A Practical History of Financial Markets | Russell Napier

Demetri Kofinas speaks with financial historian and investor Russell Napier https://hiddenforces.io/podcasts/practical-history-of-financial-markets-russell-napier about his "Practical History of Financial Markets" online course, which is provided in conjunction with Edinburgh Business School. Hidden Forces premium subscribers can sign up using their subscriber email + code "HF50" for a generous 50% DISCOUNT. Genius members can access the course for an even more generous discount of 75%. Sign up today at libraryofmistakes.com/course https://www.libraryofmistakes.com/course. The course runs in three formats: a ~14-hour online version; a two-and-a-half-day in-person version in London (capped at about 30 people); and a university version for mostly post-grad students. This is not just for professionals—many attendees are principals or retail savers who feel responsible for managing their and their families' wealth. The course is "radically different" from standard finance classes. Instead of starting from pricing theory or discounted cash flow, it takes a historical approach to asset valuation across equities, bonds, cash, commodities, and property, asking the question: "what repeatable conditions caused valuations to change?" The course leans heavily on long-run U. S. and international data, examines market behavior in different monetary and inflation regimes, and includes a module on investing in periods of inflation, disinflation, and deflation. After completing this course, you should be able to: ✔️ Critically evaluate different methods of valuing stock markets and identify faults in the valuation methods. ✔️ Explain the idea of mean reversion in financial markets and identify valuation techniques that follow mean reversion using data from the last 100 years to demonstrate this. ✔️ Understand the impact inflationary or deflationary forces have on the returns to different classes of financial assets. ✔️ Understand the impact liquidity and the supply of money has on stock market returns over time. ✔️ Understand the impact of psychological biases on returns in the stock market and the role that they can play in major stock market events. ✔️ Critically evaluate the lessons from the history of the financial markets over the past 200 years or more. As Russell has often said, "when regime change occurs, the greatest risk for any investor is to get all the right answers to all the wrong questions." The ultimate goal of this course is to teach people how to find and ask the RIGHT questions. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe https://hiddenforces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe https://hiddenforces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts https://podcasts.apple.com/us/podcast/hidden-forces/id1205359334, YouTube https://www.youtube.com/channel/UC8URhgYos5fjHqFSO4RSIEg, Spotify https://open.spotify.com/show/0TK6u251zGSlMgJKH6cOaP, Stitcher https://www.stitcher.com/podcast/demetri-kofinas/hidden-forces, SoundCloud https://soundcloud.com/hiddenforces, CastBox https://castbox.fm/channel/2629539, or via our RSS Feed http://hiddenforces.libsyn.com/rss Writing us a review on Apple Podcasts https://podcasts.apple.com/us/podcast/hidden-forces/id1205359334 & Spotify https://open.spotify.com/show/0TK6u251zGSlMgJKH6cOaP Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io https://hiddenforces.io/. Join the conversation on Facebook https://www.facebook.com/hiddenforcespod/, Instagram https://www.instagram.com/hiddenforcespod/, and Twitter https://twitter.com/hiddenforcespod at @hiddenforcespod Follow Demetri on Twitter at @Kofinas https://twitter.com/kofinas Episode Recorded on 10/31/2025

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:05Demetri Kofinas?

  Russell Napier, welcome back to Hidden Forces.

• 0:08Speaker 01

  Dmitry, it's good to be back and we're both surrounded by books.

• 0:12Demetri Kofinas?

  Yes, that's right, but your setup is way cooler. You've got four giant stacks of books in front of your shelves because it just shows you that it's overflowing. You're overflowing with knowledge, Russell, which is why we come to you.

• 0:26Speaker 01

  Overflowing with books is not necessarily the same thing, as you know. I'm going to need a bigger boat if I can paraphrase, take that line from Joss.

• 0:33Demetri Kofinas?

  Right, that's right. So this is actually not an episode. I said, "Welcome back to Hidden Forces." It's not exactly an episode, and it's in fact the first time that I'm doing anything like this. And this is strictly a promotion of your course, "A Practical History of Financial Markets," which I should note is listed under the title "Advanced Valuation in Financial Markets" on the Edinburgh University website. So when you go to LibraryofMistakes.com to sign up for the Practical History of Financial Markets, you'll be redirected to the university's website to sign up for the course under a different name. So don't let that dissuade you or confuse you. You're in the right place. So back to what I was saying, Russell, we've promoted guests' work in the past. In small instances, we've run a previous promotion for you, for this specific course

• 1:18Demetri Kofinas?

