After all the publicity that it has already generated by being chosen as the FT/Goldman Sachs business book of the year, it may seem redundant to heap more praise on Liaqat Ahamed’s book Lords of Finance, which tells the story of how the four most important central bankers of the day struggled – and ultimately failed – to prevent the financial and economic crises that culminated in the Great Depression of the 1930s.

Yet it seems to me that the study of financial history remains so central to the achievement of investment success that further mentions of this outstanding work are not only defensible, but necessary. Lords of Finance is a splendid illustration of the value of historical narrative in throwing light on the complex and dynamic factors that shape the economic and financial environment, and provide an important perspective on the current outlook for equity, bond and currency markets.