In this episode, William Green speaks with Victor Haghani, founder & CIO of Elm Wealth & author of The Missing Billionaires: A Guide to Making Better Financial Decisions. Victor’s journey is among the most remarkable & instructive in modern investment history. As one of the founders of Long-Term Capital Management, he experienced dazzling success & devastating failure. Today, he oversees billions of dollars using a low-cost, diversified, index-driven strategy that reflects hard-won lessons about resilience, humility, simplicity & risk management.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro(00:04:17) How Victor Haghani’s tumultuous family history shaped him.(00:14:02) What he learned as a star trader on Salomon’s famed arbitrage desk.(00:22:56) How he honed his skills by playing high-stakes games of Liar’s Poker.(00:30:35) How Long-Term Capital Management hit the jackpot—for a while.(00:46:04) How Russia’s default in 1998 sparked a cascading disaster.(00:49:18) Why he defends the fund’s enormous appetite for leverage & risk.(00:52:20) What he views as the real lessons of the fund’s collapse.(00:58:21) How the concept of expected utility can improve our financial decisions.(01:11:09) Why he fell out of love with exotica like private equity & hedge funds.(01:13:22) What troubles him about the traditional, static approach to indexing.(01:18:52) Why he favors a “dynamic asset allocation” based on risks & rewards.(01:27:21) How his firm’s current allocations reflect a wary view of US equities.(01:40:45) What he’s learned about overcoming adversity & finding happiness.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>Inquire about William Green’s&nbsp;<a href="https://williamgreenwrites.com/masterclass/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Victor Haghani’s investment firm, <a href="https://elmwealth.com/">Elm Wealth</a>.</li>
 <li>Victor Haghani & James White’s book “<a href="https://www.amazon.com/dp/1119747910?lv=shuf&channelId=500&plpRedirect=mhFallback&linkCode=ll2&tag=tipnetwork-20&linkId=7eb0fe3f17ccf29b5777bc125a9c05ef&language=en_US&gaOptInStatus=true&ref_=as_li_ss_tl">The Missing Billionaires</a>.”</li>
 <li>Michael Lewis’ book, “<a href="https://www.amazon.com/dp/039333869X?lv=shuf&channelId=500&plpRedirect=mhFallback&linkCode=ll2&tag=tipnetwork-20&linkId=69c2ec0cafebcedbae06289da02970ef&language=en_US&gaOptInStatus=true&ref_=as_li_ss_tl">Liar’s Poker</a>.”</li>
 <li>Roger Lowenstein’s book, “<a href="https://www.amazon.com/dp/0375758259?lv=shuf&hvlocphy=9004207&hvnetw=g&mcid=a3a8ac026d79377aacc3bde2049e2daa&keywords=when+genius+failed+book&hvadid=792726380105&qid=1785789995&hydadcr=994_1015363021&dib_tag=se&hvdev=c&hvocijid=1217292051904669409--&hvexpln=67&hvqmt=e&dib=eyJ2IjoiMSJ9.ROtq2L2dNv5icJ_0vv4vyRKVwV2DL1f2s7sJHEie4UNgkZkDqK-Aot0ohg7bGYaalZ5FvDw9IhWgat6JtKiwLE63uLj2z0-0-t-EoqBe3KmXT-d04Mw8uTR_l4z5tgHIEpwbdESO0e-SktVI-Jmx1uwCrZLxSvaq98gV8qb_kfbxnibA-sYL2X3NIxW3RqOIkYwEwd9vd9WAlRrJ-dNJrIHtKSZP-V7S26RlYNPx4x4.ScrcZP3N14gFGJBRsMCSvsyYJGNnquFVgmUUJIFaHoA&hvtargid=kwd-316488969784&hvrand=1217292051904669409&sr=8-1&channelId=500&plpRedirect=mhFallback&linkCode=ll2&tag=tipnetwork-20&linkId=b6feac43cef66234b934f2e9d7a66258&language=en_US&gaOptInStatus=true&ref_=as_li_ss_tl">When Genius Failed</a>.”</li>
 <li>Daniel Gilbert’s book, “<a href="https://www.amazon.com/dp/1400077427?lv=shuf&channelId=500&plpRedirect=mhFallback&linkCode=ll2&tag=tipnetwork-20&linkId=139c4cbbf323e775f94a8aa23f13f8ef&language=en_US&gaOptInStatus=true&ref_=as_li_ss_tl">Stumbling on Happiness</a>.”</li>
 <li>Viktor Frankl’s book, “<a href="https://www.amazon.com/dp/0807014273?lv=shuf&s=books&crid=1VRUHQ1H3KUDL&keywords=man%27s+search+for+meaning+by+viktor+frankl&sprefix=viktor+frankl%2Cstripbooks%2C201&dib_tag=se&dib=eyJ2IjoiMSJ9.phUc2adLzv8edJKcJfYGiYmYQA_wfSFAPr6oNqdjFnbP0wfuXH_m5U-FoyH-4H5Zi-pz0aV0M5akM6CeIJK0Dh-Ejcvwu2wjPNfztsiwfxHh1YTjosVwgWsP-JLS--culUTfD-FXHDjiQLmfjBc2CatmvCxO7AU9AHLCkR0pihUH9nNL3xCRxL1PKhbYhZPrVKE6KVCc4_A8Kp7GIHmuY0_fg83n8vOvY3zEzpj0pIw.NqftaqksFW93sA3ulecdC3M5O2SbrMW6SsG3wR3Sr84&qid=1785804218&sr=1-1&channelId=500&plpRedirect=mhFallback&linkCode=ll2&tag=tipnetwork-20&linkId=04310404c1411af8e53d7bc8a913a342&language=en_US&gaOptInStatus=true&ref_=as_li_ss_tl">Man’s Search for Meaning</a>.”</li>
 <li>William Green’s book, “Richer, Wiser, Happier” –&nbsp;<a href="https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856">read the reviews of this book</a>.</li>
 <li>Follow William Green on <a href="https://x.com/williamgreen72">X</a>.</li>
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