Michael Covel talks with Tim Price. Price is a partner and director of investment at PFP Wealth Management in the UK. Price makes no bones about it: He comes more from a fundamental value-based perspective. However, what Covel’s eye was the pragmatic, almost investigative look into what’s going on in government and central banks in the past five years. Covel and Price discuss the subordination of freely discovered prices to policy goals; why the recent trading environment seems “wrong and dangerous”; why Price wouldn’t be able to speak freely working for a large bank; why Price and his colleagues aren’t “doom and gloomers”; why the media neglects to report on black swans; why the role of the Fed is to keep “spiking the punch”; the vested financial pushback on having some of these views; risk and “Against The Gods”; why people are hardwired to be loss averse; and an analogy to the US Forest Service. Covel also offers a monologue on the back side of Tim’s interview including an update on Bitcoin and an additional insight from Brad Rotter (ep. 177). Tim Price can be found at http://thepriceofeverything.typepad.com.