Andrew Smithers first dabbled in the stock market as a schoolboy in the 1950s, and grew into one of the most respected economics commentators of his generation. As well as running S G Warburg's asset management business (now part of Black Rock) for many years, he was a columnist for The Financial Times and has written several books. His latest – The Economics of the Stock Market – focuses on the difference between corporate net worth and market valuation, and the discrepancies between the theory and the practice.This episode is a must-listen for anyone interested in the markets, with the interview expertly conducted by Professor Russell Napier.[Note to listeners: Andrew's audio was recorded remotely on his home set-up and while not up to the usual sound quality of the series, we hope you are able to enjoy his observations.]For more information on the Advanced Valuation In Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.

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