The Teachers


Stephen Wright is co-author of Module 1: Valuing Stock Markets. He is Professor of 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.

He was the co-author with Andrew Smithers of Valuing Wall Street, published in 2000, which drew on their joint work for Smithers & Co, Ltd, providing advice to major fund managers.

His work on the cost of capital for regulated industries is also widely cited. Alongside his teaching and research at Birkbeck he also teaches regular courses on finance for the Government Economic Service.

Derry Pickford

Derry Pickford is co-teacher of Module 1. Derry took over from Andrew Smithers the original co-author with Stephen. Derry worked with Andrew and Stephen at Smithers & Co. where he helped put the original course materials together.

After leaving Smithers & Co. Derry went on to become Chief Economist at Hedge Fund Manager Sloane Robinson and subsequently Head of Asset Allocation at South African Manager Ashburton. He is currently a Principal at investment consultants Aon Hewitt.


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 and economic adviser at Robert Fleming from 1989 until 2000 and an economist at investment manager Ruffer LLP from 2004 until 2017.

In 1996, he formed his own global macro consultancy, Economic Perspectives Ltd. Economic Perspectives is a trusted provider of research insights to asset managers in North America, Asia and UK.

Peter is managing director of Halkin Services Ltd, an international risk analysis business which publishes the weekly Halkin Letter.

In 1999, he published Debt and Delusion, subtitled “central bank follies that threaten economic disaster”. He has been a member of the Institute of Economic Affairs’ Shadow Monetary Policy Committee since its inception in 1997 and lectures occasionally at Cardiff Business School.


John Greenwood OBE is Chief Economist of Invesco. A graduate of Edinburgh University, he did economic research at Tokyo University and was a visiting research fellow at the Bank of Japan. He joined GT Management as Chief Economist, based initially in Hong Kong and later in San Francisco.

As editor of Asian Monetary Monitor he proposed a currency board scheme for stabilizing the Hong Kong dollar in 1983 that is still in operation today.

Since 1998 he has been a member of the Committee on Currency Board Operations of the Hong Kong Monetary Authority. He also served as a director of the Hong Kong Futures Exchange Clearing Corporation, as a council member the Stock Exchange of Hong Kong, and an economic adviser to the Hong Kong Government.

Mr. Greenwood is a director of Invesco’s Hong Kong and Singapore companies, and the Hong Kong Association in London. In 1980 he translated Yoshio Suzuki’s book, Money and Banking in Contemporary Japan from Japanese.

In 2007 he completed a book entitled Hong Kong’s Link to the US Dollar: Origins and Evolution which covers the collapse of the currency in 1983 and its subsequent restoration to stability under the plan he devised.

Edward Chancellor

Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (Farrar Straus/Macmillan, 1999), a New York Times “Notable Book of the Year”.  Devil Take the Hindmost has been translated into several languages.

In 2005, he published the investment report Crunch-Time for Credit? (Harriman House), an analysis of the ongoing credit boom in the US and UK.  Mr. Chancellor has also edited two investment books, Capital Account (Thomson Texere, 2004) and the recently published Capital Returns (Palgrave Macmillan. 2015).

In the early 1990s, Mr. Chancellor worked for Lazard Brothers, the investment bank. Until 2014 he was a senior member of the asset allocation team at GMO, the Boston money manager.

He currently works as an investment consultant and financial journalist. He has contributed columns to Prospect magazine, Institutional Investor, The Financial Times and Moneyweek, and written for many other publications.

Jonathan Compton

Jonathan Compton has worked as a fund manager, broker and in corporate finance across many equity markets for over 35 years, first for Samuel Montagu then as MD of Henderson Baring Hong Kong and CLSA in London, before founding his own firm Bedlam Asset Management.

Apart from living in Hong Kong he also spent considerable time in Singapore, Mumbai, New York, Johannesburg Tokyo and Sydney. Funds launched and managed include the first ever listed China and Hong Kong funds and an Asia Pacific fund in the US; as a broker other pioneering ventures included India, Pakistan and EEMEA.

He writes leading articles for Money Week Magazine and contributes to other publications, advises several private trusts and is the owner of farms in Lithuania and the UK. He is currently writing a book derived from the course called 'Missing the Obvious'.


Herman Brodie is the co-author of Module 4: Behavioural Finance.

Herman is the Founder of Prospecta Ltd, a consultancy firm that advises investment firms on the use behavioural finance research. He has 25 years’ experience in the financial services industry, having held investment banking and consultancy roles in London, Paris and Frankfurt. Brodie is the co-author of The Trust Mandate: The behavioural science behind how asset managers REALLY win and keep clients (2018, Harriman House).


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 an advisor to three fund managements companies, a family office 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) and founder of The Library of Mistakes.


Gordon Pepper CBE is one of the UK's leading monetarists and a financial practitioner who became known as the ‘guru of the gilts market.’

A Cambridge educated economist he started his financial career on the floor of The London Stock Exchange and became joint senior partner and then Chairman of Greenwell Montagu & Co. His Greenwell’s Monetary Bulletin was a must-read publication for institutional investors and brought him to the attention of Margaret Thatcher who he advised on monetary issues.

Since his retirement, Gordon has published several books focusing on the monetary experiment in the Thatcher era and also on the relationship between money, credit and asset prices.