{"product_id":"the-missing-billionaires-a-guide-to-better-financial-decisions-paperback-softback-9781394308231","title":"The Missing Billionaires; A Guide to Better Financial Decisions (Paperback \/ softback) 9781394308231","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eThe Missing Billionaires\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eA Guide to Better Financial Decisions\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eVictor Haghani (Author), James White (Author), Emmanuel Roman (Foreword by)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781394308231, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 28 January 2025\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e416 pages\u003cbr\u003e22.1 x 14.7 x 2.8 cm, 0.454 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e\u003cb\u003eAn \u003ci\u003eEconomist \u003c\/i\u003eBest Book of the Year\u003cbr\u003e\u003cbr\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e\"Making Money and Keeping It\" – \u003ci\u003eThe Wall Street Journal\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOver 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 \u003ci\u003eThe Missing Billionaires\u003c\/i\u003e 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.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eThe Missing Billionaires\u003c\/i\u003e 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.\u003c\/p\u003e \u003cp\u003ePart 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.\u003c\/p\u003e \u003cp\u003eThe 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.\u003c\/p\u003e \u003cp\u003eWhether 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, \u003ci\u003eThe Missing Billionaires: A Guide to Better Financial Decisions\u003c\/i\u003e is your must-have resource for thoughtful financial decision-making.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eForeword xiii \u003c\/p\u003e \u003cp\u003ePreface xvii \u003c\/p\u003e \u003cp\u003eAbout the Authorsxxi \u003c\/p\u003e \u003cp\u003eAcknowledgments xxiii \u003c\/p\u003e \u003cp\u003eChapter 1: Introduction: The Puzzle of the Missing Billionaires 1 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection I: Investment Sizing 13\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eChapter 2: Befuddled Betting on a Biased Coin 15 \u003c\/p\u003e \u003cp\u003eChapter 3: Size Matters When It’s for Real 27 \u003c\/p\u003e \u003cp\u003eChapter 4: A Taste of the \u003ci\u003eMerton\u003c\/i\u003e Share 41 \u003c\/p\u003e \u003cp\u003eChapter 5: How Much to Invest in the Stock Market? 49 \u003c\/p\u003e \u003cp\u003eChapter 6: The Mechanics of Choice 67 \u003c\/p\u003e \u003cp\u003eChapter 7: Criticisms of Expected Utility Decision-making 103 \u003c\/p\u003e \u003cp\u003eChapter 8: Reminiscences of a Hedge Fund Operator 117 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection II: Lifetime Spending and Investing 127\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eChapter 9: Spending and Investing in Retirement 129 \u003c\/p\u003e \u003cp\u003eChapter 11: Spending Like You Won’t Live Forever 165 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection III: Where the Rubber Meets The Road 173\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eChapter 12: Measuring the Fabric of \u003ci\u003eFelicity\u003c\/i\u003e 175 \u003c\/p\u003e \u003cp\u003eChapter 13: Human Capital 193 \u003c\/p\u003e \u003cp\u003eChapter 14: Into the Weeds: Characteristics of Major Asset Classes 201 \u003c\/p\u003e \u003cp\u003eChapter 15: No Place to Hide: Investing in a World with No Safe Asset 235 \u003c\/p\u003e \u003cp\u003eChapter 16: What About Options? 245 \u003c\/p\u003e \u003cp\u003eChapter 17: Tax Matters 265 \u003c\/p\u003e \u003cp\u003eChapter 18: Risk Versus Uncertainty 275 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection IV: Puzzles 285\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eChapter 19: How Can a Great Lottery Be a Bad Bet? 287 \u003c\/p\u003e \u003cp\u003eChapter 20: The Equity Risk Premium Puzzle 291 \u003c\/p\u003e \u003cp\u003eChapter 21: The Perpetuity Paradox and Negative Interest Rates 297 \u003c\/p\u003e \u003cp\u003eChapter 22: When Less Is More 303 \u003c\/p\u003e \u003cp\u003eChapter 23: The \u003ci\u003eCostanza\u003c\/i\u003e Trade 309 \u003c\/p\u003e \u003cp\u003eChapter 24: Conclusion: U and Your Wealth 319 \u003c\/p\u003e \u003cp\u003eBonus Chapter: Liar’s Poker and Learning to Bet Smart 327 \u003c\/p\u003e \u003cp\u003eCheat Sheet 335 \u003c\/p\u003e \u003cp\u003eA Few Rules of Thumb 340 \u003c\/p\u003e \u003cp\u003eEndnotes 343 \u003c\/p\u003e \u003cp\u003eSuggested Reading 357 \u003c\/p\u003e \u003cp\u003eReferences 359 \u003c\/p\u003e \u003cp\u003eIndex 373\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52165126226200,"sku":"9781394308231","price":13.69,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781394308231.jpg?v=1781088789","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/the-missing-billionaires-a-guide-to-better-financial-decisions-paperback-softback-9781394308231","provider":"Freshly Printed Books","version":"1.0","type":"link"}