  that we're going to discuss today. And I've run similar discounts for the American Affairs Journal. And I cannot recall another instance where I've actually done this, where we've run an explicit promotion for someone else. And on that note, it's important to state upfront that I don't get any kind of financial benefit or take any kind of profit from this course or from any of the sales of this course. All of those profits go to your nonprofit that supports the Library of Mistakes and makes donations and conducts other charitable work in the field of financial education. However, I have and continue to profit from your mentorship, Russell, and from all of the conversations that we've had both on and off the air over the years,

• 2:01Demetri Kofinas?

  and from the books you've written and your writings in the Solid Ground Newsletter, which we're not here to promote today, but I have told many people this, that if I had to cancel all of my subscriptions except one, that's the one I would hold on to for dear life. Truly, it's been an incredible letter to get in my inbox, and I've been an enormous beneficiary of your thinking and of your writing over the years, and our relationship, Russell. And it's had an outsized impact on how I've structured my own portfolio. So I've been an enormous beneficiary, and I'm grateful to you, as are so many of our members and our audience members as well, which is why it's an honor to get to promote this course to them

• 2:43Demetri Kofinas?

  and to offer such a generous discount to our premium subscribers and Genius members who want to take advantage of it. So let's just talk a little bit about what people can expect to get out of this course, because I've taken it. I took it around this time last year, ahead of a similar promotion that we ran. Is this the same course that I've taken and that we promoted last year? Or has anything changed in that time?

• 3:07Speaker 01

  Well, first of all, thank you for that introduction. It's quite something to live up to. This course evolves because it's taught by practitioners. So if you took this course, I mean, it would be virtually the same course, but it would have moved on, because that's what practitioners do and what academics don't. So the course has been running since 2004. And actually, without ever having a revolution, it's actually significantly changed since 2004, because it's simply evolved as time has gone by. So it is the same course, yes, with slightly evolution and a little bit from me on the end. But the future, what we discovered a long time ago, and most of our students have been financial market practitioners, is it's virtually, and this, I'm talking about the real life version now,

• 3:51Speaker 01

  it's virtually impossible to put practitioners in a room for two days and not talk about the future. So we finally capitulated, and we also talk about the future as well. So that obviously has to be updated and changes.

• 4:04Demetri Kofinas?

  Yeah, I bet it's quite a treat getting to do these courses in person. As you know, a few members of our Genius community have attended the in-person course in the past, and I know of at least one who will be attending in a few weeks. So if you haven't met him already at one of our previous dinners, I'm sure he'll make a point to introduce himself. And I should mention that you've been very generous in attending our Genius events in the past, Russell. You're going to be at our next London dinner in 2026, and you're also joining me for a live Q and A in the Genius community next month. This is a good opportunity to give out the discount code, so people have it top of mind, and I'll make a point to mention it a few times during this conversation. Hidden Forces premium subscribers are eligible for a very generous 50% discount

• 4:47Demetri Kofinas?

  when signing up using the email tied to their account, along with the code HF50 when signing up at libraryofmistakes.com/course, or you can just go to libraryofmistakes.com and click "Take a Course", and that will take you to the same landing page. Genius members are eligible for a 75% discount, and that's been posted in the open forum on our circle.sso platform. So Russell, the course is taught by professionals who themselves are expert tutors, but this course isn't just for professionals, is it? Would you say that pretty much anyone could benefit from taking it?

• 5:23Speaker 01

  Yeah, it's not for professionals. This course runs in three different formats. So it runs at the Edinburgh Business School for students who are mainly postgrads, but actually we get a few undergrads in as well. So obviously, they're not professionals. It runs in the online versions, taken across the world. And to be frank, I don't know how many of those students are professionals and how many aren't. But certainly, when we run the in-person version, which is the one that's coming up in London in November, there is a difference. There is professionals, and then there are other people there. And they are people with a desire to learn and a base degree of understanding about financial markets, unusually because they have skin in the game. Almost always, it's because they have skin in the game, they have investments, they are responsible for their own money. And as being part of responsible, no doubt why they subscribe to hidden forces as well

• 6:08Speaker 01

  is to try and get up that learning curve. Everybody feels responsible, if not to themselves, to their families for what they're doing with their money. So increasingly, actually, over the years, it's more and more of those people coming to the course. And I suspect probably taking the online version.

• 6:23Demetri Kofinas?

