129: Victor Haghani – Optimal Bet Sizing—Lessons From a Biased Coin Flip Experiment

Chat With Traders

Tessa Dao

Education, Business, Investing

4.9 • 2.3K Ratings

🗓️ 15 June 2017

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Victor Haghani began his career at Salomon Brothers in 1984, starting out in a research role before joining their prop trading desk. In 1992, Victor left Salomon to become one of the founding partners of Long Term Capital Management… LTCM was an incredibly successful hedge fund, up until 1998, when it failed in a spectacular fashion. Causing the Federal Reserve to step in and organize a bailout, in order to prevent the possibility of a collapse in the global financial system. Victor took a ten year sabbatical after the dust settled, and in 2010 he founded an active index investing fund, Elm Partners. For this episode, much of our discussion is in reference to an experiment Victor carried out (with some involvement from Edward Thorp), on the patterns of how 61 participants would bet on a biased coin. -- Sponsored by TradeStation: Very few online brokers offer the services, the tools and the technology (all-in-one!) – for active traders – like TradeStation do. Learn more and get started here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:51.2	Markets, speculation, and risk.
0:56.8	This is the Chat with traders' podcast hosted by Aaron Feifield.
1:02.2	What's going on, everyone?
1:03.4	Welcome back.
1:04.4	Thank you for listening in.
1:06.2	Now to introduce my guest of this episode, his name is Victor Hageney.
1:12.0	Victor began his career at Salomon Brothers in 1984, starting out in a research role
1:18.1	before joining their prop trading desk.
1:20.8	In 1992, Victor left Salomon to become one of the founding partners of long-term capital management.
	...

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