energy economist and Visiting professor in the Policy Institute at Kings College London. He was Group Vice President for Strategy and Policy at BP from 2002 to 2007 and subsequent senior policy adviser to Prime Minister Gordon Brown.
Clore15.30 - 16.25'Drill Baby Drill' Trump, Energy, and Carbon
Has Trump ‘broken ranks’ on climate change? Or is the U.S. under his leadership simply acknowledging a world still deeply entrenched in oil? Either way, his policies promise continuing carbon emissions that far exceed current climate goals.
Join leading political economist and These Times podcaster Helen Thompson and influential energy economist Nick Butler as they explore the risks and realities of America’s energy agenda under Trump. What will it mean for global climate goals? And are we ready to confront the consequences?
With his ‘energy dominance’ agenda front and centre, a second Trump term could turbocharge fossil fuel production — slashing regulations, expanding drilling, and sidelining renewables and clean energy innovation. Emissions targets and climate agreements could take a backseat as fossil fuel industries are given free rein.
As America’s retreat from climate leadership emboldens other countries to follow suit, will a second Trump term leave global net-zero targets a distant dream? Will America cede its position at the forefront of the clean energy sector to the likes of China? And is carbon capture technology — promising yet unproven — the answer?
Join us for this critical conversation on where Trump’s energy agenda will take us — and the planet.
Professor Helen ThompsonProfessor Helen Thompson
Helen Thompson is Professor of Political Economy in the Department of Politics and International Studies at Cambridge University. Her most recent book Disorder: Hard Times in the 21stCentury was published by Oxford University Press on 24 February 2022 and was shortlisted for the 2022 Financial Times Business Book of the Year. She has written for, among other outlets, the Financial Times, the New York Times, the Sunday Times, the Guardian, Foreign Affairs, Project Syndicate, the London Review of Books, New Statesman, UnHerd, Nature, and Prospect. She co-presents the politics podcast These Times.
Nick ButlerNick Butler
Nick Butler is an energy economist and Visiting professor in the Policy Institute at Kings College London. He was Group Vice President for Strategy and Policy at BP from 2002 to 2007 and subsequent senior policy adviser to Prime Minister Gordon Brown.
Gallery16.45 - 17.40Join Oliver Bullough, bestselling author of Moneyland and Butler to the World, as he exposes the staggering scale of financial fraud. Chinese citizens…Join Oliver Bullough, bestselling author of Moneyland and Butler to the World, as he exposes the staggering scale of financial fraud. Chinese citizens launder their money via North Korea’s drug cartels and Smurfs. Each year, hundreds of billions in…Oliver BulloughOliver Bullough
Oliver Bullough is an award-winning author and journalist from Hay, who writes about financial crime, kleptocracy and money laundering, often with a connection to the former Soviet republics. His most recent book 'Butler to the World' was called "razor-sharp" by the FT; while 'Moneyland' was shortlisted for the Orwell Prize, and won the Welsh non-fiction book of the year prize. His journalism appears in the Guardian, the New York Times, the Sunday Times, in various magazines, and on the BBC.
Gallery16.45 - 17.40Smurfs and Smishing: A Refresher Course on Money Laundering and Financial Fraud
Join Oliver Bullough, bestselling author of Moneyland and Butler to the World, as he exposes the staggering scale of financial fraud. Chinese citizens launder their money via North Korea’s drug cartels and Smurfs. Each year, hundreds of billions in illicit wealth—stolen by kleptocrats, oligarchs, and criminals—flow through British banks. State actors—we’re also looking at you, Mr. Putin—weaponise dirty money networks to undermine democracies and electoral systems. As sanctions falter, and the debate as to whether to ‘freeze or seize’ illicit assets stalls, this session will ask whether governments are doing enough to combat global fraud.
We see the effects of financial fraud all around us. Who hasn’t received a ‘smishing’ scam text? Or a ‘Nigerian Letter’ email? And why, in a supposedly ‘cashless’ world, are there—paradoxically— record-breaking levels of US dollar bills in circulation?
Join us to explore systemic challenges, personal risks—and the role of Smurfs!—in the murky underworld of money laundering
Oliver BulloughOliver Bullough
Oliver Bullough is an award-winning author and journalist from Hay, who writes about financial crime, kleptocracy and money laundering, often with a connection to the former Soviet republics. His most recent book 'Butler to the World' was called "razor-sharp" by the FT; while 'Moneyland' was shortlisted for the Orwell Prize, and won the Welsh non-fiction book of the year prize. His journalism appears in the Guardian, the New York Times, the Sunday Times, in various magazines, and on the BBC.
Clore17:00 - 17.55Why is it so expensive to build in Britain compared to other countries? France has built seven million more homes than Britain, despite having the same…Why is it so expensive to build in Britain compared to other countries? France has built seven million more homes than Britain, despite having the same population. Each mile of HS2 costs over four times more than Italy's Naples to Bari high-speed line…CHAIR: Sir Martin DonnellySir Martin Donnelly
Sir Martin Donnelly is a former Permanent Secretary with expertise in business, trade and global economic issues, and four decades of experience shaping policy across Government and the private sector, in the UK and globally. He has worked in Brussels and Paris as well as London, and has written widely on international trade and economic issues, gender diversity and leadership. Martin has just completed a report on Economic Diplomacy commissioned by the Foreign Secretary David Lammy. He lives in Bwlch, Powys.
