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About us

AN EVENT LIKE NO OTHER - HELD AT HAY’S BEST-LOVED LANDMARK

The Weekend of Mistakes (WoM) is a discussion forum for current economic and political questions and their impact on financial markets — and vice versa.

We reflect on past experiences and narratives (otherwise known as mistakes!) to illuminate the present and to ask what history’s missteps might teach us about today’s challenges.

WoM brings together investment practitioners, thinkers, researchers, students and interested members of the public to exchange ideas, challenge assumptions and broaden perspectives.

The Weekend of Mistakes was inspired by, and developed in collaboration with, the Edinburgh-based Library of Mistakes. Its first edition, held at Hay Castle in March 1994, was a notable success.

‘This was a Glastonbury for financial historians – there was just a little mud, and the only drug was caffeine, but minds expanded all the same! Can’t wait for Weekend of Mistakes 2025 to turn on, tune in, and drop out to the blasts from the past that seem to echo down the ages!’

Russell Napier, Keeper of the Library of Mistakes

The Weekend of Mistakes returned in March 2025 with a stellar line-up of historians, economists, financial experts and investment sages. They joined an equally varied audience — from students and investment professionals to those fascinated by the history of finance, business and economics, and the simply curious. For this second edition in March 2025, locals and visitors from as far afield as Central Europe, Canada and the Cayman Islands gathered at Hay Castle, the beautifully restored landmark at the heart of Hay-on-Wye (aka “The Town of Books”). They reflected on the past, its recurring mistakes, follies and manias, to better understand the present.

The programme explored Money; Happiness and Well-being; Frauds; Fixing the UK, alongside observations on the investment landscape and global trends — once again to great acclaim.

The third edition of The Weekend of Mistakes will take place again at Hay Castle from 20–22 March 2026. If you would like to know more about this event and/or our London-based events, do join our mailing list.

MONEY

We told the story of How Money Changed Our World. A gripping tale presented by some of the most profound and insightful thinkers on money, including David McWilliams, Merryn Somerset-Webb, Felix Martin, Edward Chancellor, Russell Napier, Iszabella Kaminska, and Tamim Bayoumi.

We went on a journey through time—from money’s ancient origins in Mesopotamia, via Greece and Rome, and the extraordinary stones of Yap—Whether it was conventional assets, crypto, gold, or simply under the mattress, we heard sharp analysis and expert insights from Russell Napier, Edward Chancellor, and Tamim Bayoumi about where to put your money in 2025 —an essential conversation for investors, economists, and anyone looking to stay ahead of the curve in a rapidly evolving financial landscape. We delved into today’s cutting-edge innovations of cryptocurrencies, tokens, and central bank digital currencies (CBDCs), and heard about the pivotal moments in financial history and the human stories behind them.

We found out how, in Italian Renaissance city-states, resourceful merchants faced with a scarcity of coins created their own private money—and with it, their private banks— and became powers in the land.

How the birth of the Bank of England, after a hundred years in labour, led to the central banks now at the heart of modern economies.

We traced the far-from-inevitable rise of the Gold Standard, and its eventual collapse. Examined the dismantling of the Bretton Woods system, and shed light on the current era of fiat money—currency backed by nothing but trust. And explored how abuse of that trust has seen the rise of cryptocurrencies, in turn with their very own issues of credibility.

After an unexpected excursion into the Economics of The Wizard of Oz, we returned to our own volatile and uncertain times. For our final session, we turned to our experts for their take on global money— and what to do with yours in 2025.

HAPPINESS AND WELL-BEING: A GLOBAL PERSPECTIVE

Another compelling thread centred on Gross National Happiness (GNH). We heard from the inspirational Emma Slade, a CFA charter-holder and former Buddhist nun who worked on Bhutan's GNH project who offered a unique perspective on happiness and well-being. Joining her was Gus O’Donnell, former Cabinet Secretary and Head of the British Civil Service, and a proponent of placing increased well-being at the centre of economic policymaking. Over two sessions, we explored how to measure what truly matters to us and whether we can represent this in a Happiness Index.

FRAUDS: THE DARKER SIDE

Having tackled happiness, we moved on to explore the darker side of finance in the digital age, with an insightful session on money laundering, led by Oliver Bullough, bestselling author of Moneyland and Butler to the World who exposed the staggering scale of this form of financial crime, and asks what governments can do to combat global fraud.

Expert on the economics of crime, Professor Anja Shortland, spoke about the growing risk of digital extortion known as ransomware, where attacks are growing faster than our ability to defend ourselves against them. And we learned the strategies to stay one step ahead of the digital criminals.

FIXING THE UK

We also turned the spotlight on some crucial parts of the UK economy.  Sir Philip Augar led a thought-provoking panel on the parlous state of higher education funding and the catastrophic consequences of even a single university filing for bankruptcy, sadly an all too likely event. And the curious case of UK Regulation.  With so much of our economy and society regulated by independent bodies, we asked what is the proper role of government? And where is the democratic accountability for regulators’ decisions? Ed Richards (former director of OFCOM) and Terry Burns (former Chair of Channel Four and Welsh Water) provided an in-depth look at the current state of regulation in the UK.

