Risk & Return

How Elm Works

A Brainteaser Double-Feature for the Holidays

December 20, 2017 — Here are two puzzles that we discussed at an Elm dinner last week - our guests were sufficiently tickled, so we thought we’d write them up to share with you.

Investment Theory

A Brief History of Sharpe Ratio, and Beyond

November 26, 2017 — In the 1950s, academics and investors proposed a variety of summary statistics to capture the quality of an investment in a single number - no small feat.

Elm News

A Conversation with NYU Professor Aswath Damodaran

May 6, 2019 — Victor sat down with acclaimed NYU Professor Aswath Damodaran to discuss some of the biggest topics in finance today.

Elm News

A Couple of Interviews with James & Victor

March 21, 2019 — Catch up with James and Victor as they discuss Elm's philosophy with Fintech Daily's Efi Pylarinou and Mark Adelson of the Institutional Investors Journal.


A Few Quick Responses to Michael Burry's Index-bubble Remarks

October 4, 2019 — Michael Burry recently made some remarks concerning the index-bubble - here are our thoughts on the many topics he touched on.

Investment Theory

A Missing Piece of the SBF Puzzle

November 28, 2022 — There's been excellent coverage of the public drama surrounding Sam Bankman-Fried, but an important piece of the puzzle has remained under the radar.

Investment Theory

A Penny Saved is Two Pennies Earned

April 6, 2018 — Most of us associate the maxim “A penny saved is a penny earned” with Benjamin Franklin, but what he actually said is far more insightful...

Investment Theory

A Sharper Lens for Sizing Up Nickels and Steamrollers

January 24, 2017 — In today's world, it’s natural that investors are looking for ways to earn a good return with limited equities exposure, but is there a better solution?

Investment Theory

A Sheep in Wolf’s Clothing

September 26, 2022 — It's convention to take our local currency as the risk-less benchmark - but this assumption, while convenient, can also be misleading.


Victor Haghani & Richard Dewey — 2016

Clifford Asness, Antti Ilmanen & Thomas Maloney — 2015

Victor Haghani & James White — 2018

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