Russell Napier

Russell Napier

Formal First Name

Russell Napier is a stock market historian and global equity strategist specializing on issues impacting global equity markets. Napier is the Co-founder and Chairman of ERIC Electronic Research Interchange, a high-quality global investment research discovery, evaluation, and procurement marketplace. He has worked in the investment industry for 30 years and has been advising global macro strategy for institutional investors since 1995. His work features lessons from financial history with a particular focus on trends in money and credit. In 2014, he founded The Library of Mistakes, a non-profit library specializing in business and financial history, with branches in India, Switzerland and Edinburgh, where it’s based. Napier is also the Director of the Scottish Investment Trust and the Mid Wynd International Investment Trust, in addition to being a member of the investment advisory committees of two fund management companies, Cerno Capital and Kennox Asset Management. Previously, Napier was a Consultant Global Macro Strategist with CLSA Asia-Pacific Markets for almost 20 years, where he contributed to the development and scope of CLSA’s equity research.


  • Napier studies financial market data across extended time frames to assess equity valuation and gain insight into where markets are going next.

  • He is known to be bearish on equities and commodities and expects deflation to hit developed markets.

  • His work has focused on the growing evidence that the world is living through a breakdown in the global monetary system.

  • He advised clients to invest for such an outcome rather than invest as if we are living in just another business cycle expansion.

  • He began his career in investment at Baillie Gifford in Edinburgh, before joining the Asian stockbroker CLSA in May 1995 as an equity strategist in Hong Kong.

  • He was ranked No.1 for Asian strategy in both the Asiamoney and Institutional Investor polls from 1997 to 1999.

  • From 1999 to 2014 he continued writing and publishing but as a consultant for CLSA and regularly appeared in the research polls.


  • Napier is the Founder and Course Director of The Practical History of Financial Markets course that is part of the Edinburgh Business School MBA.

  • His “A Practical History of Financial Markets” is generally cited as the best course of its kind in the UK.

  • He is a Fellow of The CFA Society of the UK and is an Honorary Professor at both Heriot-Watt University and The University of Stirling.

  • His book Anatomy of a Bear – Learning from Wall Street’s Four Great Bottoms was published to critical and commercial acclaim.


  • Napier has appeared as a guest on Real Vision.

  • He appeared as a guest at the 2021 Real Vision Festival of Learning.