Tim Price: Rules for Understanding and Investing Through a New Bretton Woods Moment

Tom welcomes back Tim Price, Director at Price Value Partners. The discussion begins around the importance of filtering information in today's overwhelming media landscape. He suggests turning off legacy media and instead seeking alternative sources like Substack or Twitter for deeper insights. Price warns against over-financialization and the risks it poses to economic stability, advocating for a return to fundamental principles such as value investing and staying within one's zone of competence.

He highlights the current geopolitical chaos as a critical moment, noting similarities to past crises like the 1930s. Price critiques Keynesian economics, arguing that treating the economy as a machine fails to account for human behavior. He also discusses the collapse of trust in institutions, particularly after events like Brexit and the Trump presidency, which have led to increased skepticism among voters.

Price underscores the role of gold as a reliable store of value during uncertain times, contrasting it with the speculative nature of cryptocurrencies. He advises investors to focus on long-term strategies, avoid getting spooked by short-term market fluctuations, and resist the urge to follow every financial fad.

Price stresses the importance of emotional discipline in investing, referencing stoicism as a key trait for navigating volatile markets. He also touches on the destructive impact of unaccountability among elites, comparing it to historical precedents that led to societal destabilization.

Timestamp References:
0:00 - Introduction
0:38 - News Cycle Avoidance
4:50 - Finding & Filtering Info
7:42 - Confirmation Bias
12:37 - Economic Ivory Towers
19:28 - Sapiens - Yuval Harari
22:45 - Repeating Cycles & Problems
27:46 - Consequential Times
33:06 - Fragility & Chaos Theory
35:52 - Multiflation & Bad Economics
37:34 - Gold Signs & Revolution
42:44 - Rumors & Market Reactions
48:00 - Age of Unaccountability
50:28 - Wrap Up

Guest Links:
X: https://x.com/TimPrice1969
Website: https://www.pricevaluepartners.com/
War On Cash: https://www.pricevaluepartners.com/war-on-cash/
Articles: https://www.pricevaluepartners.com/commentary
Tim's Podcast: State of the Markets

Books
Tim's Book (Amazon): https://www.amazon.ca/Investing-Through-Looking-Glass-Irrational/dp/0857195360

Book Recommendations:
180 Degrees (Amazon): http://tinyurl.com/3vjvpnud

Tim Price has worked in the capital markets for over 30 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms.

Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards program and was a winner in 2005 in the category of Defensive Investing. He is now co-manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. He also co-manages bespoke private client portfolios.

Tim writes for MoneyWeek Magazine and The Spectator, and his weekly commentaries are freely available at the Price Value Partners website.