Victor Haghani - From Long Term Capital Management To Elm Partners - Investing Lessons

Patrick Boyle On Finance

Patrick Boyle

Investing, Business

4.9 • 320 Ratings

🗓️ 12 February 2021

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Send us a textIn today's podcast Patrick Boyle interviews Victor Haghani, former Long Term Capital Management Partner about Salomon Brothers in the days of Liars Poker, What it was like working at LTCM, different approaches to investing, short squeezes, arbitrage and how Victor invests today. We talk briefly about the GameStop short squeeze, Melvin Capital and why Steve Cohen and Citadel might have invested more money.Victor has spent more than 40 years in the world of finance, from the Londo...

Transcript

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0:00.0	Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring in markets right now and financial history to see what lessons can be taken away, including interviews with some of the most interesting people in the world of finance. To learn more about the podcast, visit onfinance.org.
0:27.1	Welcome back to Patrick Boyle on finance. There's been a lot of news over the last week or so relating to GameStop.
0:34.8	And so I'm very excited today to bring on my guest, Victor Hagani, who was a former
0:40.1	partner at long-term capital management. He has since gone on to set up a new fund management
0:46.4	business called Elm Partners. I'll give you guys a link to that in the description below.
0:51.6	But in today's conversation, we talk about GameStop, we talk about the
0:56.2	silver squeeze. We talk about whether hedge funds really do help each other out, because that is
1:01.7	one of the big narratives that I'm seeing in the news right now, that hedge funds are helping each
1:07.6	other out and they're at war with retail traders. We'll see what his thoughts
1:12.2	are on that topic, how he invests his money today, what he thinks of things like short selling
1:17.7	and trading options, how spread trades work, and what his life is like post-LTCM.
1:24.4	Well, we'll get going and I guess the very first question that I want to ask you is just
1:31.1	about your overall career path because on my channel I've recommended to a lot of years. People
1:38.0	often ask me what books on finance should they read? And I put up a top 10 list. And on the list is Liars Poker and also when
1:46.6	genius failed. And so you're in 20% of the books that I recommend. And I guess I just wanted to
1:55.6	ask you, you know, you were quite a young guy in both of those books.
2:04.8	And I guess I just wanted to ask you about your career path.
2:07.3	Like you started out at Solomon Brothers.
2:11.3	What was that like in the 1980s at Solomon?
2:17.0	Well, it was a wonderful, exciting time, you know, with lots of change.
2:23.2	It was on the back of the deregulation of interest rates and the, and the, you know,
2:27.5	beginning of derivatives markets on financial instruments and so on.
	...

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