Dr Samuel HughesDr Samuel Hughes
Dr Samuel Hughes is an editor at Works in Progress, where he works on urbanism, architecture and public policy. He has previously worked as an advisor to Michael Gove in the Ministry of Housing, Communities, and Local Government, as Head of Housing at the Centre for Policy Studies, and as a research fellow at the University of Oxford. He co-authored the widely read essay Foundations: Why Britain has stagnated.
Jesse Norman MPJesse Norman MP
Jesse Norman is a British politician who has served as Shadow Leader of the House of Commons since November 2024. A member of the Conservative Party, he has been a Member of Parliament for Hereford and South Herefordshire since 2010.
He served as a Minister in the Treasury, Foreign Office, Cabinet Office, Department for Business, Energy and Industrial Strategy, and the Department for Transport. Among his Ministerial roles he served as Paymanster General and Financial Secretary to the Treasury.
Clore17:00 - 17.55Why is Britain stagnating? And What Can We Do About It?
Why is it so expensive to build in Britain compared to other countries? France has built seven million more homes than Britain, despite having the same population. Each mile of HS2 costs over four times more than Italy's Naples to Bari high-speed line and eight times more than France's Tours to Bordeaux link. Meanwhile, South Korea is building nuclear reactors at a quarter of the cost of Britain's Hinkley Point C. And don’t get us started on the cost of electricity.
For much of modern history, Britain led the world. But today, progress has stalled, and the economy is stagnating. Policies—especially since the Town & Country Planning Act of 1947—have led to an inherent bias against building applications.
Join Foundation’s Samuel Hughes author of a wake-up-call report, and Jesse Norman as they take us through the glory days of Victorian infrastructure, the housebuilding boom of the 1930s, and the deregulation surge of the 1980s to today’s economic gridlock. They’ll explore what went wrong, who is bearing the consequences, and how we might fix it. Chaired by Sir Martin Donnelly
CHAIR: Sir Martin DonnellySir Martin Donnelly
Sir Martin Donnelly is a former Permanent Secretary with expertise in business, trade and global economic issues, and four decades of experience shaping policy across Government and the private sector, in the UK and globally. He has worked in Brussels and Paris as well as London, and has written widely on international trade and economic issues, gender diversity and leadership. Martin has just completed a report on Economic Diplomacy commissioned by the Foreign Secretary David Lammy. He lives in Bwlch, Powys.
Dr Samuel HughesDr Samuel Hughes
Dr Samuel Hughes is an editor at Works in Progress, where he works on urbanism, architecture and public policy. He has previously worked as an advisor to Michael Gove in the Ministry of Housing, Communities, and Local Government, as Head of Housing at the Centre for Policy Studies, and as a research fellow at the University of Oxford. He co-authored the widely read essay Foundations: Why Britain has stagnated.
Jesse Norman MPJesse Norman MP
Jesse Norman is a British politician who has served as Shadow Leader of the House of Commons since November 2024. A member of the Conservative Party, he has been a Member of Parliament for Hereford and South Herefordshire since 2010.
He served as a Minister in the Treasury, Foreign Office, Cabinet Office, Department for Business, Energy and Industrial Strategy, and the Department for Transport. Among his Ministerial roles he served as Paymanster General and Financial Secretary to the Treasury.
Patrons & Premium only] Mezzanine18.00 - 19.30Premium ticket holders are invited to networking drinks with speakers.Premium ticket holders are invited to networking drinks with speakers.Patrons & Premium only] Mezzanine18.00 - 19.30Private Networking Drinks
Premium ticket holders are invited to networking drinks with speakers.
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[Patrons & Premium only] Cafe08.30 - 09.20In a crazy, volatile world, Merryn Somerset-Webb and guests analyse investment risks and opportunities in 2025In a crazy, volatile world, Merryn Somerset-Webb and guests analyse investment risks and opportunities in 2025Merryn Somerset-Webb
Merryn Somerset-Webb
Merryn Somerset Webb was founding editor of Moneyweek magazine in 2000. She remained at the magazine as Editor in Chief until late 2022. Merryn was also a Contributing Editor to and weekly columnist for the Financial Times until September 2022. She is currently a Senior Columnist at Bloomberg writing about wealth, investing and personal finance and hosts the 'Merryn Talks Money' podcast. Merryn is also an experienced non executive director and currently sits on the board of two listed investment trusts.
[Patrons & Premium only] Cafe08.30 - 09.20Merryn's Investment Breakfast
In a crazy, volatile world, Merryn Somerset-Webb and guests analyse investment risks and opportunities in 2025
Merryn Somerset-WebbMerryn Somerset-Webb
Merryn Somerset Webb was founding editor of Moneyweek magazine in 2000. She remained at the magazine as Editor in Chief until late 2022. Merryn was also a Contributing Editor to and weekly columnist for the Financial Times until September 2022. She is currently a Senior Columnist at Bloomberg writing about wealth, investing and personal finance and hosts the 'Merryn Talks Money' podcast. Merryn is also an experienced non executive director and currently sits on the board of two listed investment trusts.
Gallery09.30 - 10.25Baffled by the crypto hype? Envious of your suddenly-rich crypto-trading friends? Worried about missing out? Wondering what comes next? Join us as…Baffled by the crypto hype? Envious of your suddenly-rich crypto-trading friends? Worried about missing out? Wondering what comes next? Join us as long-term crypto observer Izabella Kaminska and philosopher of money Felix Martin and expert Edward…Edward ChancellorEdward Chancellor
Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times Notable Book of the Year. In 2005, he published Crunch-Time for Credit?(Harriman House), an analysis of the ongoing credit boom in the US and UK. Edward has also edited two well-received investment books, Capital Account (Thomson Texere, 2004) and Capital Returns (Palgrave Macmillan, 2015). His latest book, The Price of Time: The Real Story of Interest (Allen Lane, 2022) is the recipient of the 2023 Hayek Prize.
