Anne Murphy - Virtuous Bankers

A Book with Legs

Smead Capital Management

Investing, Business, Management

4.2 • 1.1K Ratings

🗓️ 2 September 2024

⏱️ 79 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Professor Anne Murphy joins Cole Smead to discuss her latest work, "Virtuous Bankers,” which explores the foundations of banking in 18th century England. Murphy tells the story of how early bankers leveraged moral integrity and trust, which were essential to the development and stability of the financial system at the time. The book argues that the success of the Bank of England and the banking industry at large relied heavily on a strong reputation for virtue.

Transcript

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0:00.0	You're listening to A Book with Legs, a podcast presented by Smead Capital Management.
0:08.0	At Smead Capital Management, we advise investors who fear stock market failure.
0:12.9	You can learn more at Smeadcap.com or by calling your financial advisor.
0:20.9	Welcome to a book with legs podcast. I'm Cole Smead, CEO and portfolio manager here at
0:25.8	Smead Capital Management. At our firm, we are readers, and we believe in the power of books
0:30.3	to help shaped informed investors. In this podcast, we speak to great authors about their
0:34.8	writings. The late great Charlie Munger prescribed using multiple mental models and analysis.
0:40.3	We analyze their work through the lens of business, markets, and people.
0:44.3	Long before the world's most powerful central bank, the US Federal Reserve was created in 1913,
0:49.3	there was already a venerable institution in the Bank of England, or BOE, modernizing the relationship between the government and the economy.
0:58.3	One must wonder, how does a central bank function before they become a world-class central bank of the modern age?
1:05.1	Joining us to discuss her 2023 book is Anne Murphy, the book titled Virtuous Bankers, A Day in the Life of the 18th
1:13.3	Century Bank of England. A little bit of background on Anne. Ms. Murphy is a professor of
1:18.5	history and executive dean of the Faculty of Humanities and Social Sciences at the University
1:22.9	of Portsmouth. Before her career in academia, she worked for 12 years in the city of London
1:27.3	trading interest
1:28.0	rate and foreign exchange derivatives.
1:30.3	She has also authored another title, The Origins of the English Financial Markets.
1:35.3	And I really appreciate you joining me.
1:37.3	We'll have some fun talking about this old bank, if you will.
1:41.3	But I have to ask you, coming from your background, what inspired
1:44.7	you to tell this story of the Bank of England in predominantly the 18th century?
	...

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