  Yeah, I know, absolutely. I mean, that's exactly where I've come from, whether it's the course, or like I said, reading your other work, or your newsletters, or your fantastic book on the Asian financial crisis, which, again, I'm not here to promote those things, but there's so many ways in which I think I and our audience have benefited from what you've put out. So what can people expect to learn from this course?

• 6:44Speaker 01

  The course is mainly focused on equities, but it's not exclusively on equities. So we'll be looking at a lot of long run data that you really won't come across anywhere else. I mean, some of our valuation data for the US stock market starts in 1801. And this data is available, you can go and find it, but it's not many people who teach it and say it has a relevance. But it does have a relevance. A history of valuation is where we begin this course. And we look at all of the available data on valuation. So as I said, we can start at 1801, but we've got pretty good earnings data for the S and P 500 from 1881. Obviously, we have bond yields for America going back to that, over that same period, and for other countries going back even further. So you effectively three asset classes here.

• 7:28Speaker 01

  You've got equities, bonds, and cash, of course, as well. And the role of the course is to give you some insights into what conditions you'll be making real returns in those three key asset classes. A little bit of gold in there, we cover a little bit of gold and a little bit of property, but effectively, it's about those three liquid asset classes. And I would say it's not a trading course. I think, you know, you've been on the course, we're not really trying to help anybody trade financial instruments here. It's not one of those courses, there's plenty of those courses around. It has got a longer term time horizon, and that's the focus, I think, which is a realistic time horizon for most people who will be becoming their principals. You know, it's really interesting, I think, when we run this course, because we have agents in the room, they are the professionals, and then we have principals, the people who own the money.

• 8:12Speaker 01

  It's really interesting to see the two of them together and how they interact. But I think most of the principals on the whole have a longer term time horizon, even in the agents that are in that room, you know, they're looking about, we're talking about intergenerational wealth here as well. So it's the longer term time horizon, it's on those key asset classes. And we use a lot, I mean, you can tell from what I've said already, we use a lot of American financial history or financial data simply because it goes back a long way, but it's not exclusively about the American stock market. And actually, we, we also use the Dimson, Marsh and Stoneton database, which is for over 20 different countries for the returns for those three asset classes in that case, starting in, in 1900. So we're looking through all of this valuation data to see if we can find a valuation that is better than others.

• 8:57Speaker 01

  And when we say better, we mean it telling the future. And then of course, the forces that would make that valuation mean revert.

• 9:04Demetri Kofinas?

  I should also mention, this is not a short course. I, I don't remember exactly how many hours it was, but can you tell us it was quite a long course? It has five different modules as well.

• 9:13Speaker 01

  Yeah, if you come in person, you'll be there eight, eight AM to eight PM for two days. And then nine AM to one PM on the final half day. And if you take the online version, it's about 14 hours of material. And we're trying to cover a long period of history and kind of the building blocks and the, the mechanisms. And that's not a quick thing to do. We don't, I mean, I should probably say we've got lots of simple answers to difficult questions. I don't think we have simple answers to difficult questions. I, I often say about this course is what it's really about is learning how to ask the right questions. And that is crucial, in my opinion, after 36 years now of doing this. What should a proffered man, if you get all the right answers to all the wrong questions? So I hope you leave with getting the right questions. Even that takes a long time to get through.

• 9:56Speaker 01

  And I wouldn't say we don't have any of the right answers, but the beauty of investment is you don't need the right answers. You just need better answers than the other people. So we give you the right questions and hopefully it leads you to getting better answers than other people.

• 10:09Demetri Kofinas?

  So how does your approach or the approach that you take of this course to stock valuations or bond valuations compare to what people might learn in a rudimentary college course on the subject or in some competing course?

• 10:20Speaker 01

  Well, it's really radically different. Most courses that I'm aware of anyway, are based on a theory of how securities should be priced. And then they work, I mean, discounted cash flow would be the most obvious one. We don't have any of that. We work on the basis of how they have been valued as opposed to the theory of how they should be valued. And then try to find in the history of the actual valuation, some guide as to what conditions or what changes in conditions change valuations. So the course actually has two titles. I'll explain that because it's rather ironic why it has two titles. So it's launched 2004 as a practical history of financial markets. And that was to differentiate it from these other courses, which really wouldn't have any financial history in it.