Edward read history at Cambridge and Oxford. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston investment firm. He is currently a columnist for Reuters Breakingviews, the financial commentary site, and has contributed to many publications, including the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. In 2008, Edward received the George Polk Award for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine.
Izabella KaminskaIzabella Kaminska
Izabella Kaminska is the founder and editor of The Blind Spot, a new media venture that aims to shine a light on stories being missed by the wider journalistic pack. The site focuses on finance, market, and media news in both short and long form. It hopes to deliver a healthy mix of analysis and opinion-led commentary, supported by aggregation, news reporting and deep dives.
In February 2023, she also became Politico Europe’s senior finance editor, overseeing the growth of Politico’s financial coverage on a part-time basis, in a deal that secured a special licensing agreement for the distribution of Politico content on The Blind Spot. She continues to author her weekly newsletter at The Blind Spot.
Izabella is an alumnus of the Financial Times, where she spent 13 years in reporting roles, most recently as the editor of FT Alphaville, the Financial Times’s award-winning markets and finance blog. Izabella was also an FT columnist and opinion writer focused on tech, finance, and markets. She has also written as a freelancer for Bloomberg, Boat International, and Public News.
Izabella started her journalistic career in 2001 as a junior reporter for the English-language newspaper the Warsaw Business Journal. She later spent time in the former Soviet Union at the Caspian Business News, which took her to Azerbaijan and Georgia. In 2003 she reported as a freelancer from Kabul, Afghanistan, before joining BP as an Associate Editor of the company’s internal magazine Horizon in 2004.After completing the 2005 Reuters graduate trainee program, Izabella joined Platts to focus on the reporting of European natural gas markets. She then went on to become a senior producer at CNBC in London, producing the channel’s flagship program Squawk Box.
With The Blind Spot Izabella is initiating a two-part plan to try to reconfigure how journalistic information is organized on the Internet.
Dr. Felix MartinDr. Felix Martin
Dr Felix Martin (www.felixmartin.org) is an economist, investor, and highly acclaimed author.
His twenty-five year career in international finance has ranged from sovereign lending and post-conflict reconstruction at the World Bank to designing, launching, and managing a sequence of global investment funds at publicly-listed asset managers, leading private firms, and his own independent boutique. Today, he advises global investors, governments, and corporate leaders on how to navigate complex financial and political risks using an approach that makes economics engaging and digestible.
Felix’s 2013 book Money: the Unauthorised Biography has been published in fifteen countries and ten languages, was a Financial Times Economics Book of the Year, and was called “compulsively readable” by the New York Times. It must also (surely...) be the only book to have been both cited by the US Supreme Court and endorsed by the lead singer of glam rock legends Kiss. He is a columnist for Reuters Breakingviews.
Gallery09.30 - 10.25The Crypto Zoo: CBDCs versus Cryptocurrencies and Stablecoins
Baffled by the crypto hype? Envious of your suddenly-rich crypto-trading friends? Worried about missing out? Wondering what comes next? Join us as long-term crypto observer Izabella Kaminska and philosopher of money Felix Martin and expert Edward Chancellor assess the risks and benefits of digital assets, and their potential to reshape the financial landscape.
In this wide-ranging discussion, our experts will break down the critical differences between cryptocurrencies, stablecoins, tokens, and Central Bank Digital Currencies (CBDCs). They will also explore how these digital innovations are likely to impact not just your personal finances but also broader political and economic systems.
Expect insights into the dangers and advantages of digital money, a look at how these technologies may evolve, and what they mean for the future of money, regulation, and power dynamics. Whether you're a crypto enthusiast or a crypto sceptic, join us as we investigate what’s truly at stake.
Edward ChancellorEdward Chancellor
Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times Notable Book of the Year. In 2005, he published Crunch-Time for Credit?(Harriman House), an analysis of the ongoing credit boom in the US and UK. Edward has also edited two well-received investment books, Capital Account (Thomson Texere, 2004) and Capital Returns (Palgrave Macmillan, 2015). His latest book, The Price of Time: The Real Story of Interest (Allen Lane, 2022) is the recipient of the 2023 Hayek Prize.
Edward read history at Cambridge and Oxford. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston investment firm. He is currently a columnist for Reuters Breakingviews, the financial commentary site, and has contributed to many publications, including the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. In 2008, Edward received the George Polk Award for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine.
Izabella KaminskaIzabella Kaminska
Izabella Kaminska is the founder and editor of The Blind Spot, a new media venture that aims to shine a light on stories being missed by the wider journalistic pack. The site focuses on finance, market, and media news in both short and long form. It hopes to deliver a healthy mix of analysis and opinion-led commentary, supported by aggregation, news reporting and deep dives.
In February 2023, she also became Politico Europe’s senior finance editor, overseeing the growth of Politico’s financial coverage on a part-time basis, in a deal that secured a special licensing agreement for the distribution of Politico content on The Blind Spot. She continues to author her weekly newsletter at The Blind Spot.
Izabella is an alumnus of the Financial Times, where she spent 13 years in reporting roles, most recently as the editor of FT Alphaville, the Financial Times’s award-winning markets and finance blog. Izabella was also an FT columnist and opinion writer focused on tech, finance, and markets. She has also written as a freelancer for Bloomberg, Boat International, and Public News.
