The Teachers

Andrew Smithers, Stephen Wright, Gordon Pepper, Michael J. Oliver, Peter Warburton, Herman Brodie Russell Napier

Andrew Smithers is co-author of Module 1: Valuing Stock Markets. Andrew founded Smithers & Co, a leading advisor to investment managers on international asset allocation, in 1989. Before starting Smithers & Co, Andrew was at SG Warburg from 1962 to 1989. He has been a regular contributor to the London Evening Standard and Sentaku Magazine, writes regularly for the Nikkei Kinyu Shimbun and his OpEd pieces appear periodically in the Financial Times. He is the co-author of Valuing Wall Street with Stephen Wright, Japan’s Challenges for the 21st Century with David Asher and Wall Street Revalued – Imperfect Markets and Inept Central Bankers (2009).

Stephen Wright is co-author of Module 1: Valuing Stock Markets. Stephen is a reader in economics at Birkbeck College, University of London. He was previously a staff economist at the Bank of England and a senior research associate in the faculty of economics and politics at the University of Cambridge. Since 1991, he has been a part-time consultant to Smithers & Co, writing reports for professional investors on financial markets. He is the co-author with Andrew Smithers of Valuing Wall Street, published in 2000.

Gordon Pepper, CBE joined the stockbrokers W Greenwell & Co in 1960 and was the joint founder of what became one of the leading bond advisory businesses in the world. He became joint senior partner of Greenwell and then chairman of Greenwell Montagu. Gordon left the City in 1989 and became a professor at the City University Business School (now the Sir John Cass Business School). Gordon has been an advisor on monetary issues to several Chancellors of the Exchequer as well as to Margaret Thatcher. His numerous publications include Money Credit and Asset Prices (1994), Inside Thatcher’s Monetarist Revolution (1998) and, jointly with Michael Oliver, Monetarism Under Thatcher (2000) and The Liquidity Theory of Asset Prices (2006).

Dr Michael Oliver is Senior Lecturer in Finance at the Open University. He is a co-founder and director of Global Partnership Family Offices (UK) and is also an associate of Lombard Street Research, which produces original, rigorous and consistently accurate comment on and analysis of the world’s markets. He has spent over 20 years teaching at various universities in the UK, France and US and has combined this with a practical application of economics to offer executive education, workshops and a broad range of consultancy for high-profile corporations. He has published extensively on monetary economics, exchange rate policies and macroeconomic history. He is the co-author of Monetarism Under Thatcher and The Liquidity Theory of Asset Prices. His book, Economic Disasters of the Twentieth Century (published by Edward Elgar in 2007) has attracted widespread critical acclaim.

Peter Warburton is the author and teacher of Module 2: Investing in Periods of Inflation, Disinflation and Deflation. Dr Peter Warburton moved from academia to the City of London in 1986. He was chief economist at Robert Fleming from 1989 and in 1996 formed his own consultancy company. He has been a member of the Institute of Economic Affairs’ Shadow Monetary Policy Committee since its inception in 1997. Peter acts as an economist to the investment management company Ruffer LLP and is managing director of Halkin Services Ltd, an international risk analysis business. He is author of Debt and Delusion.

Herman Brodie is the co-author of Module 4: Behavioural Finance. Herman received his grounding in the financial markets as a trader of soft commodity, stock and fixed-income futures. In 1992 he developed Deutsche Bank’s quantitative trading models for the currency markets. The systematic trading strategies that comprise these models are in use today by traders, fund managers, monetary authorities and corporate treasurers around the world. Herman was a co-founder of Cognitrend, a company established in 2000 to advise financial institutions on the utilisation of behavioural finance techniques.

Russell Napier is the co-author of Module 5: A Practical History of the Stock Market and Financial Institutions. Russell was a fund manager for five years before joining the broking firm of CLSA as an Asian equity strategist in 1995. From 1997-1999 Russell was ranked number one for Asian equity strategy in most industry polls. He moved to a consultancy role with CLSA in 1999. Russell is also involved in the buy-side as a member of the investment committee of Cerno Capital Partners and as a director of the Scottish Investment Trust and the Mid Wynd International Trust. Russell is author of Anatomy of the Bear: Lessons from Wall Street’s Four Great Bottoms (2007).