“We cannot get return without taking risks, but we can get risk without getting expected returns. So, you know, that’s really the master insight of modern portfolio theory.” – Victor Haghani

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I had the pleasure of speaking with Victor Haghani, the insightful author of “The Missing Billionaires.” 

Our conversation was a lively journey through the concepts of investment strategies and personal tales. 

Some of the central themes discussed in the conversation included: 

• The concept of “missing billionaires” and why so few families have been able to maintain and grow their wealth over generations since 1900.
• The challenges of active investing and beating the market returns.
• The importance of balancing risk and return in investment decisions.
• Approaches like active index investing that aim to capture the benefits of both active and passive investing.
• Factors that contributed to many wealthy families losing their fortunes over time like inappropriate risk levels and inconsistent risk/spending decisions. 

P.S. Don’t forget to play 2 Truths and a Lie – bit.ly/2t1l_victorhaghani

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Here are the show notes: 

Personal growth, business coaching, and new book release. (0:37)

Investing, wealth management, and generational wealth. (6:45)

Investing, unicycling, and underwater basket weaving. (12:35)

The challenges of maintaining wealth over time. (22:20)

Financial decisions of billionaires and their impact on wealth. (26:16)

Investment strategies and risk management. (32:41)

Investing strategies and risk management. (37:38)

Investing in crypto assets with a focus on predictable cash flows. (45:46)

Investing in stocks and Bitcoin with a focus on free markets and cash flows. (53:32)

Personal finance and investing with a focus on optimism and simple ideas. (59:46)

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“I Will tell You How to Become Rich… Be Fearful When Others Are Greedy. Be Greedy When Others are Fearful.” (Warren Buffett)

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