Videos

June 18, 2026 — In this episode of Odds on Open, we sit down with Victor Haghani to dissect why institutional alpha frequently breaks down during the position sizing phase.

June 15, 2026 — What happens to great fortunes over generations - and why do so few billionaire families stay wealthy?

January 16, 2026 — From the Elm HQ in Philadelphia, Founder and CIO Victor Haghani and Partner Jerry Bell look forward to 2026, discussing different views on how likely a stock market crash is, as well as how to subsequently think about asset allocation.

January 7, 2026 — From the Elm HQ in Philadelphia, Founder and CIO Victor Haghani and Partner Jerry Bell look forward to 2026, discussing a variety of topics from capital market assumptions to bubbles and market riskiness.

December 29, 2025 — From the Elm HQ in Philadelphia, Founder and CIO Victor Haghani sits down with Partner Jerry Bell to discuss our recent research piece surrounding the dangers of extrapolation and return chasing.

November 12, 2025 — In this episode, founder of Elm Wealth and co-founder of LTCM Victor Haghani shares lessons from Long-Term Capital Management and contrasts today’s highly levered hedge-fund world with LTCM’s era.

November 5, 2025 — In this episode, we sit down with Victor Haghani to explore his journey from running complex hedge fund strategies to adopting a simplified, evidence-based investment approach.

October 24, 2025 — Last week, we published a piece on the staggering rate at which US companies are buying their shares back, examining what these buybacks are actually doing to stock prices. In this video, we respond to some of the questions the article prompted amongst our bright community of Elm readers.

October 3, 2025 — Markets move quickly—interest rates rise and fall, stocks swing, and risk levels shift. For most investors, keeping portfolios aligned with these changes is time-consuming, complex, and can lead to costly tax consequences.

September 18, 2025 — What happens when brilliant minds clash on the facts? Nobel Prize winner Robert Aumann reveals his groundbreaking mathematical proof that rational people with the same basic assumptions cannot agree to disagree - and what this means for markets, conflict, and human cooperation.

August 21, 2025 — Just wrapped a powerful conversation with Victor Haghani — from our early days at LTCM to his work at Elm Wealth and The Missing Billionaires. We covered: LTCM’s collapse & the psychology of leverage Why poor sizing—not poor picks—kills generational wealth Elm’s dynamic allocation & utility-based frameworks Asian HNWIs & cross-border portfolio design Liquidity trade-offs in alternatives vs passive strategies Wisdom from the frontlines of risk, behavior & long-term wealth Grateful to reconnect and reflect

July 11, 2025 — 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

June 27, 2025 — In this episode of the BiggerPockets Money podcast, Mindy and Scott speak with Victor Haghani, a seasoned financial expert whose journey from Wall Street titan to FIRE advocate will transform how you think about wealth building.

June 27, 2025 — Today’s guest is Victor Haghani, founder and CIO of Elm Wealth, which focuses on managing wealth with an emphasis on diversification, low fees, and tax efficiency. He’s also the author of The Missing Billionaires: A Guide to Better Financial Decisions.

April 24, 2025 — Victor Haghani and Barbara Friedberg discuss the newly launched ELM ETF and how it might revolutionize your investing.

April 21, 2025 — "Bloomberg ETF IQ" focuses on the opportunities, risks and current trends tied to the trillions of dollars in the global exchange traded funds industry. Today's guests: CIO of Elm Wealth and Co-Founding Partner of Long-Term Capital Management Victor Haghani, and Vanguard Fixed Income Product Manager Rebecca Venter.

December 14, 2024 — In this public lecture, Victor Haghani discussed the hidden effects of the largest trends in retail investing. While it’s never been easier, cheaper, or more efficient for investors to put their money to work, investors may not be better off. Gamified trading apps, niche ETFs, and gambles masquerading as investments have a cost that’s harder to spot but is little different from the damage inflicted on portfolios by high fees. Haghani delved into the hidden

December 10, 2024 — It was a pleasure to welcome Victor Haghani, the Founder and CIO of Elm Wealth Management back to the Alpha Exchange for an engaging discussion on those turbo-charged financial products called leveraged ETFs. Our conversation is focused on the large product suite built around MicroStrategy, a software company whose mission appears to be solely focused on the accumulation of bitcoin. Itself a stock realizing 75 to 150 vol, MSTRs two times daily return products –

December 10, 2024 — Today's guest is Victor Haghani, founder of Elm Wealth. Victor is, in many ways, one of the last tactical asset allocators standing after the 2010s. That might be because Victor wouldn’t categorize himself as such. Rather, he sees his dynamic index investing approach not as a tactical alternative to traditional static portfolios, but as the rational approach for anyone starting from first principles. This conversation dances between theory and implementation. Victor is just as comfortable

December 8, 2024 — Author Victor Haghani discusses key elements of successful wealth building and asks "Where are the Missing Billionaires?" with Christine Benz. Video courtesy of Bogleheads. The content on this page is being provided as general market commentary and for educational purposes only. It does not constitute any form of investment advice, or recommendation to buy or sell any securities or adopt any investment strategy mentioned herein. Any investment strategies and investment results discussed herein are for

