
Victor Haghani: From The Missing Billionaires to Smarter Risk and Better Decisions
From Enterprising Investor by CFA Institute
November 15, 2025 · 35 min · Episode 554
About this episode
Victor Haghani discusses insights from his book on better financial decisions and the challenges investors face with risk sizing.
Victor Haghani — co-founder of Long-Term Capital Management and founder of Elm Wealth — joins host Mike Wallberg, CFA, to discuss the ideas behind his book The Missing Billionaires: A Guide to Better Financial Decisions. Using the "missing billionaires" puzzle as a starting point, Haghani explores why so many investors struggle with risk sizing, how our instincts often sabotage long-term results, and why dynamic asset allocation makes more sense than sticking to static rules. Listen now to learn how understanding "how much" to invest can be the key to lasting financial success.
People in this episode
Host: Mike Wallberg
Guest: Victor Haghani
Topics covered
- risk management
- investment strategies
- financial decision making
- dynamic asset allocation
- behavioral finance
Keywords
- financial decisions
- risk sizing
- dynamic asset allocation
- investing instincts
- long-term results
Mentioned in this episode
Organizations: Long-Term Capital Management, Elm Wealth
Books & works: The Missing Billionaires: A Guide to Better Financial Decisions
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