Victor Haghani

Elm Partners

CEO

1630 Willow View Drive

PO Box 1417

Wilson, WY 83014

http://www.elmfunds.com

SCHOLARLY PAPERS

40

DOWNLOADS
Rank 1,303

SSRN RANKINGS

Top 1,303

in Total Papers Downloads

41,942

TOTAL CITATIONS

10

Scholarly Papers (40)

1.

Rational Decision-Making under Uncertainty: Observed Betting Patterns on a Biased Coin

Number of pages: 8 Posted: 25 Oct 2016
Victor Haghani and Richard Dewey
Elm Partners and Proven
Downloads 13,715 (692)
Citation 2

Abstract:

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Decision Making under Uncertainty, Risk, Uncertainty, Utility, Risk Aversion, Kelly, Gambling, Betting, Coin Flip, Market Anomalies, Return Predictability, Behavioral Finance, Market Timing, Gamblers Fallacy, St Petersburg Paradox, CRRA

2.

Night Moves: Is the Overnight Drift the Grandmother of All Market Anomalies

Number of pages: 12 Posted: 30 Jun 2022
Victor Haghani, Vladimir V Ragulin and Richard Dewey
Elm Partners, Independent and Proven
Downloads 5,184 (3,672)

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Market Anomalies, Valuation and Momentum, Asset Allocation, Global Finance, Market Microstructure

3.

When a Crystal Ball Isn’t Enough to Make You Rich

Number of pages: 12 Posted: 30 Sep 2024 Last Revised: 29 Jan 2025
Victor Haghani and James White
Elm Partners and Elm Partners
Downloads 3,432 (7,311)

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investment sizing, trade sizing, risk management, macro trading, forecasting, Merton share, Kelly Criterion, Investment Management, Trading Skill

4.

Optimal Trade Sizing in a Game with Favourable Odds: The Stock Market

Number of pages: 4 Posted: 02 Dec 2016 Last Revised: 05 Dec 2016
Victor Haghani and Andrew Morton
Elm Partners and Citigroup, Inc. - Citigroup Global Markets
Downloads 2,695 (10,709)
Citation 1

Abstract:

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Decision Making under Uncertainty, Risk, Uncertainty, Utility, Risk Aversion, Kelly, Coin Flip, Heuristics, Rules of Thumb, Behavioral Finance, Market Timing, Gamblers Fallacy, St. Petersburg Paradox, Gambling, Betting, CRRA

5.

Return Chasing and Trend Following: Superficial Similarities Mask Fundamental Differences

Number of pages: 12 Posted: 21 Jan 2016 Last Revised: 30 Jan 2016
Victor Haghani and Samantha McBride
Elm Partners and Elm Partners
Downloads 2,102 (15,917)
Citation 1

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Momentum, Trend Following, Return Chasing, Investor Sentiment, Asset Allocation, Tactical Asset Allocation, GTAA, Market Anomalies, Capital Flows, Fund Flows, Price Pressure, Price Impact, Return Predictability, Behavioral Finance, Investor Returns, Fund Returns, Past Performance, Market Timing

6.

What's Past is Not Prologue

Number of pages: 5 Posted: 08 Aug 2018
James White, Jeffrey Rosenbluth and Victor Haghani
Elm Partners, Elm Partners and Elm Partners
Downloads 2,065 (16,383)

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Decision Making under Uncertainty, Risk, Utility, Risk Aversion, Coin Flip, Heuristics, Rules of Thumb, Market Timing, Gambling, Betting, Manager Selection, Sharpe Ratio, Mutual Funds, Data Mining

7.

The Equity Risk Premium: A Novel Perspective on the Past Fifty Years

Number of pages: 4 Posted: 23 Mar 2020
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 1,466 (27,791)
Citation 2

Abstract:

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stock market, historical returns, COVID-19, coronavirus, equities, expected returns, CAPE, long-term investing

8.
Downloads 1,326 (32,246)

Abstract:

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cape, shiller, campbell, returns, predictions, p-cape, caey

9.

What Our Market Return Forecasts Really Mean: Convexity in Equity Returns and its Implications for Investment Sizing

Number of pages: 8 Posted: 10 Feb 2017 Last Revised: 06 Sep 2019
Victor Haghani and James White
Elm Partners and Elm Partners
Downloads 1,177 (38,323)

Abstract:

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Decision Making under Uncertainty, Risk, Utility, Risk Aversion, Kelly, Coin Flip, Heuristics, Rules of Thumb, Market Timing, Gambling, Betting, CRRA

10.

