本期Hidden Forces节目邀请到Victor Haghani，畅谈其著作“缺失的亿万富翁”以及关于理性财富管理和长期投资策略的见解。Haghani分享其投资理念和公司在投资组合构建和管理方面的策略，涵盖预期效用、提升与拖累、标准差、方差、收益分布的形状以及如何优化头寸规模和管理投资组合风险等核心金融概念。此外，他还介绍了Elm Wealth的客户 onboarding 过程，包括如何衡量个人风险偏好、老年投资和消费建议、如何将主要收入来源纳入投资决策、税收损失收获等。

🤔 **理性财富管理：** Haghani强调了理性财富管理的重要性，并分享了他对预期效用、提升与拖累、标准差、方差等关键金融概念的理解，这些概念有助于投资者做出理性的投资决策。他认为，投资者应该根据个人风险偏好和目标，优化头寸规模并管理投资组合风险。

📈 **长期投资策略：** Haghani认为，长期投资是财富管理的关键，他分享了Elm Wealth在投资组合构建和管理方面的策略，包括如何选择合适的资产配置、如何进行风险管理以及如何进行投资组合的再平衡。他还强调了投资组合的长期表现，而不是短期波动，更能反映投资的价值。

👨‍💼 **客户 onboarding 过程：** Haghani介绍了Elm Wealth的客户 onboarding 过程，包括如何衡量个人风险偏好、老年投资和消费建议、如何将主要收入来源纳入投资决策、税收损失收获等。这些步骤有助于Elm Wealth更好地了解客户的财务状况和投资目标，并提供更个性化的投资建议。

💰 **财富管理的综合性：** Haghani认为，财富管理不仅仅是投资管理，还包括更广泛的财务决策，例如遗产规划、税收规划等。Elm Wealth致力于为客户提供全面的财富管理服务，帮助他们实现财务目标并保护其财富。

💡 **投资理念和实践：** Haghani在节目中分享了其投资理念和实践，包括对市场周期、风险管理、投资组合构建等方面的见解。这些见解对于投资者了解市场和制定投资策略具有参考价值。

📚 **“缺失的亿万富翁”：** Haghani的著作“缺失的亿万富翁”探讨了理性财富管理和长期投资策略，为投资者提供实用的建议。

🤝 **Elm Wealth：** Elm Wealth是一家专注于财富管理的公司，致力于为客户提供个性化的投资建议和服务。

👨‍🎤 **Hidden Forces：** Hidden Forces是一个专注于经济、金融和商业领域的播客节目，邀请行业专家分享见解和观点。

🎧 **节目收听：** 想要了解更多关于理性财富管理和长期投资策略的信息，请收听本期Hidden Forces节目。

In Episode 360 of Hidden Forces, Demetri Kofinas speaks with Victor Haghani about his book “The Missing Billionaires” 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 Capital Management. He founded Elm Wealth in 2011 to help clients, including his own family, manage and preserve their wealth with a thoughtful, research-based, and cost-effective approach that covers not just investment management but also broader decisions about wealth and finances.

In the episode’s first hour, Haghani explains his investment philosophy and his firm’s approach to portfolio construction and management, including core financial concepts central to his framework, like expected utility, lift vs. drag, standard deviation as a measure of risk, variance, the shape of return distributions, and how to optimize position sizing and manage portfolio risk in a manner that is both rational and appropriate to your personal objectives and risk preferences.

In the second hour, Victor explains Elm Wealth’s process for onboarding new investors, including how they measure personal risk preferences, their advice on how to approach investing and spending in older age, how to take into account one’s primary income stream when making investment decisions, tax-loss harvesting, and much more.

You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe.

If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe.

If you enjoyed listening to today’s episode of Hidden Forces, you can help support the show by doing the following:

Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed

Write us a review on Apple Podcasts & Spotify

Subscribe to our mailing list at https://hiddenforces.io/newsletter/

Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

Subscribe and Support the Podcast at https://hiddenforces.io

Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

Follow Demetri on Twitter at @Kofinas

Episode Recorded on 04/16/2024