Where Are All the Billionaires? | Victor Haghani

Hidden Forces

Demetri Kofinas

Government, Business

4.8 • 1.6K Ratings

🗓️ 22 April 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

In Episode 360 of Hidden Forces, Demetri Kofinas speaks with Victor Haghani about his book “The Missing Billionaires” and what a growing body of literature has to say about sensible wealth management and how to invest for the long term.

Haghani 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 founded Elm Wealth in 2011 to help clients, including his own family, manage and preserve their wealth with a thoughtful, research-based, and cost-effective approach that covers not just investment management but also broader decisions about wealth and finances.

In the episode’s first hour, Haghani explains his investment philosophy and his firm’s approach to portfolio construction and management, including core financial concepts central to his framework, like expected utility, lift vs. drag, standard deviation as a measure of risk, variance, the shape of return distributions, and how to optimize position sizing and manage portfolio risk in a manner that is both rational and appropriate to your personal objectives and risk preferences.

In the second hour, Victor explains Elm Wealth’s process for onboarding new investors, including how they measure personal risk preferences, their advice on how to approach investing and spending in older age, how to take into account one’s primary income stream when making investment decisions, tax-loss harvesting, and much more.

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Episode Recorded on 04/16/2024

Transcript

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0:00.0	What's up everybody? My name is the Mediur Kofinus and you're listening to Hidden Forces, a
0:06.0	podcast that inspires investors, entrepreneurs and everyday citizens, the challenge
0:12.1	consensus narratives and learn how to think critically
0:15.2	about the systems of power shaping our world.
0:18.6	My guest in this episode of Hidden Forces is Victor Hagani, a co-founding partner of the famous hedge fund long-term capital management,
0:26.5	the current founder and CIO, a financial advisor, Elm Wealth, and the author of the
0:31.5	missing billionaires, a book that seeks to improve the financial lives of its readers by giving them an investment framework focused on how much to invest, rather than what to invest in.
0:42.0	In the episode's first hour, Victor explains his investment philosophy and his firm's approach to portfolio construction and management, including core financial concepts central to his framework like expected utility,
0:56.0	lift versus drag, standard deviation as a measure of risk, variance, the shape of return distributions, and how to optimize position sizing and manage
1:05.8	portfolio risk in a manner that is both rational and appropriate to your personal objectives
1:11.5	and risk preferences.
1:13.0	In the second hour, Victor explains his and Elm Wealth's process for onboarding new investors,
1:19.4	including how they measure personal risk preferences, their advice on how to approach investing and
1:24.7	spending in older age, how to take into account one's primary income stream, when making
1:29.6	investment decisions, tax loss harvesting, and much more.
1:34.0	If you want access to that part of the conversation,
1:36.0	and you're not already subscribed to Hidden Forces,
1:39.0	you can join our premium feed
1:41.0	and listen to the second hour of today's episode by going to hidden forces
1:44.4	dot i.o slash subscribe all of our content tears give you access to our premium
1:50.0	feed which you can listen to on your mobile device using your favorite
1:53.8	podcast app just like you're listening to this episode right now. If you want to
	...

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