Investment Theory

Thinking Outside the BOXX

February 27, 2024 — By Victor Haghani and James White [note] Thank you to Larry Hilibrand, Charles Wright, Dave Blob and Jon Seed for their helpful comments, and to Wes Gray and Larry Lempert for discussing specifics of their ETF with us. The opinions expressed in the article are not necessarily shared by those who gave us help. Nothing in this note should be taken as tax advice, or investment advice, or an offer or solicitation to invest. Past

Elm News

H1 2024 Investor Call Q&A with Victor & James

February 22, 2024 — By Victor Haghani and James White Thank you to all our Elm investors who joined us for our first investor call of 2024. If you'd like to watch or listen to the full recordings, you can find them here: Elm Investor Calls James White: So, we wanted to start just by through an overview of 2023. I thought a fun thing to do that we haven't done on this call before would be, rather than

Elm News

Elm Article in Bloomberg Magazine

February 16, 2024 — By Victor Haghani and James White [note]This not is not an offer or solicitation to invest, nor should this be construed in any way as tax advice. Past returns are not indicative of future performance.[/note] There are a number of ways an investment can go south, but getting the size of a trade wrong can convert even a good trade into a bad bet. That's the subject of our new article, "The Big Investment Mistake,"

Investment Theory

Sharpe’s Arithmetic and the Risk Matters Hypothesis

December 1, 2023 — By Victor Haghani, Vladimir Ragulin and James White [note] This not is not an offer or solicitation to invest. Past returns are not indicative of future performance. We thank John Campbell, Jeffrey Rosenbluth and Mark Grinblatt for their help and encouragement. All errors are our own.[/note] In Lake Wobegon, all the women are strong, all the men are good-looking, and all the children are above average.  - Garrison Keillor In 1991, William Sharpe made perhaps

Investment Theory

A Closer Look at "Cut Your Losses Early; Let Your Profits Run"

August 7, 2023 — We've all heard the mantra "Cut your losses early; let your profits run"...but does it really make sense?

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Reading Lists

01

Risk & Return

02

Tax Matters

03

Inquiries into Investing

04

Our Investment Approach

Publications

Victor Haghani & James White — 2018

Victor Haghani & Richard Dewey — 2016

Victor Haghani & Samantha McBride — 2016

Clifford Asness, Antti Ilmanen & Thomas Maloney — 2015

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