99.9% Focus on the Wrong Question | Victor Haghani on Why Static Allocation Fails

Excess Returns · Nov 4, 2025 · 1h 5m

In this episode, we sit down with Victor Haghani, founder of Elm Wealth and one of the original partners at LTCM, to explore his journey from running complex hedge fund strategies to adopting a simplified, evidence-based investment approach. We discuss how investors should think about expected returns, portfolio construction, dynamic asset allocation, valuation signals, buybacks, managed futures, and the dangers of extrapolating past returns into the future.

Topics covered:

• Victor’s journey from LTCM to simple, systematic investing

• Why position sizing is as important as what you own

• How…