Izabella started her journalistic career in 2001 as a junior reporter for the English-language newspaper the Warsaw Business Journal. She later spent time in the former Soviet Union at the Caspian Business News, which took her to Azerbaijan and Georgia. In 2003 she reported as a freelancer from Kabul, Afghanistan, before joining BP as an Associate Editor of the company’s internal magazine Horizon in 2004.After completing the 2005 Reuters graduate trainee program, Izabella joined Platts to focus on the reporting of European natural gas markets. She then went on to become a senior producer at CNBC in London, producing the channel’s flagship program Squawk Box.
With The Blind Spot Izabella is initiating a two-part plan to try to reconfigure how journalistic information is organized on the Internet.
Dr. Felix MartinDr. Felix Martin
Dr Felix Martin (www.felixmartin.org) is an economist, investor, and highly acclaimed author.
His twenty-five year career in international finance has ranged from sovereign lending and post-conflict reconstruction at the World Bank to designing, launching, and managing a sequence of global investment funds at publicly-listed asset managers, leading private firms, and his own independent boutique. Today, he advises global investors, governments, and corporate leaders on how to navigate complex financial and political risks using an approach that makes economics engaging and digestible.
Felix’s 2013 book Money: the Unauthorised Biography has been published in fifteen countries and ten languages, was a Financial Times Economics Book of the Year, and was called “compulsively readable” by the New York Times. It must also (surely...) be the only book to have been both cited by the US Supreme Court and endorsed by the lead singer of glam rock legends Kiss. He is a columnist for Reuters Breakingviews.
Gallery11.00 - 11:55Ransomware attacks—where hackers break into computer networks and lock up digital information until the victim pays for its release—can be…Ransomware attacks—where hackers break into computer networks and lock up digital information until the victim pays for its release—can be devastating. How worried should we be? And are we doing enough to protect ourselves? Barely a week goes by…CHAIR: Alice SherwoodAlice Sherwood
Alice Sherwood is the Co-Director of the Weekend of Mistakes. She is the author of the award-winning Authenticity: Reclaiming Reality in a Counterfeit Culture (HarperCollins 2022), which argues that although our counterfeit culture is shaped by the most powerful forces of economics, evolution, and technology, we can still come together to reclaim reality. Currently a Visiting Senior Research Fellow at The Policy Institute at King’s College London, she has been a director of an open-source intelligence company, worked as a management consultant for Accenture, in retail strategy consultancy and private equity, and for the BBC in education and multimedia. She has under-graduate degrees in philosophy and in chemistry, an MBA from INSEAD, and an MA in literary criticism and narrative non-fiction. She is a trustee of the Hay Castle Trust, chair of the Beit Scientific Fellowship at Imperial Colleget, chair of the Rising Tide women’s network, and lives in London and Wales. Authenticity is Alice’s first book. It won a Royal Society of Literature Giles St Aubyn Award for Non-Fiction.
Professor Anja ShortlandProfessor Anja Shortland
Anja Shortland is a Professor in Political Economy at King’s College London. She studied Engineering Science at Oxford and for her MSc in Political Economy and PhD in International Relations at LSE. Anja specialises in institutional economics and the economics of crime. She is fascinated by private ordering in the world’s trickiest markets: hostages, hijacked ships, stolen art, looted antiquities and ransomware. Her research focuses on trades between legal and illegal enterprises and insurance as governance in criminal markets.
Anja’s Books include Lost Art: The Art Loss Register's Case Book Vol 1. Kidnap: Inside the Ransom Business
Gallery11.00 - 11:55'We Know You Can Pay a Million': The Dark Economy of Digital Extortion
Ransomware attacks—where hackers break into computer networks and lock up digital information until the victim pays for its release—can be devastating. How worried should we be? And are we doing enough to protect ourselves? Barely a week goes by without a ransomware attack. No sector is safe. In recent years, city councils, political parties, schools and universities, pension funds, hospitals, companies of all kinds—including software providers, airlines, postal services, and banks—have paid hundreds of thousands or even millions of dollars to extortionists to restore their services and communications.
Ransomware has become a multibillion-dollar industry and is widely recognised as a serious threat to national security. But it is also a threat that feels intensely personal. Every time we connect to the internet, we knowingly risk being hacked and extorted. Join economics of crime expert Professor Anja Shortland of King's College London in conversation with WoM Co-Director Alice Sherwood to discuss her new book.
CHAIR: Alice SherwoodAlice Sherwood
Alice Sherwood is the Co-Director of the Weekend of Mistakes. She is the author of the award-winning Authenticity: Reclaiming Reality in a Counterfeit Culture (HarperCollins 2022), which argues that although our counterfeit culture is shaped by the most powerful forces of economics, evolution, and technology, we can still come together to reclaim reality. Currently a Visiting Senior Research Fellow at The Policy Institute at King’s College London, she has been a director of an open-source intelligence company, worked as a management consultant for Accenture, in retail strategy consultancy and private equity, and for the BBC in education and multimedia. She has under-graduate degrees in philosophy and in chemistry, an MBA from INSEAD, and an MA in literary criticism and narrative non-fiction. She is a trustee of the Hay Castle Trust, chair of the Beit Scientific Fellowship at Imperial Colleget, chair of the Rising Tide women’s network, and lives in London and Wales. Authenticity is Alice’s first book. It won a Royal Society of Literature Giles St Aubyn Award for Non-Fiction.
Professor Anja ShortlandProfessor Anja Shortland
Anja Shortland is a Professor in Political Economy at King’s College London. She studied Engineering Science at Oxford and for her MSc in Political Economy and PhD in International Relations at LSE. Anja specialises in institutional economics and the economics of crime. She is fascinated by private ordering in the world’s trickiest markets: hostages, hijacked ships, stolen art, looted antiquities and ransomware. Her research focuses on trades between legal and illegal enterprises and insurance as governance in criminal markets.