• 11:01Speaker 01

  I mean, we teach what happened to security prices during the Great Depression, during the Weimar Republic. We look a little bit at post-World War II. Japan actually is a very good indicator on the impact of monetary policy. You just don't get that on other courses. However, the word history on any course has always been seen as something that means it's not going to sell. So the actual online version at the behest of the university. And when we run it at the university, it's called Advanced Valuation of Financial Markets. And that's that word history again. But, and I think this is the really fascinating thing. I think it was risky to put the word history in a course all those years ago because people thought, well, you know, all available information is in the price. I don't want to read history. It's all academic.

• 11:43Speaker 01

  But in the world we live in today, Dimitri, I think, you know, the penny is dropping. The reality is done it, that history and these huge geopolitical changes, did they have just one? Domestic political changes as well. And these things are really, really important. And frankly, the other courses simply don't do that in the context of financial markets, in the context of securities markets. I'm sure you can take a course on the history of the Great Depression, but we are very focused on, on how to make money in these different environments. And that's, I think, what sets us apart. And I would never have guessed when we launched in 2004, we'd still be the only course doing it. Because it seems to me such an obvious thing to be teaching.

• 12:21Demetri Kofinas?

  You know, you took the words out of my mouth because that is my favorite section of the course, the part where you examine how financial markets respond to different monetary and inflationary regimes and what asset classes outperform or underperform. Because you also have a really fantastic section on behavioral psychology. But again, you can find things elsewhere that speak to some of those topics. I have not come across anything that teaches you how to view investing in the context of different inflationary regimes, and that couldn't be more relevant. So what, let's just talk about that for a moment. What can people expect to learn here in terms of what, from an investment point of view, in terms of what works best during periods of inflation, deflation, or disinflation?

• 13:00Speaker 01

  Yeah, so we have a section in that, and it's taught by Peter Warburg, who has got even more experience than I have. You know, there's some people who've been going even longer than me. It's hard to believe, but anyway, Peter has been doing that. And that piece is called Investing in Periods of Inflation, Disinflation, and Deflation. And one slight aside here, when we put this course together, we had asked lots of investment managers who had 30 years' experience and plus, what they knew today that they wished they'd known. And they said, well, we wish we knew about this. And so I announced to the gathered masses that we were going to teach this. And there was a great laughing from the back of the room from some academic monetary historians who'd been along. And they said, this was, remember, this is 2002. And they said, well, you can't teach deflation because you cannot have deflation in a fiat

• 13:44Speaker 01

  money system. Well, how wrong they were. And obviously, we find it relatively easy to get out of the deflation. But you will learn about not just Ohio market and which typical, sorry, which asset classes behave well in deflation, but also which sectors. And then we take that for inflation and disinflation as well. So we've got some really great sectoral data on performances, really going back into the 1920s for the American market, more from the late 1960s for the global markets in terms of, was it banks? Was it chemicals? Was it retail? Was it pharmaceuticals? Was it tobacco? So for each of the differing conditions, there are different sectors that did well or badly. And of course, the transition between sectors is.

• 14:27Speaker 01

  Is pretty vital as well, which I cover in my first book and also we we cover in my course as well is transition from regimes. When do you know? Because that's important in terms of moving from these one sector to the other. But once again, not trading advice, investment advice for the long term when the regime changes. So I think one of the more exciting bits actually is the sector work and which sectors perform in different bits of this rather than just total asset classes, bond, equity and cash.

• 14:57Demetri Kofinas?

  So there are five different sections in the course. One of them deals specifically with financial valuations, as we discussed. Another deals with behavioral psychology. Another deals with the effect of monetary policy on asset markets, inflation, disinflation, deflation. I think those two are actually separate modules in the course. And I might have missed one, maybe I didn't, or maybe it's one explicitly on.

• 15:19Speaker 01

  Well, I think what you missed is just me winding up at the end, which is a humorous story in itself. Because when I pitched this to the Edinburgh Business School, they were quite enamored of the other four units and then said, and who's going to write the unifying theory? Well, I think if we really had a sort of coherent unifying theory, probably get the Nobel Prize for that, given that we are so different. So I said, I'll just do that based on that. You know, basically, I run through a history of the mean version of a key equity valuation known as the Schiller P E. And that is that is me at the end doing that and also making some judgments about the future.

• 15:54Demetri Kofinas?

  So if someone is familiar with your work, if they've read your books, they read your newsletters, what would this course add to their understanding or to their approach to investing? Like, how does it add to and complement what you already do and what you've already done?

