A Practical History of Financial Markets is available as a two-day course and in distance-learning format. Students who enrol for the two-day sessions will receive a copy of the distance learning materials. These materials have been prepared in conjunction with the Edinburgh Business School (EBS) a world leader in the field. There are currently 9,000 students enrolled for the EBS MBA, the vast majority of whom are studying via the distance learning option. The price for the distance learning option for A Practical History of Financial Markets is £800.
The two-day session occurs three times a year.
The schedule for the remainder of 2007 is as follows-
November 15th - 17th London (three day course)
The schedule for 2008 is as follows-
May 8th - 9th Edinburgh
October 16th - 17th London
November 6th - 7th Singapore.
Each session will usually include at least one guest lecture. The session costs £1,500. The July 2005 schedule provides a guide to the normal format for a teaching session-
A Practical History of Financial Markets
July 14th-16th 2005
Thursday July 14th
07.45-08.00 Coffee/Tea is served
08.00-08.10 Introduction to the course by Russell Napier
Module I - Stock Market Value - Andrew Smithers & Stephen Wright
Session I
08.10-09.45
(1) Introduction
(2) Value
(3) Long-term stock returns and two remarkable features
09.45-10.15 Break-out session I (Coffee/Tea)
10.15-10.30 Review of break-out session
Session II
10.30-12.15
(4) Hindsight value and the value of hindsight
(5) Can markets be valued? The five key tests
12.15-13.15 Break-out session II (Lunch)
13.15-13.30 Review of break-out session
Session III
13.30-15.00
Applying the tests
15.00-15.30 Break-out session III (Coffee/Tea)
15.30-16.00 Review of break-out session III
Module II- History of Institutional Investment- Barry Riley
16.15- 17.45 Fund Management in the second half of the twentieth century and beyond
17.45-18.00 Coffee/Tea
18.00-18.30 Questions from the floor
18.30-19.15 Break-out session
19.15-20.00 Review of break-out session
Friday July 15th
08.00-08.15 Coffee/Tea is served
Module III- The Monetary Theory of Asset Prices- Gordon Pepper and Michael Oliver
Session I
08.15-09.40
(1) Introduction
(2) Types of traders in securities
(3) Persistent liquidity trades
(4) Extrapolative expectations
09.40-10.00 Break-out session I and review (Coffee/Tea)
Session II
10.00-10.30
(5) Discounting Liquidity Transactions
(6) Cyclical changes associated with business cycles (3.5)
(7) Shifts in the savings demand for money (3.6)
10.30-11.45 Break-out session II and review (Coffee/Tea)
Session III
11.45-12.30
(8) Financial bubbles
(9) Debt-deflation
(10) Debt-deflation, practical experience
12.30-13.45 Lunch
Session IV
13.45-14.45
(11) Control of printing press money
(12) Control of fountain-pen money and the ‘counterparts’ of broad money
(13) Technical analysis and crowds
(14) The intuitive approach to asset prices
(15) Forms of analysis
Session V
14.45-15.30
(16) The US equity market 1960-2002
(17) Two forecasts
15.30-16.00 Break-out session III and review (Coffee/Tea)
Session VI
16.00-17.00
(18) Monitoring current data for the monetary aggregates
(19) Monitoring data for the supply of money
(20) Monitoring how money is being spent
17.00-18.00 Break out session IV and review (Coffee/Tea)
Saturday July 16th
07.45-08.00 Coffee/Tea is served
Module II - Investing in Periods of Inflation, Disinflation and Deflation - Peter Warburton
Session I
08.00-09.00
(1) Introduction: Importance of inflation to investment returns
(2) Characterisations of the inflationary process
(3) Stages of the inflationary process
09.00-09.40 Break-out session I and review (Coffee/Tea)
(4) The Great German Inflation 1918-1923
Session II
09.40-10.30
(4) How inflation affected investment returns in the twentieth century
10.30-11.20 Break-out session II and review (Coffee/Tea)
(5) How inflationary conditions influenced the performance of the US equity investments during the Great Crash, 1929-1932
Session III
11.20-12.00
(6) Measurement of Inflation and investment returns
(7) The contemporary inflation/deflation debate
12.00-13.00 Lunch
Module IV- Behavioural Finance- Herman Brodie
Session I
13.00-15.00
(1) Introduction
(2) Heuristics & Biases
(3) Prospect Theory
(4) Cognitive Dissonance
(5) Sentiment
15.00-16.00 Break-out session I
(6) Analysis of an investor (Coffee/Tea)
Session II
16.00-17.00
(7) Discounting
(8) Adaptation
17.00-18.00 Break-out session II
(9) Pension Savings Question (Coffee/Tea)
18.00-18.30 Conclusion & Q & A
Concluding Remarks - Russell Napier
18.30-19.15
A Practical History of Financial Markets - Its usefulness or otherwise, 1991-2001
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