Episode 371: Crawford Spence Lifting the Veil on Financial Market Inefficiencies - one ossified idea at a time

Professor Crawford Spence is a Professor of Accounting at King’s College London and an experienced researcher and educator across an array of business disciplines with specific expertise in financial service professions. He is a genuinely international scholar, having lived and taught on a number of continents and also happens to have been my PhD supervisor. His most recent book is Inertia – Purposeful Inefficiences in Financial Markets (co-authored with Yuval Millo and James Valentine), and our podcast explores some of the books main themes and assertions here. We start with the idea of purposeful inertia – as it exists between different groups within the financial sector – explore what is this and is it ever likely to be broken? We discuss the “ossified ideas”  that he had in mind when thinking about this.  Digging deeper into inertia we ask if inertia and long-term relationships facilitate the building of trust and validation networks? The research is particularly focused on the social structures that support our economic systems, and we ask how these are shifting particularly with AI and/or hybrid working? Finally we ask if everything in financial markets is noise and end by discussing whether he believes in any form of investment alpha.The Fiftyfaces Podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations.