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?

Elm News

July 2023 Investor Call Q&A with Victor & James

August 1, 2023 — By Victor Haghani and James White Thank you to all our Elm investors who joined us for our mid-year call. 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 with a quick review of the first half of the year. This is the asset allocation of the first half of the year, where the blue colors are fixed

Elm News

John Y. Campbell on The Rational Reminder Podcast

June 21, 2023 — Read, listen or watch one of the best podcasts we've found for long-term investors: the Rational Reminder with guest John Y. Campbell.

Elm News

Victor on the 'What Happens Next' podcast: "How Should I Invest My Money?"

March 30, 2023 — Victor was recently a guest on Larry Bernstein's What Happens Next in 6 Minutes podcast along with their friend and colleague, Myron Scholes.

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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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