• 16:12Speaker 01

  It's funny, I was having that, I was in Toronto last night, having that very discussion with someone. And the most important thing, I think, in the markets is to have an idea of how the thing works. I mean, that sounds just basic. But so often, we spend so much time looking at the screen. So often, we spend so much time looking at what's happening in the near term and also what dominates the headlines. This is crucial, as I discovered in the first book, what dominates the headlines may not actually be the news. So when I write for a living for the solid ground or in my books, I'm writing about that near term, but it's in. The context of how the thing works now to, as you really said, to describe how the thing works or how we think it works takes two and a half days. So I can't put that

• 16:53Speaker 01

  in every research report. So every research report is written in the context of a belief, my belief that that is how the system works. And it is really, I wouldn't say radically different. It's not radically different of your story, but certainly it's radically different from economic theory, finance theory, modern portfolio theory. So that's what the course is. It's working out a system and you may agree or disagree bits with it, but it will add to your understanding of how the mechanism works. And then of course, day to day, what we are in the trenches trying to fight, but you need to have that strategic overview of how this works. And that's why the course was put together. And of course, I put it together for completely the wrong reason. I didn't want to put together a course. I wanted to take it. But there was nobody offering it. So we built this

• 17:35Speaker 01

  course. And, you know, I do meet people all the time, professionals and non-professionals who say, you know, I took your course and it changed my career. And when they say that, I have to assume it changed their career for the better. They probably wouldn't have mentioned that. So.

• 17:49Demetri Kofinas?

  Yeah, no, it's, I can't say enough, but I don't feel like I need to say much, Russell, because anyone who knows who you are will probably be running to take this course. As I mentioned, Hidden Forces premium subscribers get 50% off, which is an incredible, incredible discount to the course. This is a limited time offer. You have to subscribe using your Hidden Forces premium subscription email, the same email you use to sign up to the premium feed and the code HF50 at libraryofmistakes.com/course in order to get the discount. Genius members get a 75% discount to the course. This is just for the online course. I can't imagine how awesome the in-person course is as well. Again, we're not promoting

• 18:30Demetri Kofinas?

  that here, but I'm sure that if you have an opportunity to go to Edinburgh and take the course in person, you also mentioned this, but I should state it as well. This is in conjunction with Edinburgh University. So when they take the course in person, that's at the Library of Mistakes or that's at Edinburgh University?

• 18:46Speaker 01

  Yeah, it doesn't get any easier to describe this, does it? So let me give you a little quirk of history. The Edinburgh Business School is not at Edinburgh University. That's Who'd have thunk it, but it's at a sister university or another university at Edinburgh called Harriet Watt University and they got the name first. So our partner in that is Edinburgh, is Harriet Watt University. And that is that we run a version solely for their students, which I think is really great because it challenges all of us to communicate this to 22, 23 year olds. Now, there's the two and a half day in person course we run primarily in London. There's an occasional version that we run the Library of Mistakes Edinburgh, but actually we run in London. We've been running it in, in November, I think it's 18th to 20th. I should know that I should, I mean, that's been a few hectic weeks. I should know where I'm going to be on the 18th to 20th of November.

• 19:30Speaker 01

  That's the, so the concise two and a half day version for people who've got busy lives rather than people who want to try and string this out like an academic subject like the students would do over, over a whole, whole semester. So those are the, the three versions it comes in. And I think the, the good thing about the in person one is obviously you get to ask questions. We count the numbers, we don't let more than 30 people in, so it's interactive. But if you're coming as a principal, as I said, as a saver yourself, you get to mingle with professionals as well. And I think some of the learning is done in, we have breakout sessions and discussion sessions. I think a lot of it is done, learned in there, discussing these topics with professional investors as well.

• 20:06Demetri Kofinas?

  I bet it's a really great crowd.

• 20:08Speaker 01

  It's a self-selecting different crowd, let's put it that way.

• 20:11Demetri Kofinas?

  Yeah, self-selecting history geeks, financial history geeks.

• 20:14Speaker 01

  Yeah, and there's one other set, which is the older 25, 26 year old kids that get sent by their boss who's a history geek. And that can be quite interesting as well, given that their background is in a very different form of finance. So yeah, it's an interesting mix.

• 20:26Demetri Kofinas?

  Lovely. Do you get a lot of emails from sub 30 year olds, people either kids in high school, college or recent graduates who are sort of ambitious and want to learn and are looking for either mentorship or some kind of direction on where to go and what to study?