Anja’s Books include Lost Art: The Art Loss Register's Case Book Vol 1. Kidnap: Inside the Ransom Business
Clore11.15 - 12:10ESG investing— ‘socially responsible investing’—aims to prioritise Environmental, Social, and Governance (ESG) factors or outcomes. For a time,…ESG investing— ‘socially responsible investing’—aims to prioritise Environmental, Social, and Governance (ESG) factors or outcomes. For a time, it seemed like an obvious choice for both corporate and individual investors. But many would argue…Tom CouttsTom Coutts
Tom is a partner at Baillie Gifford, the Edinburgh-based investment firm that was established in 1908, where he manages growth equities for North American clients. He sits on the firm’s strategy committee and its ESG oversight group, and was formerly Chief of Investment Staff. He grew up in South Wales, near Hay.
Daniela Barone SoaresDaniela Barone Soares
Daniela is a leader known for driving change at the intersection of the commercial and impact worlds, from strategy development through operating execution with almost 20 years of board level experience. Daniela is the CEO of Snowball Impact Investment, a diversified investment fund that creates positive outcomes for people and planet whilst generating competitive financial returns. She is also a non-executive director at InterContinental Hotels Group Plc and a trustee of the Institute for the Future of Work. Among her various accolades are Fifty Most Influential in Sustainable Finance (2023 - Financial News), top 100 women in engineering (2019 - Financial Times), “20 People who are Changing Brazil and the World for the Better" (2017- Istoé Dinheiro) and 100 people who make Britain a better place (2008 – Independent on Sunday “Happy List”). Daniela holds an MBA from Harvard Business School and a BSc in Economics from Unicamp, Brazil. Daniela was awarded an OBE at the King’s Birthday Honours list in 2024 for services to business and impact investing’.
Clore11.15 - 12:10ESG - Dead or Alive? Is ‘Doing Well by Doing Good’ Working for Investors?
ESG investing— ‘socially responsible investing’—aims to prioritise Environmental, Social, and Governance (ESG) factors or outcomes. For a time, it seemed like an obvious choice for both corporate and individual investors. But many would argue the results haven’t lived up to the hype, and now the concept, and its priorities, are under attack.
This session explores why ESG-centric funds—particularly those focused on the ‘E’—have often miserably underperformed and asks whether retail and institutional investors are still willing to commit to ESG principles if it means sacrificing returns. How solid is the evidence that companies excelling in ESG screenings outperform their lower-scoring peers? And how can investment managers—or institutions like pension funds, which entrust assets that they own to these managers—balance their fiduciary duties with the pursuit of ESG-driven strategies?
Hear from leading voices in the field as Tom Coutts, partner at the renowned investment firm Baillie Gifford, and Daniela Barone Soares, CEO of the leading impact investment group Snowball Capital, tackle these critical questions and assess the future of ‘doing well by doing good.’
Tom CouttsTom Coutts
Tom is a partner at Baillie Gifford, the Edinburgh-based investment firm that was established in 1908, where he manages growth equities for North American clients. He sits on the firm’s strategy committee and its ESG oversight group, and was formerly Chief of Investment Staff. He grew up in South Wales, near Hay.
Daniela Barone SoaresDaniela Barone Soares
Daniela is a leader known for driving change at the intersection of the commercial and impact worlds, from strategy development through operating execution with almost 20 years of board level experience. Daniela is the CEO of Snowball Impact Investment, a diversified investment fund that creates positive outcomes for people and planet whilst generating competitive financial returns. She is also a non-executive director at InterContinental Hotels Group Plc and a trustee of the Institute for the Future of Work. Among her various accolades are Fifty Most Influential in Sustainable Finance (2023 - Financial News), top 100 women in engineering (2019 - Financial Times), “20 People who are Changing Brazil and the World for the Better" (2017- Istoé Dinheiro) and 100 people who make Britain a better place (2008 – Independent on Sunday “Happy List”). Daniela holds an MBA from Harvard Business School and a BSc in Economics from Unicamp, Brazil. Daniela was awarded an OBE at the King’s Birthday Honours list in 2024 for services to business and impact investing’.
Cinema11.00 - 13.45The charming children’s story, written by L. Frank Baum, was an allegory for the political, economic, and social events of America in the 1890s? Baum…The charming children’s story, written by L. Frank Baum, was an allegory for the political, economic, and social events of America in the 1890s? Baum had been a political activist in the 1890s, with a special interest in the money question of gold…Cinema11.00 - 13.45The Wizard of Oz: A Weekend of Mistakes Special Screening
The charming children’s story, written by L. Frank Baum, was an allegory for the political, economic, and social events of America in the 1890s? Baum had been a political activist in the 1890s, with a special interest in the money question of gold and silver known as bimetallism. Join us to hear about the deeper symbolism of the magical story of Dorothy and her companions’ journey.
The Yellow Brick Road, Emerald City, and even the City of Oz will take on a new meaning!
All ages welcome! Ice creams and drinks can be taken into the Cinema.
