Tag Archives: Lecture 1

Lecture 1; Lesson 2: A DEEP Value Investor/Activist in Action


Lecture 1 The main points from Lesson 1

Jot down his numbers. Do you agree?  Read through the transcript Other Peoples Money_2 then see the video again.  What you saw was value investing in action.  Many of my videos are meant to entertain but this one has much to teach. Note his SEARCH and VALUATION PROCESS.

Now view the activist. Note the divergent incentives.

A Prayer   (Video link) What do YOU think?

A Prayer for the Dead. Amen, Amen, and Amen.

For Masters of the Universe (Investment Bankers)

Try this case study. Case Study – Munsingwear.  If you struggle, here is a hint: What would you tell someone who kept banging their head on the wall and complained of a headache?  In five days I will post the answer. This is an actual case so don’t cheat by Googling it.  This case is about thinking like Larry the Liquidator :).

Next week, I will post more on Lecture 1 and you should plan to read Chapter two in DEEP VALUE and the Chapters 1 & 2 in Quantitative Value. We will study those chapters AFTER next week. I am just giving you notice.


Lecture One on Mises Theory of Money and Credit

Theory of

Below is the first lecture on chapters 1 & 2 of Mises’ magisterial work, The Theory of Money and Credit. Anyone can understand this work, but they must grasp thoroughly each concept and think through the implications of what Mises is saying. For example, if you understand Mises’ concept of the Subjective Theory of Value, then any theory that teaches that money measures economic value, or that any government should establish policies that preserve the value of money because money is a measure of value, is anti-Misesian.  Therefore, the call for government-licensed monopolistic central bank, is an anti-Misesian call for government intervention into the economy. And there is no measure of economic value, therefore, the government’s consumer price index is meaningless and misleading.

Money transmits value, Mises taught, but money does not measure value. (What?).  Subject valuation “arranges commodities in order of their significance; it does not measure its significance.”

OK, so if you want to delve into the greatest treatise on Money and Credit and become a better investor then I suggest you FIRST LISTEN to the lecture while looking at the Lecture Slides, THEN read the chapters which include the study guide for each chapter. Both the book and study guide are below. Also Gary North’s book, Mises on Money is another excellent study guide incorporating some of Mises’ other works like Human Action.

If folks want me to post more lectures (AFTER) you have listened to lecture one, then let me know in the comments section because it takes time to post the other eight lectures). Or tell me NOT to post more lectures.

Course Outline

2012 1Q Mises on Money and Banking Lecture 1 (Slides on readings)

econ400_lecture1 (MP3)  Lecture- 90 minutes



Quiz 1 on Mises Theory of Money and Credit_Ch 1 and 2

Books and Study Guides

Mises on Money and Credit_BOOK

STUDY GUIDE to_Money and Credit

Mises on Money_Vol_3 by Gary North

Lessons for the Young Economist  (for beginners)