Russell Napier – Ben Graham Centre Value Investing 2015

Author & Founder, Electronic Research Interchange (ERIC), London, UK
Topic: Equity Valuation: inflation, deflation and mean reversion<

0:11financial times to a comic book a cult
0:14cannot often heard movies called cult classics now from wonder what that means
0:17on a discover that what it means it’s something people talk about but don’t
0:21buy so I’m delighted to be back my my life changed and Toronto one day I went
0:28to the to the Romans have the weekend I went to the room while I bought a book
0:32that changed my life because I flapping flying around by mention North America
0:38for twenty years providing advice to institutional investors in a great
0:41reader I’m always reading a book and I think americans get quite intimidated by
0:45people who read books and nobody ever spoke to me and sort of all those years
0:49but anyway I bought this book at the Rome and suddenly I started getting on
0:53these airplanes and Americans kept coming up to me and they only said the
0:56same thing he said why you reading that and never spoke to me and then suddenly
1:02five times every flight people said why you reading that’s my first piece of
1:06advice to you is a copy of that book if you want to speak to more Americans and
1:11find out more about america by copy of that book they still sell in the in the
1:14wrong but it’s called the penguin history of Canada so there are two parts
1:22this presentation and I suspect I may not have time to do the second part but
1:27that’s fine but hopefully you’ll find the first part more important as mine
1:30also mention that run this course called a practical history of financial markets
1:34have been doing that for over 10 years I’m going to try and give you what we
1:36think are some of the propositions which derive from that course as to why equity
1:41valuations mean river and then of course I can do what it might be like my day