Leseprobe
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The Missing Billionaires
James White, Victor Haghani
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Sozialwissenschaften, Recht, Wirtschaft / Betriebswirtschaft
Beschreibung
An Economist Best Book of the Year "Making Money and Keeping It" - The Wall Street Journal Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn't choose bad investments- they sized them incorrectly- and allowed their spending decisions to amplify this mistake. The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way. It's for readers with a baseline level of financial literacy, but doesn't require a PhD. It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists. Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins. Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions. Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments. The book is packed with case studies and anecdotes, including one about Victor's investment with LTCM as a partner, and a bonus chapter on Liar's Poker. The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders- Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel. Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing Billionaires: A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making.
Rezensionen
"...a smart and sophisticated primer on quantitative risk-management techniques."
"A compelling book dealing with an important and neglected question in finance: not what to buy or sell, but how much. Even sophisticated professionals tend to answer this question badly, leading to lost fortunes. But financial theory provides the answer. Mathematical but not excessively so, this will appeal to anyone with an interest in markets."
"The most important investment decision is not 'what' but 'how much.' If you ever hear a professional investor talk about a trade that taught them a lot, prick up your ears. Usually, this is code for 'a time I lost an absolutely colossal amount of money,' and you are in for one of the better stories about how finance works at the coalface. On this front, Victor Haghani is a man to whom it is worth listening. Now, along with his present-day colleague James White, he has written a book that aims to spare other investors his mistakes . . . The Missing Billionaires . . . examines what its authors argue is a much more important--and neglected--question than picking the right investments to buy or sell: not 'what' but 'how much.'" --The Economist Buttonwood column "Size Matters,"
"This is a marvelous book that importantly extends the literature on financial decision-making. The authors creatively weave together the essence of practical considerations with insightful academic theory. One of a small handful of books that is timeless and should be read and reread over a lifetime for enjoyment and substance."
"The missing billionaires in the book's title allude to the difficulty of keeping already-made fortunes. Believing that nobody should get rich twice, Victor and James arm investors with lessons galore, drawn from their long practitioner careers. Yet the core lessons come from academia, and this wonderful book gives the best shot for Expected Utility and lifecycle models to finally become widely used in real-world investment decision-making. Uniquely, this book puts position sizing in the center, showing through many illustrations how 'too much of a good thing' can be just too much."
"The Missing Billionaires addresses a topic that gets far too little attention in the investment community: how much to invest. The book is a terrific blend of theory, practice, and stories from the front lines. This is must-reading for anyone seeking to invest and spend wisely."
"I enjoyed and learned from Victor and James' book on incorporating uncertainty directly into making better financial decisions. Rightly so, for them, risk is front and center. This book is a great education for all of us, seamlessly marrying sophisticated theory with applications, demonstrating the beauty of a risk architecture that combines specificity with illuminating implementations into the lifetime wealth management problem."
Kundenbewertungen
Investments & Securities, Finance & Investments, Kapitalanlagen u. Wertpapiere, Finanz- u. Anlagewesen, Finanzplanung