{"product_id":"the-missing-billionaires","title":"The Missing Billionaires: A Guide to Better Financial Decisions","description":"\u003cp class=\"MsoNormal\"\u003eOver the past century, if the wealthiest families had spent\na reasonable fraction of their wealth, paid taxes, invested in the stock\nmarket, and passed their wealth down to the next generation, there would be\ntens of thousands of billionaire heirs to generations-old fortunes today. \u003c\/p\u003e\u003cp class=\"MsoNormal\"\u003eThe\npuzzle of \u003ci\u003eThe Missing Billionaires\u003c\/i\u003e is why you cannot find one\nsuch billionaire on any current rich list. There are a number of explanations,\nbut this book is focused on one mistake which is of profound importance to all\ninvestors: poor risk decisions, both in investing and spending. Many of these\nfamilies didn’t choose bad investments– they sized them incorrectly– and\nallowed their spending decisions to amplify this mistake.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\n\n\u003cp class=\"MsoNormal\"\u003e\u003ci\u003eThe Missing Billionaires\u003c\/i\u003e book offers a simple\nyet powerful framework for making important lifetime financial decisions in a\nsystematic and rational way. It's for readers with a baseline level of\nfinancial literacy, but doesn’t require a PhD. It fills the gap between personal\nfinance books and the academic literature, bringing the valuable insights of\nacademic finance to non-specialists.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\n\n\u003cp class=\"MsoNormal\"\u003ePart One builds the theory of optimal investment sizing from\nfirst principles, starting with betting on biased coins. Part Two covers\nlifetime financial decision-making, with emphasis on the integration of\ninvestment, saving and spending decisions. Part Three covers practical\nimplementation details, including how to calibrate your personal level of\nrisk-aversion, and how to estimate the expected return and risk on a broad\nspectrum of investments.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\n\n\u003cp class=\"MsoNormal\"\u003eThe book is packed with case studies and anecdotes,\nincluding one about Victor’s investment with LTCM as a partner, and a bonus\nchapter on Liar’s Poker. The authors draw extensively on their own experiences\nas principals of Elm Wealth, a multi-billion-dollar wealth management practice,\nand prior to that on their years as arbitrage traders– Victor at Salomon\nBrothers and LTCM, and James at Nationsbank\/CRT and Citadel.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\n\n\u003cp class=\"MsoNormal\"\u003eWhether you are young and building wealth, an entrepreneur\ninvested heavily in your own business, or at a stage where your primary focus\nis investing and spending, \u003ci\u003eThe Missing Billionaires: A Guide to Better\nFinancial Decisions\u003c\/i\u003e is your must-have resource for thoughtful\nfinancial decision-making.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\n\n\u003cp class=\"MsoNormal\"\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\n\n\u003cp class=\"MsoNormal\"\u003e\u003cb\u003eVictor Haghani\u003c\/b\u003e has 40 years' experience working\nand innovating in the financial markets, and has been a prolific contributor to\nacademic and practitioner finance literature. He founded Elm Wealth in 2011 to\nhelp clients, including his own family, manage and preserve their wealth with a\nthoughtful, research-based, and cost-effective approach that covers not just\ninvestment management but also broader decisions about wealth and finances.\nVictor started his career at Salomon Brothers in 1984, where he became a Managing\nDirector in the bond-arbitrage group, and in 1993 he was a co-founding partner\nof Long-Term Capital Management. He lives in London and Jackson Hole, Wyoming.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\n\n\u003cp class=\"MsoNormal\"\u003e\u003cb\u003eJames White\u003c\/b\u003e has spent two decades working in\nfinance, covering the gamut of quantitative research, market-making, investing,\nand wealth management. He is currently the CEO of Elm Wealth, and previously\nhas held research, trading, and executive roles at PAC Partners, Citadel, and\nBank of America. He lives in Philadelphia.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e","brand":"JOHN WILEY \u0026 SONS SINGAPORE","offers":[{"title":"Default Title","offer_id":43367379239119,"sku":"9781119747918","price":45.73,"currency_code":"SGD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0574\/5662\/3823\/files\/download_bfbc441c-9fe2-4770-b5b1-9f24f479152d.jpg?v=1773307242","url":"https:\/\/popular.baby\/products\/the-missing-billionaires","provider":"Popular Book Company Pte Ltd","version":"1.0","type":"link"}