Clore12.30 - 13.25Hay-on-Wye is a town renowned for its creativity, independence of spirit, and original thinking. Since 1st April 1977, when Richard Booth famously…Hay-on-Wye is a town renowned for its creativity, independence of spirit, and original thinking. Since 1st April 1977, when Richard Booth famously declared the town independent—and himself King—Hay has been proud to be a little bit different. Now,…CHAIR: Alice SherwoodAlice Sherwood
Alice Sherwood is the Co-Director of the Weekend of Mistakes. She is the author of the award-winning Authenticity: Reclaiming Reality in a Counterfeit Culture (HarperCollins 2022), which argues that although our counterfeit culture is shaped by the most powerful forces of economics, evolution, and technology, we can still come together to reclaim reality. Currently a Visiting Senior Research Fellow at The Policy Institute at King’s College London, she has been a director of an open-source intelligence company, worked as a management consultant for Accenture, in retail strategy consultancy and private equity, and for the BBC in education and multimedia. She has under-graduate degrees in philosophy and in chemistry, an MBA from INSEAD, and an MA in literary criticism and narrative non-fiction. She is a trustee of the Hay Castle Trust, chair of the Beit Scientific Fellowship at Imperial Colleget, chair of the Rising Tide women’s network, and lives in London and Wales. Authenticity is Alice’s first book. It won a Royal Society of Literature Giles St Aubyn Award for Non-Fiction.
Lord Gus O’DonnellLord Gus O’Donnell
Gus O'Donnell served as Cabinet Secretary and Head of the British Civil Service from 2005 to 2011, during which he oversaw the formation of the first coalition government since World War II. Prior to this, he was Permanent Secretary to the Treasury (2002–2005) and represented the UK on the IMF and World Bank Boards. Recently stepping down as Chair of Frontier Economics after 11 years, Gus continues to support the consulting firm in an Ambassadorial role. He also holds several other positions, including Strategic Advisor and Board Member for Brookfield Asset Management, President of the Council of the Institute for Fiscal Studies (IFS), and Honorary President of Pro Bono Economics (PBE). Additionally, he is a Visiting Professor at the London School of Economics (LSE) and University College London (UCL), as well as a member of the Economist Trust. Gus studied Economics at Warwick University and Nuffield College, Oxford, before beginning his academic career as a lecturer at Glasgow University. Knighted in 2005, he was appointed to the House of Lords in 2012, where he sits as a crossbencher. He is also an Honorary Fellow of the British Academy and a Fellow of the Academy of Social Sciences
Professor Rachel JenkinsProfessor Rachel Jenkins
Rachel Jenkins OBE is a psychiatrist, epidemiologist and mental health policy maker. She is Emeritus Professor of Epidemiology and International Mental Health Policy at Kings College London and formerly Director of the WHO Collaborating Centre (1997-2012). She trained in Medicine at Girton College, Cambridge, and then in Psychiatry at the Maudsley Hospital and epidemiological research at the Institute of Psychiatry before becoming Consultant Psychiatrist and Senior Lecturer, first at the Maudsley Hospital and Institute of Psychiatry and then at St Bartholomew’s Hospital . She was then recruited into the Senior Civil Service as Principal Medial Officer for mental health policy 1987-1996. She has provided policy support, research and training in the UK, Africa, the Middle East and Asia .
She initiated the national mental health survey programme in the UK in 1992, which has provided much useful information both about the prevalence, causes and consequences of mental disorders, including the relationship with income and debt, and about the dimensions of happiness and wellbeing. She led the mental health component of the Chief Scientist’s Foresight report of Mental Capital and Wellbeing 2008.
She returned to live in her native Herefordshire in 2011, and is active in local biodiversity projects . She produced the exhibition about the River Wye, now on display in Hay Church.
Emma SladeEmma Slade
Emma Slade was educated at Cambridge University and London University and attained the CFA qualification as a Chartered Financial Analyst. She had a very successful career as a Senior Financial Analyst for HSBC, largely based in Hong Kong from 1994-1999 and, later, in private equity and hedge fund analysis.
As an investment analysis she assisted on investing $1bn in Asian securities. Then, in the turmoil of the Asian financial crisis of 1997, on a business trip to Jakarta, I was held in her hotel room by an armed gunman. This event proved a turning point in my life and kick started her on a quest to think what she really wished to do with her life and contribute to the world.
Already a Buddhist and an experienced yoga teacher it was on her first trip to Bhutan in 2011 that she met Lama Nima Tshering who became her teacher and who, a year later, instructed her to follow a path of renunciation and compassion and become a nun.
In 2022 she became the first and only Western woman ever to be fully ordained in the Himalayas itself when a historic event occurred in Bhutan when 142 nuns were given full ordination on a level equivalent to monks.
In 2015 she set up the UK charity - Opening Your Heart to Bhutan - to help special needs children in Bhutan. The charity has raised £800,000 and played a major role in building the first purpose-built special needs school in Bhutan.
With her in-depth understanding of the country of Bhutan and its contribution to writings on happiness and her personal story of transformation she is often featured in international events. She donates such engagements to her charity.
Clore12.30 - 13.25A Hay Happiness Index: Measuring What Matters to Us
Hay-on-Wye is a town renowned for its creativity, independence of spirit, and original thinking. Since 1st April 1977, when Richard Booth famously declared the town independent—and himself King—Hay has been proud to be a little bit different.
Now, we bring you another bold idea when we ask: Chould Hay have its own Happiness Index?
Since 1972, when the King of Bhutan proclaimed that "Gross National Happiness is more important than Gross Domestic Product," the idea of measuring what truly contributes to our well-being—rather than just what makes us wealthy—has inspired nations across the globe. Countries have developed their own Happiness Indexes, tailoring the concept to reflect their unique cultures and values:
Bhutan includes measures of spiritual well-being, reflecting its Buddhist belief in interconnectedness and mindfulness.
New Zealand incorporates Te Ao Māori—the indigenous worldview—into its happiness measures.
South African nations emphasise community cohesion, guided by the philosophy of Ubuntu: "I am because we are."
