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
Tadas Viskanta: Luck Plays a Big Role in Investing
Lynnette Khalfani-Cox: 'There's a Huge Wealth Gap in America'
Hal Hershfield: People Treat Their Future Self as if It’s Another Person
Laura Carstensen: 'I'm Suggesting We Change the Way We Work'
Meb Faber: 'To Be a Good Investor, You Have to Be a Good Loser'
Daniel Crosby: 'If You're Excited About It, It's Probably a Bad Idea'
Michael Falk: 'Retirement Planning Can Be Done More Simply'
Rick Bookstaber: Avoiding Complexity Is 'Risk 101'
Sarah Newcomb: 'I Love Rules of Thumb'
Martin Lau: Now Is a Better Time to Buy China
Carl Richards: It Should Be OK to Relax Out Loud
Manisha Thakor: Beware of 'Junk Personal Finance'
David Herro: 'We Are Not at All Afraid to Vary From an Index'
Leif Dahleen: Finding Financial Independence
Jason Zweig: Temperament Is Everything for Most Investors
Jack Brennan: Price Pressure in the Advice Business Is 'Inevitable'
Sonal Desai: Navigating Historically Low Yields and Stretched Valuations
Eduardo Repetto: ETFs Are Winning the Battle
Market X-Ray: Wheels Up on Travel Stocks
Alan Moore: What Millennial Investors Want
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