And finally we turned to the vexed question of the UK Planning System. From houses to railways, hospitals to nuclear power stations, why is it so expensive to build anything in the UK compared to other countries? Who benefits from the current system? Who loses? How could we do things better?

INVESTMENT TRENDS

On the investment front, our expert panels highlighted areas of risk and opportunity, as the Trump presidency took hold. We also examined the question ‘ESG – Dead or Alive?’ in a lively session featuring a partner from Baillie Gifford and the CEO of leading impact investor, Snowball Capital  And, back by popular demand, Professor Helen Thompson and Nick Butler tackled Trump’s volte-face on the USA’s energy policy, and the likely consequences for climate change.

‘Progress is cumulative in science and engineering, but cyclical in finance.’

James Grant, American financial historian and author

INTRODUCING MARCHERNOMICS

The Weekend of Mistakes is organised by Marchernomics, an educational charity that works with leading academic institutions and specialists to create forums for diverse audiences to deepen their understanding and application of economic and financial knowledge, supporting personal and professional development.

Marchernomics recognises the importance of collaboration in delivering its mission and values the contributions of its supporters, including organisations such as CISI, Library of Mistakes, King's College London, and FTFLIC. Marchernomics aims to further develop partnerships with organisations that share its charitable purposes, allowing it to expand its reach and provide access to a wider range of educational resources and opportunities for its audiences.

Building on the success of its flagship event, The Weekend of Mistakes, Marchernomics seeks to develop further opportunities for education through the organisation of conferences, seminars, and related events, targeting both new and established audiences across various levels of knowledge.

Marchernomics strives to ensure that its educational content is accessible to individuals from diverse backgrounds, including those who might otherwise lack access to formal educational resources in finance, economics, and related fields.

If you would like to get involved with Marchernomics or with the Weekend of Mistakes, or have any questions for us, please contact Paul or Alice at enquiries@weekendofmistakes.org

‘A Weekend that was definitely not a Mistake! I greatly enjoyed the wonderfully warm atmosphere that blurred the boundaries between the audience and the speakers. A wonderful event and brilliant for everyone to share ideas and expertise in this relaxed atmosphere.’

MEET THE TEAM

Paul Greatbatch, Co-Director, was a Partner & Portfolio Manager at Genesis Investment Management from 1994–2013, one of the original and largest specialist managers operating in Emerging Markets on behalf of leading global institutional clients in both the official and private sectors. During that time, his investment responsibilities ranged from the CEE region, South Korea, Mexico, Brazil and Kenya.

Since leaving Genesis in 2013, he has been a Visiting Fellow at the Department of Political Economy of King’s College London, where he organises and participates in events on subjects related to finance and economics, drawing in leading speakers and thinkers across a broad range of fields. In addition, he delivers the sought-after annual ‘Brief History of Money, Banking, Credit & Crypto’ course.

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Alice Sherwood, Co-Director, is currently a Visiting Senior Research Fellow at The Policy Institute at King’s College London. She has worked as a management consultant for Accenture, in retail strategy consultancy and private equity, as a director of an open-source intelligence company, and for the BBC in multimedia and education. She holds undergraduate degrees in philosophy and chemistry, an MBA from INSEAD, and an MA in literary criticism and narrative non-fiction.


Alice is the author of the award-winning Authenticity: Reclaiming Reality in a Counterfeit Culture (HarperCollins 2022), which argues that although our counterfeit culture is shaped by the most powerful forces of evolution, economics and technology, we can still come together to reclaim reality. She is currently a trustee of the Hay Castle Trust, chair of the Beit Scientific Fellowship at Imperial, and a former trustee of the Hay Festival. She lives in London and Wales.

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Lyndy Cooke, Production Director, has worked in the literature and publishing sectors for more than 35 years, owning a chain of bookshops and serving as Managing Director of Hay Festival for 20 years. She is a highly experienced events producer, creator and curator for arts and cultural events, and now works closely with organisations across the UK and worldwide, including the National Trust, British Council, Commonwealth Foundation, Queen’s Park Book Festival, York Festival of Ideas, Jaipur Literature Festival, and Ubud Writers & Readers Festival. She is currently also working on a major research project for the Arts Council Wales and the National Museums Wales.

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Duru Karadeniz, Production Director’s Assistant, is currently studying for an MPhil in Politics and International Studies at the University of Cambridge. She graduated from King’s College London with First Class Honours in BSc Philosophy, Politics and Economics in 2025.
Having grown up in Istanbul, Duru speaks native Turkish, fluent English and French, and has recently become an intermediate British Sign Language signer. She was keen on advanced mathematics and literature in high school and now enjoys studying political economy and game theory at university. Beyond academia, Duru is a regularly published poet in Karo Dergi, an avid swimmer in the summertime, and a big fan of cats, cappuccinos, and Turkish rock music. She has also researched the integration of AI-powered chatbots in devising commons governance systems.

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