Bubbles: An LRI Briefing

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William J. Clinton Leadership Institute

Something peculiar has been happening in financial markets. Despite the worst pandemic in a century, stock markets have been booming. Why?

<p>The prices of technology stocks have soared. There has also been a boom in SPACs or blank check companies. Cryptocurrencies such as Bitcoin have also soared in value and fluctuated on the pronouncements of Elon Musk. Even Dogecoin, a cryptocurrency founded as a joke, has enjoyed an impressive hike in value over the past year. The latest phase of the boom has witnessed a craze for non-fungible tokens (NFTs) and digital assets such as Jack Dorsey’s first tweet. </p><p>What is going on? Why is this happening? Are we living through a bubble? Have people gone mad? </p><p>These are just some of the questions that we will address in this Long Run Institute (LRI) briefing hosted at the William J. Clinton Leadership Institute, Queen&#x27;s Management School Belfast. </p><p>We will be taking the long run perspective on bubbles and asking why they happen, what investors should do during them, why they might endanger the financial system, and what central banks can and cannot do when they burst.</p><p>This topical virtual panel debate is moderated by  John Turner, Long Run Institute director and Head of Queen’s Management School and features four  international experts sharing their specialist perspectives. </p><p>We are joined by Central Banker, Rebecca Stuart from The Central Bank of Ireland, we will hear the investor perspective from Jamie Catherwood, O&#x27;Shaughnessy Asset Management, Stamford, Connecticut. Sonia Baxendale, CEO at The Global Risk Institute, Toronto shares the risk management perspective and we hear from Will Quinn, Queen’s University Belfast and author of &#x27;Boom and Bust: A Global History of Financial Bubbles&#x27; sharing the Academic perspective.</p><p>In addition to our panel discussion we shall be inviting questions from the audience, so register now and join the debate.</p>

<h3>John Turner</h3><p>John is a Professor of Finance and Financial History at Queen’s University Belfast.</p><p>He is Head of Queen’s Management School and is the director of the Long Run Initiative and the Queen’s University Centre for Economic History. He has been a Houblon-Norman Fellow at the Bank of England and an Alfred D. Chandler Fellow at Harvard Business School. John has published an award-winning book entitled Banking in Crisis and has co-authored Boom and Bust: A Global History of Financial Bubbles.</p>

<h3>Rebecca Stuart - The Central Banker Perspective</h3><p>Rebecca Stuart is currently on sabbatical from the Central Bank of Ireland, where she was a Monetary Policy Advisor. Before this, she was a Senior Economist in the Financial Stability Division during the Global Financial Crisis. Her current role is that of researcher at the Institute for Economic Research at the University of Neuchâtel, Switzerland. </p><p>Rebecca is also an Honorary Professor of Practice in Finance at Queen’s Management School and Research Associate at the Centre for Economic History, Queen’s University Belfast, and Adjunct Lecturer at the Cork University Business School in University College Cork.</p>

<h3>Jamie Catherwood - The Investor Perspective</h3><p>Jamie Catherwood is the Founder &amp; President of Investor Amnesia LLC, and an Associate at O’Shaughnessy Asset Management, a quantitative investment firm in Stamford, Connecticut. </p><p>He received his BA in History from King’s College London and publishes the “Financial History: Sunday Reads” newsletter every week for 13,000 subscribers at Investoramnesia.com. Recently, Jamie launched an online financial history course on "Bubbles, Manias &amp; Frauds". His work has been featured in the Wall Street Journal, Financial Times, and Bloomberg TV.” </p>

<h3>Sonia Baxendale - The Risk Management Perspective</h3><p>Sonia Baxendale is President &amp; CEO of Global Risk Institute located in Toronto.</p><p>Ms. Baxendale is an active corporate director and sits on the boards of Laurentian Bank, Foresters FinancialTM, RSA Group PLC, The Bank of N.T. Butterfield Ltd., and is Chair of the Board of the Hospital for SickKids Foundation.</p><p>Prior to joining GRI, Ms. Baxendale held senior roles at CIBC, including President of CIBC Retail Markets and Wealth Management.</p><p>She is a graduate of the University of Toronto, where she was named Victoria College Alumni of Distinction in 2017. She joined the ranks of the Top 100 Most Powerful Women in Canada Hall of Fame in 2010. In 2000, she was recognized as one of Canada’s Top 40 Under 40. </p>

<h3>William Quinn - The Academic Perspective</h3><p>William Quinn is an economic and financial historian and Lecturer in Finance at Queen’s Management School, Belfast. </p><p>His research focuses on market manipulation, corners, and financial bubbles, particularly in historical stock markets. He is the author of Boom and Bust: A Global History of Financial Bubbles, co-authored with John Turner and published by Cambridge University Press. Boom and Bust has been critically acclaimed by the Wall Street Journal, The Critic, Times Literary Supplement, and the Irish Times, and was named an Economics Book of the Year for 2020 by the Financial Times. </p>

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Bubbles: An LRI Briefing

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