How Much of a Good Thing is Too Much? Victor Haghani Interview
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 5 December 2024
⏱️ 86 minutes
🧾️ Download transcript
Summary
Victor Haghani started his career at Salomon Brothers and shortly after became a managing director in the bond arbitrage group run by John Meriwether. He was a founding partner of Long-Term Capital Management and established its London office. The failure of LTCM was a life-changing experience that led him to question and revise much of the way he thought about the economy, markets, and investing. His new book - The Missing Billionaires is a personal finance book that examines why there are so few "old money" billionaires on the current rich lists. The book focuses on poor risk decisions, both in investing and spending. Many of the millionaires from 125 years ago didn’t choose bad investments– they simply sized them incorrectly– and allowed their spending decisions to amplify this mistake. The Missing Billionaires book offers a framework for making important lifetime financial decisions in a systematic and rational way. In today's interview Victor discusses how much risk an investor should take to safely grow their wealth or how much of a good thing is too much? The Missing Billionaires on Amazon: https://amzn.to/3OIr6u8 Subscribe to Victor's Mailing List: https://elmwealth.com/elm-in-the-press/ Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Ways To Support The Channel Patreon: https://www.patreon.com/PatrickBoyleOnFinance Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle Visit our website: https://www.onfinance.org Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle Business Inquiries ➡️ sponsors@onfinance.org
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome everyone to my new interview channel. If you haven't subscribed, which you probably |
| 0:05.7 | haven't because it's a brand new channel, you probably should. I've an incredibly interesting |
| 0:11.4 | guest for you today, Victor Hagani, the author of a new book called The Missing Billionaires, |
| 0:18.1 | a guide to making better financial decisions. |
| 0:21.6 | The missing billionaires is a personal finance book, but it's nothing like the typical |
| 0:26.8 | personal finance book that tells you to pay down your credit cards and save for retirement. |
| 0:32.7 | Instead, it's filled with the financial lessons that Victor wishes he could have taught himself when |
| 0:38.9 | he was fresh out of college and starting his first job at Solomon Brothers. |
| 0:44.1 | Victor is most famous for having been a founding partner of the hedge fund long-term capital |
| 0:49.5 | management in the mid-1990s. |
| 0:52.8 | Long-term capital management was known for its leveraged bond trading strategies that |
| 0:58.4 | aimed to exploit small market inefficiencies. |
| 1:01.9 | It was one of the highest performing hedge funds in the world in its first four years of trading, |
| 1:07.9 | returning almost 40% per year before collapsing in 1998 due to significant losses |
| 1:15.4 | in the bond market contagion that were triggered by the Russian debt default that year. |
| 1:21.6 | A consortium of banks took over the funds trading positions, investing $3.6 billion under the supervision of the Federal |
| 1:30.5 | Reserve, and Victor stuck around to help with the unwind. |
| 1:35.5 | This is Victor's second time coming on the channel. We first spoke about three years ago |
| 1:41.4 | when he told the story of his time at LTCM and how he had moved from fixed |
| 1:46.3 | income arbitrage to long-only investing. Having taken a lot of risk in his youth only to lose |
| 1:53.1 | everything, his new book tackles the problem of how much risk an investor should take and how |
| 1:59.7 | much of their savings they should spend. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Patrick Boyle, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Patrick Boyle and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.