South America values the role of festivals, collective joy, and pura vida (harmony with nature).
Scandinavian countries—who frequently top the World Happiness Report rankings—include concepts like: Hygge (Denmark’s famed coziness—or as we like to call it, Cwtch with a Scandi accent), and Sisu (Finland's unique blend of stoicism, grit, and perseverance).
But just how do you develop a Happiness Index? If Hay had one, what would it look like? What truly matters to the people of Hay and the surrounding Borders?
Building on our earlier panel [links to earlier panel and back] about measuring well-being, we roll up our sleeves to dig into how you create a Happiness Index, Chaired by Festival Director Alice Sherwood. To guide us, we welcome Emma Slade, a key figure in implementing Bhutan’s Gross National Happiness project, to share her expertise and inspire us with ideas from around the world. She’s joined by Rachel Jenkins, psychiatrist, epidemiologist and mental health policy maker and Lord Gus O’Donnell, former UK Cabinet Secretary and Head of the British Civil Service, and a prominent advocate of measuring what matters and integrating well-being into economic policy.
CHAIR: Alice SherwoodAlice Sherwood
Alice Sherwood is the Co-Director of the Weekend of Mistakes. She is the author of the award-winning Authenticity: Reclaiming Reality in a Counterfeit Culture (HarperCollins 2022), which argues that although our counterfeit culture is shaped by the most powerful forces of economics, evolution, and technology, we can still come together to reclaim reality. Currently a Visiting Senior Research Fellow at The Policy Institute at King’s College London, she has been a director of an open-source intelligence company, worked as a management consultant for Accenture, in retail strategy consultancy and private equity, and for the BBC in education and multimedia. She has under-graduate degrees in philosophy and in chemistry, an MBA from INSEAD, and an MA in literary criticism and narrative non-fiction. She is a trustee of the Hay Castle Trust, chair of the Beit Scientific Fellowship at Imperial Colleget, chair of the Rising Tide women’s network, and lives in London and Wales. Authenticity is Alice’s first book. It won a Royal Society of Literature Giles St Aubyn Award for Non-Fiction.
Lord Gus O’DonnellLord Gus O’Donnell
Gus O'Donnell served as Cabinet Secretary and Head of the British Civil Service from 2005 to 2011, during which he oversaw the formation of the first coalition government since World War II. Prior to this, he was Permanent Secretary to the Treasury (2002–2005) and represented the UK on the IMF and World Bank Boards. Recently stepping down as Chair of Frontier Economics after 11 years, Gus continues to support the consulting firm in an Ambassadorial role. He also holds several other positions, including Strategic Advisor and Board Member for Brookfield Asset Management, President of the Council of the Institute for Fiscal Studies (IFS), and Honorary President of Pro Bono Economics (PBE). Additionally, he is a Visiting Professor at the London School of Economics (LSE) and University College London (UCL), as well as a member of the Economist Trust. Gus studied Economics at Warwick University and Nuffield College, Oxford, before beginning his academic career as a lecturer at Glasgow University. Knighted in 2005, he was appointed to the House of Lords in 2012, where he sits as a crossbencher. He is also an Honorary Fellow of the British Academy and a Fellow of the Academy of Social Sciences
Professor Rachel JenkinsProfessor Rachel Jenkins
Rachel Jenkins OBE is a psychiatrist, epidemiologist and mental health policy maker. She is Emeritus Professor of Epidemiology and International Mental Health Policy at Kings College London and formerly Director of the WHO Collaborating Centre (1997-2012). She trained in Medicine at Girton College, Cambridge, and then in Psychiatry at the Maudsley Hospital and epidemiological research at the Institute of Psychiatry before becoming Consultant Psychiatrist and Senior Lecturer, first at the Maudsley Hospital and Institute of Psychiatry and then at St Bartholomew’s Hospital . She was then recruited into the Senior Civil Service as Principal Medial Officer for mental health policy 1987-1996. She has provided policy support, research and training in the UK, Africa, the Middle East and Asia .
She initiated the national mental health survey programme in the UK in 1992, which has provided much useful information both about the prevalence, causes and consequences of mental disorders, including the relationship with income and debt, and about the dimensions of happiness and wellbeing. She led the mental health component of the Chief Scientist’s Foresight report of Mental Capital and Wellbeing 2008.
She returned to live in her native Herefordshire in 2011, and is active in local biodiversity projects . She produced the exhibition about the River Wye, now on display in Hay Church.
Emma SladeEmma Slade
Emma Slade was educated at Cambridge University and London University and attained the CFA qualification as a Chartered Financial Analyst. She had a very successful career as a Senior Financial Analyst for HSBC, largely based in Hong Kong from 1994-1999 and, later, in private equity and hedge fund analysis.
As an investment analysis she assisted on investing $1bn in Asian securities. Then, in the turmoil of the Asian financial crisis of 1997, on a business trip to Jakarta, I was held in her hotel room by an armed gunman. This event proved a turning point in my life and kick started her on a quest to think what she really wished to do with her life and contribute to the world.
Already a Buddhist and an experienced yoga teacher it was on her first trip to Bhutan in 2011 that she met Lama Nima Tshering who became her teacher and who, a year later, instructed her to follow a path of renunciation and compassion and become a nun.
In 2022 she became the first and only Western woman ever to be fully ordained in the Himalayas itself when a historic event occurred in Bhutan when 142 nuns were given full ordination on a level equivalent to monks.
In 2015 she set up the UK charity - Opening Your Heart to Bhutan - to help special needs children in Bhutan. The charity has raised £800,000 and played a major role in building the first purpose-built special needs school in Bhutan.
