Victor Haghani – The Last of the Tactical Allocators (S7E13)
Episode publishedPodcast: Flirting with ModelsFlirting with Models
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Hey, everyone. Corey here. Thanks for tuning in to another episode of Flirting With Models. If you're enjoying the show, I'd greatly appreciate it if you take a moment to rate, review, and most importantly, share with a friend. Word-of-mouth is how this podcast grows. And
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to learn more about Newfound's platform of return stacked mutual funds, ETFs, and model portfolios, head over to return stacks.com. Now on with the show. Alright. 3, 2, 1. Let's jam. Hello and welcome everyone. I'm Corey Hofstein and this is Flirting with Models, the podcast that pulls back the curtain to discover the human factor behind the quantitative strategy. Corey
Hofstein is the cofounder and chief investment officer of Newfound Research. Due to industry regulations, he will not discuss any of Newfound Research's funds on this podcast. All opinions expressed by podcast participants are solely their own opinion and do not reflect the opinion of Newfound Research. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Newfound Research may maintain positions and securities discussed in this podcast. For more information, visit think newfound.com.
My guest today is Victor Haganhi, founder of Elm Wealth. Victor is in many ways one of the last tactical asset allocators standing after the 2000 tens. That might be because Victor wouldn't categorize himself as such. Rather, he sees his dynamic index investing approach not as a tactical alternative to traditional static portfolios, but rather as the rational approach for anyone starting from first principles. This conversation dances between theory and implementation. Victor is just as comfortable sharing his thoughts on where equity market risk comes from as he is defending payout adjusted c
Corey. It's great to be on the podcast. I love your podcast. I've enjoyed many different sessions you've had with your guests. Thank
you so much. So let's dive in. You started your career in the 19 eighties famously or infamously attached to Long Term Capital Management, of which there has been so much ink spilled. You've spoken about so much. I wanna start after that. Listeners, if you wanna get Victor's take on that stuff, this isn't the episode. We wanna start in 2011, some 3 decades after you started your career, some 15 years or so after long term capital management. Take me to that time. What inspired you to launch Elm? What type of problem were you trying to ultimately solve? So
we have to go back a few years before 2011, but 2011 is when I founded our wealth management firm, Elm Wealth. But after LTCM, I woke up and it wasn't a dream, and I realized that I needed to focus on managing my family's savings. And up until that time, I had worked at an investment bank that took a lot of my compensation and put it into the stock of the company, Solomon. And then at LTCM, it was pretty natural to invest a lot of my savings in our fund that we manage. Here it was, you know, around 2,000, 2,001, and I was like, jeez, I've got to really figure out how to invest for my family. I
of the timeline here, a lot of people take for granted today the proliferation of exchange traded funds. But 2011 was still early days. The first funds were launched in the early nineties depending on which historian you talk to, but it was really post 2008 that ETFs exploded in popularity. How much of what you're able to do today is actually predicated on the emergence of ETFs?
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