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The Grant Williams Podcast

The Grant Williams Podcast Ep. 103 - Victor Haghani

The Grant Williams Podcast

Grant Williams

Business, Business:investing, Investing

4.81.6K Ratings

🗓️ 23 May 2025

⏱️ 30 minutes

🧾️ Download transcript

Summary

In the latest episode of The Grant Williams Podcast, I’m joined by Victor Haghani, founder and CIO of Elm Wealth, for a conversation that spans revolution, crisis, and hard-earned wisdom. From seeing his family lose nearly everything during the Iranian revolution, to his high-stakes years at Salomon Brothers and as a founding partner of the infamous Long-Term Capital Management, Victor’s journey is nothing short of extraordinary. After stepping back from markets for over a decade following LTCM’s collapse, he returned with a mission: to help investors avoid the pitfalls he’d seen firsthand. We discuss the crucial—and often overlooked—importance of position sizing, the seductive danger of private equity pitches, and why too many wealthy investors are flying blind. Victor shares the principles behind his “eyes open” investing philosophy and explains why sticking to low-cost, diversified, logic-based strategies may be the most underrated path to long-term success. This is a conversation packed with insight, humility, and lessons that only experience can teach. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

Transcript

Click on a timestamp to play from that location

0:00.0

Before we get going, here's the bit where I remind you that nothing we discussed should be considered as investment advice.

0:16.4

This conversation is for informational and hopefully entertainment purposes only.

0:20.5

So, while we hope you find

0:21.7

it both informative and entertaining, please do your own research or speak to a financial advisor

0:27.1

before putting a dime of your money into these crazy markets. You're about to listen to a special

0:36.9

preview edition of the Grail Williams podcast featuring Victor Hagani, the founder of Elm Wealth.

0:42.9

Victor has an extraordinary CV which put him at the centre of several incredibly important events in financial markets,

0:49.9

and we'll dig into that at the beginning of the conversation.

0:52.3

Before we get around to how he thinks

0:54.8

about helping people manage their money, particularly family offices, in markets that are

1:00.5

increasingly screwy. Every episode of the Grombolema' podcast, including the end game, the super

1:05.2

terrific happy hour, the narrative game this week in do, shifts happen, chaos theory, and my new

1:09.8

series with Dmitri Kofinas,

1:11.1

The 100 Year Pivot,

1:12.2

is available to copper

1:13.3

and silver tier subscribers

1:14.4

at my website,

1:15.5

grant-dash-williams.com.

1:17.4

Cobbeteer subscribers

1:18.2

get access to all the podcasts,

1:20.1

while members of the Silver Teer

1:21.3

get both the podcasts

...

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