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
Justin Fitzpatrick: 'Retirees Have a Superpower'
Tim Ranzetta: 'Financial Education Positively Impacts Almost All Financial Behaviors'
Ilyce Glink: The State of the U.S. Residential Real Estate Market
David Lau: Taking High Commissions Out of Annuities
Christine Benz, David Blanchett, and Karsten Jeske: The State of Retirement Income
Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning
Cliff Asness: Value Stocks Still Look Like a Bargain
Eric Balchunas: Assessing Jack Bogle's Monumental Legacy
Ric Edelman: On Crypto, Retirement Planning, the Advice Business, and More
Brian Feroldi: Why Does the Stock Market Go Up?
Jim Grant: 'Rising Interest Rates Are the Kryptonite of Financial Assets'
William Reichenstein: Avoiding Tax Headaches in Retirement
Mary Childs: The Rise and Fall of the Bond King
Nick Maggiulli: 'The Biggest Lie in Personal Finance'
JL Collins: The Case for Simplicity
Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad
Eric Schoenstein: The Case for Quality Stocks
Terry Odean: Who's on the Other Side of the Trade?
Andrew Miller: ‘No Index Is Truly Passive’
Clark Howard: Financial Well-Being Starts With Being a Smart Consumer
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