Our guest on the podcast today is Victor Haghani. He is the co-author of a new book called The Missing Billionaires: A Guide to Better Financial Decisions. In 2011, Victor founded Elm Wealth, an investment advisory firm for high-net-worth individuals. He started his career at Salomon Brothers in 1984, where he became a managing director in the bond arbitrage group. And in 1993, he was a co-founding partner of Long-Term Capital Management. He graduated from the London School of Economics with a bachelor’s degree in economics.
Background
Bio
Elm Wealth
The Missing Billionaires: A Guide to Better Financial Decisions, by Victor Haghani and James White
Investment Sizing and Expected Utility
“The Most Costly Investment Mistake You Can Make Is Easy to Avoid,” by Victor Haghani and James White, Bloomberg.com, Feb. 14, 2024.
“Bigger Is the Enemy of Better Investing,” by Victor Haghani and Richard Dewey, businesstimes.com, March 20, 2021.
Robert K. Merton
“Merton Model: Definition, History, Formula, What It Tells You,” by Will Kenton, Investopedia.com, Aug. 10, 2022.
“Lifetime Portfolio Selection Under Uncertainty: The Continuous-Time Case,” by Robert C. Merton, jstor.org, August 1969.
“How Much of a Good Thing Is Too Much?” by Victor Haghani, linkedin.com, Oct. 11, 2022.
“To Realize, or Not to Realize,” by Victor Haghani and James White, elmwealth.com, Oct. 22, 2020.
Lifetime and Retirement Spending
“Spending Like You’ll Live Forever,” by Victor Haghani and James White, elmwealth.com, April 6, 2021.
“Cut Your Losses Early; Let Your Profits Run,” by Victor Haghani, linkedin.com, Aug. 8, 2023.
Puzzles
“George Costanza At It Again: The Leveraged ETF Episode,” by Victor Haghani and James White, elmwealth.com, April 16, 2020.
“Who Wants Protection Like This?” by Victor Haghani, linkedin.com, Nov. 14, 2022.
Other
“Vic’s TEDx Talk: Where Are All the Billionaires and Why Should We Care?” Elmwealth.com, March 8, 2013.
Matt Levine
Michael Lewis
The St. Petersburg Paradox
Hal Hershfield
“Hal Hershfield: People Treat Their Future Self as if It’s Another Person,” The Long View podcast, Morningstar.com, Sept. 21, 2021.
Stumbling on Happiness, by Daniel Gilbert
When Genius Failed: The Rise and Fall of Long-Term Capital Management, by Robert Lowenstein
Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It, by Nicholas Dunbar
Liz Ann Sonders: 'We Could See Some Inflation Scares'
Best of the Long View 2020: The Pandemic and Investing
Best of the Long View 2020: Financial Planning and Retirement
Jean Chatzky: 'Financial Stress Is a Big Topic in Need of More Oxygen'
Simon Hallett: What Football Can Teach Investors About Franchise Value and People Management
Michael Jantzi: Making 'Informed Choices' in Sustainable Investing
Adley Bowden: Key Trends and Developments in Private Markets
Larry Swedroe: 'The Pool of Victims' Is Expanding
Ramit Sethi: 'What Is Your Rich Life?'
Tim Maurer: Personal Finance Is More Personal Than It Is Finance
Peter Hayes: Surveying the Municipal Bond Landscape
Kerry Hannon: Remote Work Trend Benefits Older Workers
Karsten Jeske: Cracking the Code on Retirement Spending Rates
Lazetta Rainey Braxton: Financial Planning for 'The Rest of Us'
Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind
Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields
Karen Andersen: The Race for a COVID-19 Vaccine
Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments
Jim Dahle: 'Income Is Not Wealth'
Steve Romick: 'We Think Defensively'
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