The Economics of the Stock Market (with Andrew Smithers)

Episode 5

May 20 2022

36 minutes

Andrew Smithers first dabbled in the stock market as a schoolboy in the 1950s, and grew into one of the most respected economics commentators of his generation. As well as running S G Warburg’s asset management business (now part of Black Rock) for many years, he was a columnist for The Financial Times and has written several books. His latest – The Economics of the Stock Market – focuses on the difference between corporate net worth and market valuation, and the discrepancies between the theory and the practice.

This episode is a must-listen for anyone interested in the markets, with the interview expertly conducted by Professor Russell Napier.

[Note to listeners: Andrew’s audio was recorded remotely on his home set-up and while not up to the usual sound quality of the series, we hope you are able to enjoy his observations.]

For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, click here

Listen and subscribe on

The Library of Mistakes Course

The online version of our renowned course, is available for both finance professionals and nonprofessionals.

As featured in the Financial Times

In conjunction with Heriot-Watt University

Recent podcasts

Gambling Man (with Lionel Barber)

Lionel Barber, the former editor of the Financial Times, discusses his fascinating biography of Masayoshi Son, one of the world's least-known but most consequential investors. ...
Listen to podcast

Money & Promises (with Paolo Zannoni)

Money & Promises (Seven Deals That Changed World) is Paolo Zannoni's first book and one of Russell Napier's favourite books of the year. For as ...
Listen to podcast

Money – A Story of Humanity (with David McWilliams)

Despite being a fully paid-up member of the economist tribe for many years, I’ve concluded that most economists don’t really understand money," says David McWilliams, ...
Listen to podcast
Scroll to Top