July 11, 2025

How Elm Works

Market Misbehavior: Victor Haghani on Bet Sizing, Flipping Coins and Missing Billionaires

In the 57th episode of the Market Misbehavior podcast, Dave speaks with Victor Haghani, Founder & Chief Investment Officer at Elm Wealth. Victor shares his personal experiences as a founding partner of Long Term Capital Management, the importance of probabilistic thinking, results from his famous coin flipping experiment, why bet sizing is the things most investors get horribly wrong, and other insights from his book “The Missing Billionaires: A Guide to Better Financial Decisions.” Recorded 7/9/25.

Check out Victor’s book here: https://amzn.to/407EChm

You can learn more about Victor’s work at elmwealth.com, and learn about their Elm Market Navigator ETF at elmfunds.com.

Video courtesy of Market Misbehavior.

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