With her in-depth understanding of the country of Bhutan and its contribution to writings on happiness and her personal story of transformation she is often featured in international events. She donates such engagements to her charity.
Gallery12.45 - 13.40Join us for an unflinching exploration of where to invest in 2025, as the global economic landscape continues to shift. Drawing on insights from our…Join us for an unflinching exploration of where to invest in 2025, as the global economic landscape continues to shift. Drawing on insights from our previous panels on Money, this session will dive deep into the unprecedented challenges faced by the…Russell NapierRussell Napier
Russell Napier is author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson. Russell has worked in the investment business for 35 years and has been advising global institutional investors on asset allocation since 1995. Russell is author of the book Anatomy of The Bear: Lessons From Wall Street’s Four Great Bottoms ( in print for almost twenty years and ‘a cult classic’ according to the FT) and is founder and course director of The Practical History of Financial Markets course. The course has run since 2004 and is now available on campus at Edinburgh Business School, in a two and a half day in-person executive version in London and also online.
He is a member of the investment advisory committees of three fund management companies, Cerno Capital, Kennox Asset Management and Bay Capital. He is part owner of both Cerno and Kennox.
In 2014 Russell founded the charitable venture The Library of Mistakes a business and financial history library in Edinburgh that now has branches in India and Switzerland. Plans to open libraries in London, Singapore, Toronto and Mumbai are progressing. The Library of Mistakes hosts lectures which are live streamed and recorded and a podcast series was launched in 2022. The Library and the course are owned and operated by a Scottish registered charity called Didasko which donates its financial surpluses to promote financial education.
Russell has degrees in law from Queen’s University Belfast and Magdalene College Cambridge. He is a Fellow of The CFA Society of the UK , an Honorary Fellow of the CISI and is an Honorary Professor at The University of Stirling and a Visiting Professor at Heriot Watt University. His second book – The Asian Financial Crisis 1995-1998: Birth of the Age of Debt- was published in July 2021.
Edward ChancellorEdward Chancellor
Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times Notable Book of the Year. In 2005, he published Crunch-Time for Credit?(Harriman House), an analysis of the ongoing credit boom in the US and UK. Edward has also edited two well-received investment books, Capital Account (Thomson Texere, 2004) and Capital Returns (Palgrave Macmillan, 2015). His latest book, The Price of Time: The Real Story of Interest (Allen Lane, 2022) is the recipient of the 2023 Hayek Prize.
Edward read history at Cambridge and Oxford. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston investment firm. He is currently a columnist for Reuters Breakingviews, the financial commentary site, and has contributed to many publications, including the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. In 2008, Edward received the George Polk Award for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine.
Gallery12.45 - 13.40The Least Dirty Shirt: Where to Put Your Money in 2025
Join us for an unflinching exploration of where to invest in 2025, as the global economic landscape continues to shift. Drawing on insights from our previous panels on Money, this session will dive deep into the unprecedented challenges faced by the three dominant monetary blocs—the US dollar, the Chinese renminbi, and the euro.
Discover how these forces are shaping investment returns and whether the ultimate winner will be simply the "least dirty shirt." Understand how the US$, RMB, and euro blocs are weathering economic and political turbulence, and identify key investment opportunities amid a challenging global economy.
Whether it’s conventional assets, crypto, gold, or simply under the mattress, expect sharp analysis and expert insights from Russell Napier and Edward Chancellor, 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.
Russell NapierRussell Napier
Russell Napier is author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson. Russell has worked in the investment business for 35 years and has been advising global institutional investors on asset allocation since 1995. Russell is author of the book Anatomy of The Bear: Lessons From Wall Street’s Four Great Bottoms ( in print for almost twenty years and ‘a cult classic’ according to the FT) and is founder and course director of The Practical History of Financial Markets course. The course has run since 2004 and is now available on campus at Edinburgh Business School, in a two and a half day in-person executive version in London and also online.
He is a member of the investment advisory committees of three fund management companies, Cerno Capital, Kennox Asset Management and Bay Capital. He is part owner of both Cerno and Kennox.
In 2014 Russell founded the charitable venture The Library of Mistakes a business and financial history library in Edinburgh that now has branches in India and Switzerland. Plans to open libraries in London, Singapore, Toronto and Mumbai are progressing. The Library of Mistakes hosts lectures which are live streamed and recorded and a podcast series was launched in 2022. The Library and the course are owned and operated by a Scottish registered charity called Didasko which donates its financial surpluses to promote financial education.
Russell has degrees in law from Queen’s University Belfast and Magdalene College Cambridge. He is a Fellow of The CFA Society of the UK , an Honorary Fellow of the CISI and is an Honorary Professor at The University of Stirling and a Visiting Professor at Heriot Watt University. His second book – The Asian Financial Crisis 1995-1998: Birth of the Age of Debt- was published in July 2021.
Edward ChancellorEdward Chancellor
Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times Notable Book of the Year. In 2005, he published Crunch-Time for Credit?(Harriman House), an analysis of the ongoing credit boom in the US and UK. Edward has also edited two well-received investment books, Capital Account (Thomson Texere, 2004) and Capital Returns (Palgrave Macmillan, 2015). His latest book, The Price of Time: The Real Story of Interest (Allen Lane, 2022) is the recipient of the 2023 Hayek Prize.
Edward read history at Cambridge and Oxford. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston investment firm. He is currently a columnist for Reuters Breakingviews, the financial commentary site, and has contributed to many publications, including the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. In 2008, Edward received the George Polk Award for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine.