The Missing Billionaires

Auteur

Victor Haghani has 40 years' experience working and innovating in the financial markets, and has been a prolific contributor to academic and practitioner finance literature. 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. Victor 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 lives in London and Jackson Hole, Wyoming.

James White has spent two decades working in finance, covering the gamut of quantitative research, market-making, investing, and wealth management. He is currently the CEO of Elm Wealth, and previously has held research, trading, and executive roles at PAC Partners, Citadel, and Bank of America. He lives in Philadelphia.

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Praise for The Missing Billionaires

"How much investment risk should I take? How much should I spend, and how much should I save? We all want answers to these questions, and financial economists have them, but the answers need to be translated into practical language. That's exactly why you should read this enjoyable and insightful book, to understand and apply the best thinking about risk-taking and lifetime financial planning."
--John Y. Campbell, Morton L. and Carole S. Olshan Professor of Economics at Harvard University

"Through years of dialogue with Victor and James, I have put into practice the ideas described in this book, and to great effect. They present a framework which encompasses many of the important principles I have learned through my nearly four decades of trading experience. The Missing Billionaires should be required reading at every bank, hedge fund and investment firm focused on enduring success."
--Alan Howard, Founder of Brevan Howard

"This book provides a thought-provoking, straightforward introduction to some of the most important questions in personal finance, and an engaging, non-technical description of some of the answers provided by financial economists over the past fifty years."
--Robert C. Merton, MIT Sloan School of Management Distinguished Professor of Finance, Nobel Laureate in Economic Sciences

"Haghani and White persuasively explain that to make good decisions under uncertainty, not only must we think probabilistically, but also we must apply those probabilities to the appropriate objective function. Thinking beyond the plight of the 'missing billionaires, ' perhaps human history would have followed a gentler and more peaceful path if our leaders had made decisions with the ideas of this book in mind."
--Philip E. Tetlock, Annenberg University Professor at the University of Pennsylvania, and co-founder of The Good Judgment Project