• 20:42Speaker 01

  Well, more and more we're getting that and really it's because of the Library of Mistakes, which I also run and it's people asking for reading lists. And that's younger, I mean, just even, you know, I've spent 10 days now traveling around the US, talking to institutional investors. And quite often the younger ones come up at the end and say, can you recommend a couple of books? Can you point me in the right direction, which is quite tricky to nail it down to just a, a couple. The number one question I get asked about the library diversion slightly here is, what are the two books in this library I should read? Well, Dimitri, I'm looking at your library and I think you would, you're looking at my library. I think we'd both be challenged to pick two. But anyway, you know, there is a, a new thirst. Look, if you're a 25, 26-year-old and you want a career in this business, you're gonna, I think everyone's realizing now that you need a skill set that is bigger than discounting

• 21:26Speaker 01

  cash flows. If you're not going to get that from financial history, where are you really going to get it from?

• 21:30Demetri Kofinas?

  Yeah, no, there's nothing I love more than getting emails from young people. It's fantastic. I love it so much. So I'm gonna give out the code one more time. It's HF50 and you have to go to libraryofmistakes.com/course and put in the email address associated with your Hidden Forces Premium subscription with that code. If you don't remember the full URL, just Google Library of Mistakes. There's only one, right? Well, there might be a few. Are you guys gonna be creating more of these?

• 21:57Speaker 01

  So we're libraryofmistakes.com. That is us. That's where you'll find the details on the course. So we have one in Lusanne in Switzerland. We have one in Pune in India. There will be one in Singapore, destination to be announced, but that is going to happen and that will be open late next year. And we definitely can open one in London and we hope to have sealed the venue for that too. But even though we haven't sealed this particular venue, there will be a Library of Mistakes London. We have discussions underway from Mumbai. And I am Hotfoot from Canada, where we've just launched a Library of Mistakes Montreal, except it's not called Library of Mistakes. It's called Observatoire des Lail. And I hope I got that right. I'm sure someone will correct the pronunciation.

• 22:40Speaker 01

  And it may sound like I'm going around the world telling people they need libraries of mistakes, telling them they need financial history, but I'm not. Believe me, I'm exhausted. They're coming to us and saying, we need this. We realize that there is more in heaven and earth than is dreamt of in the philosophy of the modern portfolio theory. So it's great. It's great. I mean, we are popularizing. We don't make any, we don't apologize for popularizing financial history, getting younger people in, getting people to think about it. And it's great that other people in the world are seeing the need for it and asking for it. And that's why we're expanding and it's very exciting.

• 23:12Demetri Kofinas?

  Well, I hope I get an invitation when you open one up on Wall Street, Russell.

• 23:15Speaker 01

  Yeah, I'll tell you a very brief little story. I did pitch it to somebody on Wall Street, literally on Wall Street, literally on Wall Street. And at the end of my 30 minutes of impassioned plea, he said, this is Manhattan. We don't do mistakes.

• 23:29Demetri Kofinas?

  Really?

• 23:31Demetri Kofinas?

  What a great story.

• 23:32Speaker 01

  I didn't help the case by saying, I think you're the world's greatest exporter. But anyway, that's another story.

• 23:37Demetri Kofinas?

  Wonderful. Russell, thank you so much for coming on and doing this promotion. Again, I can't possibly recommend this course enough, along with everything else that you put out. I just think it's so incredibly useful. And your point about learning to ask the right questions is so spot on, because, as you've said many times, during periods of change, the assumptions that we've used to fuel our models need to be rethought. And you can't do that with an answers-based approach to learning. You have to have an inquiry-based approach, and you have to know what questions to ask. And I think you do that so incredibly well. Again, for the last time, that discount code is HF50, and you go to libraryofmistakes.com/course.

• 24:19Demetri Kofinas?

  Put in the email associated with your Hidden Forces premium subscription, put the code in, and you will get a 50% discount. Russell, thank you so much for coming on and doing this and sharing it with not just our audience, but anyone who wants the code.

• 24:32Speaker 01

  Great to meet you. I look forward to meeting some of the Genius members soon.

• 24:36Demetri Kofinas?

  I look forward to it as well, Russell. Thank you so much.

• 24:40Demetri Kofinas?

  If you enjoyed listening to today's episode, and want to join in on the conversation by becoming a member of the Hidden Forces Genius Community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can do that at hiddenforces.io/subscribe. And if you still have questions, feel free to send an email to [email protected], and I or someone from our team will get right back to you. Today's episode was produced by me and edited by Stylianos Nicolaou. For more episodes, you can check out our website at hiddenforces.io. You can follow me on Twitter

• 25:20Demetri Kofinas?

  @Kofinas, and you can email me at [email protected]. As always, thanks for listening. We'll see you next time.