December 6, 2024 — Victor Haghani started his career at Salomon Brothers and shortly after became a managing director in the bond arbitrage group run by John Meriwether. He was a founding partner of Long-Term Capital Management and established its London office. The failure of LTCM was a life-changing experience that led him to question and revise much of the way he thought about the economy, markets, and investing. His new book - The Missing Billionaires: A Guide to

December 5, 2024 — President-elect Donald Trump’s pick of a crypto proponent to be the next head of the US securities regulator lifted Bitcoin to $100,000 for the first time. French assets rebounded slightly as investors debated the implications of the ousting of Michel Barnier’s government. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to

May 16, 2024 — The conversation dives into the practicalities of investing, the common pitfalls of financial decision-making, and the psychological aspects that often trip up even the most astute investors. Victor's approach to simplifying complex financial concepts and his emphasis on learning from past investment outcomes make this discussion a must-listen for anyone looking to navigate the often turbulent waters of personal finance. His personal anecdotes, combined with a straightforward breakdown of investment principles, provide a roadmap that

April 30, 2024 — Dive into the finance world with Victor Haghani, a founding partner of Long Term Capital Management, as he shares his journey from the top of the hedge fund game to pioneering dynamic indexing with Elm Wealth. Victor breaks down complex finance topics and shares stories about the big names he's worked with like Michael Lewis. Whether you're a finance newbie or a seasoned investor, there's something in this chat for everyone. Tune in for a

April 23, 2024 — Why investment sizing is an important - yet often overlooked - factor in investor outcomes. Our guest on the podcast today is Victor Haghani. He is the co-author of a new book called The Missing Billionaires: A Guide to Better Financial Decisions. In 2011, Victor founded Elm Wealth, an investment advisory firm for high-net-worth individuals. He started his career at Salomon Brothers in 1984, where he became a managing director in the bond arbitrage group.

April 22, 2024 — In Episode 360 of Hidden Forces, Demetri Kofinas speaks with Victor Haghani about his book The Missing Billionaires: A Guide to Better Financial Decisions and what a growing body of literature has to say about sensible wealth management and how to invest for the long term. Haghani started his career at Salomon Brothers in 1984, where he became a Managing Director in the bond-arbitrage group, and in 1993, he was a co-founding partner of Long-Term

March 8, 2024 — Victor Haghani, Founder of Elm Wealth, discussed his recent book, The Missing Billionaires: A Guide to Better Financial Decisions with students in November. This lecture discusses the importance of the "how much" question in finance: consider how much to invest rather than just what to invest in. Our coin-flipping experiment - in which participants could place bets on a biased coin that has a 60% chance of coming up heads - highlights how many potential

December 11, 2023 — Why are there not more billionaires today? That is the provocative question posed by the new book The Missing Billionaires: A Guide to Better Financial Decisions by Victor Haghani and James White. According to the book, there were enough US millionaires in the year 1900 to have generated as many as 16,000 billionaires today. In fact, it is hard to identify any billionaires today whose fortune traces back to before the 20th century. Video courtesy

October 31, 2023 — The Missing Billionaires by Victor Haghani and James White explains what happened to the wealth of prior financial titans. Discover investing secrets from the Missing Billionaires, and how you can benefit.

October 16, 2023 — In Episode 16 of The Investing Show, we feature an insightful interview with Victor Haghani, a former hedge fund manager who has transitioned from complex investment strategies to a simpler approach. Video courtesy of The Investing Show.

September 22, 2023 — Victor Haghani, Elm Partners Management CIO and founder, talks about the collapse of his firm, Long-Term Capital Management in 1998. LTCM was recapitalized by the New York Fed. Haghani talks about the lessons learned from this process on Bloomberg Markets: European Close. Video courtesy of Bloomberg TV.

March 12, 2018 — In this video: Robin Powell, the Evidence-Based Investor, in his “journey to uncover the truth behind investing” interviews Victor.

January 6, 2017 — In this TEDx talk, Victor explores why the use of a pre-defined stop-loss can be valuable, and how such an approach can reduce losses and generate profits.

April 19, 2016 — Victor sat down with Raoul Pal, 25-year market veteran and founder of RealVisionTV to discuss his career, his thoughts on investing, and how Elm came to be.

January 5, 2016 — We’re often asked why Elm Partners’ US office is in Wyoming - after watching this short video, shot by my son, the answer should be obvious.

August 21, 2015 — In this video, we’ll discuss the five perspectives on stock market risk – and, more importantly, which is the most relevant for your investing objectives.

August 11, 2015 — In this short talk, we’ll show you how to compute the most important number that's missing from the Wall Street Journal for yourself.

March 8, 2013 — In this TEDx talk, we detail the basics of Dynamic Index Investing® and how it combines the best features index funds and active management.