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Flirting with Models
Victor Haghani – The Last of the Tactical Allocators (S7E13)
Dec 9, 2024
Victor Haghani, founder of Elm Wealth and a pioneer in dynamic index investing, discusses the evolution of investment strategies after 2011. He argues for a rational, principle-based approach to asset allocation, emphasizing simplicity in forecasting returns. Victor explains the critical balance between risky and safe assets while navigating equity market risks. He delves into the role of discount rates and earnings expectations in market volatility and critiques traditional portfolio management, advocating for adaptive strategies that focus on risk-adjusted returns.
01:12:20
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Quick takeaways
- Victor Haghani emphasizes the importance of a dynamic index investing approach that prioritizes rationality over traditional static asset allocation methods.
- The rise of low-cost ETFs has fundamentally changed investment strategies, enabling broader access to diversified asset classes and enhanced customized portfolio creation.
Deep dives
The Genesis of Dynamic Index Investing
Victor Hagani's journey into dynamic index investing began after a revelation regarding his personal investment strategies. Following his experience at Long-Term Capital Management, he realized he needed to focus on managing his own family’s finances. Rather than simply mimicking the Yale endowment model, he recognized a deficiency in his understanding of personal finance despite his extensive background in finance. This led to the development of his firm, Elm Wealth, with a focus on low-fee, transparent investment strategies that leverage indexing while incorporating a more responsive asset allocation model.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode