Investment Theory

Leverage It or Leave It? Making Sense of Turbo-charged ETFs

November 26, 2024 — By Victor Haghani and James White[note] This not is not an offer or solicitation to invest. Past returns are not indicative of future performance. We thank Aneet Chachra, Richard Dewey, Larry Hilibrand, Vladimir Ragulin and our Elm colleagues Jerry Bell and Steven Schneider for their comments and contributions to this note and the accompanying leveraged ETF tool.[/note] Estimated reading time: 6 min. Investors can now choose from about $100 billion in ETFs that provide leveraged

Indexing

Victor Meets the Bogleheads

October 23, 2024 — Victor was very pleased to attend the recent Bogleheads annual conference in Minneapolis and do a Q&A session with Morningstar's Christine Benz.

Investment Theory

When a Crystal Ball Isn't Enough to Make You Rich

September 26, 2024 — By Victor Haghani, James White and Jerry Bell [note] Many people were instrumental in bringing this experiment and research article to life. Foremost are the contributions of our research associate James Cross, who helped design and single-handedly programmed the Crystal Ball game during the summer of 2023 while still an undergraduate at Princeton. We thank our long-time research collaborator Richard Dewey for his guidance in designing the study and interpreting the results. Jason Zweig of

How Elm Works

The Most Important Number Not in The Wall Street Journal

September 9, 2024 — By Victor Haghani, James White and Jerry Bell Estimated reading time: 3 min. Announcing a new quarterly market snapshot going out to our research subscribers with long-term expected return estimates for US and global equity markets, plus some other useful bits of information which are also hard to find. If you'd like to receive it, you can sign up here – and yes, it's free. When we think broadly about how to invest, a good starting

Taxes

Direct Indexed Tax Loss Harvesting: Is the Juice Worth the Squeeze?

August 27, 2024 — Direct indexed tax loss harvesting is incredibly popular nowadays, and has become a huge selling point for some companies - but is it all it's cracked up to be?

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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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