A Sharper Lens for Sizing Up Nickels and Steamrollers

Number of pages: 3 Posted: 23 Nov 2016 Last Revised: 08 Aug 2018
Victor Haghani and James White
Elm Partners and Elm Partners
Downloads 1,030 (46,489)

Abstract:

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Decision Making under Uncertainty, Risk, Uncertainty, Utility, Risk Aversion, Kelly, Coin Flip, Heuristics, Rules of Thumb, Behavioral Finance, Market Timing, Gamblers Fallacy, St. Petersburg Paradox, Gambling, Betting, CRRA

11.

When (If Ever) Has it Paid to Wait for a Stock Market Correction?

Number of pages: 3 Posted: 26 Sep 2017
Victor Haghani and James White
Elm Partners and Elm Partners
Downloads 982 (49,706)

Abstract:

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Decision Making under Uncertainty, Risk, Utility, Risk Aversion, Coin Flip, Heuristics, Rules of Thumb, Market Timing, Gambling, Betting, Manager Selection, Sharpe Ratio, Mutual Funds, Data Mining, Conditional Return

12.

A Brief History of Sharpe Ratio, and Beyond

Number of pages: 3 Posted: 13 Dec 2017 Last Revised: 16 Dec 2017
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 958 (51,411)

Abstract:

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Decision Making under Uncertainty, Risk, Utility, Risk Aversion, Coin Flip, Heuristics, Rules of Thumb, Market Timing, Gambling, Betting, Manager Selection, Sharpe Ratio, Mutual Funds, Data Mining

13.

Man Doth Not Invest by Earnings Yield Alone

Number of pages: 16 Posted: 09 Feb 2022 Last Revised: 14 Feb 2022
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 848 (60,778)

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Earnings yield, expected earnings, market timing, cyclically adjusted price earnings, Sharpe ratio

14.

Dynamic Asset Allocation Based on Valuation and Momentum Applied to a Global All-Equity Portfolio

Number of pages: 5 Posted: 29 Apr 2020
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 605 (94,293)

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All-Equity, Valuation and Momentum, Asset Allocation, Global Finance

15.

George Costanza at it Again: The Leveraged ETF Episode

Number of pages: 5 Posted: 09 Jun 2020
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 412 (150,388)

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ETFs, SPXS, SPXL, leveraged ETFs

16.

Sharpe’s Arithmetic and the Risk Matters Hypothesis

Number of pages: 5 Posted: 20 Dec 2023
Victor Haghani, Vladimir Ragulin and James White
Elm Partners, Elm Partners and Elm Partners
Downloads 382 (163,786)

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risk, investment risk, sharpe, risk matters, cost matters hypothesis, efficient market hypothesis, risk management

17.

A Closer Look at 'Cut Your Losses Early; Let Your Profits Run'

Number of pages: 4 Posted: 27 Aug 2023
James White, Vladimir Ragulin and Victor Haghani
Elm Partners, Elm Partners and Elm Partners
Downloads 290 (220,460)

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Cut losses early, Let profits run, Risk and return, expected returns, fund management, investment management

18.

No Place to Hide: Investing in a World With No Risk-Free Asset

Number of pages: 4 Posted: 13 Aug 2021 Last Revised: 18 Oct 2021
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 289 (221,248)

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safe assets, market risk, risk-free assets, equities, real estate, commodities, crypto-currencies

19.

Victor Meets the Bogleheads: Comparing Static versus Dynamic Asset Allocation

Number of pages: 6 Posted: 12 Nov 2024
Victor Haghani and James White
Elm Partners and Elm Partners
Downloads 223 (286,618)

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20.

The Treasury Bill Risk Premium: Why T-Bills Are About as Risky as Stocks in the Long Term

Number of pages: 4 Posted: 10 Jun 2020
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 218 (292,835)

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annuity, net worth, lump sum wealth, T-Bills, S&P 500, real annuity value

21.

When it Pays to Pay Capital Gains

Number of pages: 2 Posted: 06 Apr 2019
Victor Haghani, Larry Hilibrand and James White
Elm Partners, Independent and Elm Partners
Downloads 210 (303,372)
Citation 2

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Tax Efficiency, Capital Gains, Tax Harvesting, Risk, Utility, Risk Aversion, Heuristics, Portfolio Selection, Lifetime Portfolio Selection, Saving and Spending

22.

Negative Interest Rates and the Perpetuity Paradox

Number of pages: 6 Posted: 01 Jan 2020
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 199 (319,107)
Citation 2

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negative interest rates, long-term loans, perpetual loans, perpetuity

23.

Spending Like You'll Live Forever

Number of pages: 10 Posted: 09 Apr 2021 Last Revised: 13 Aug 2021
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 188 (336,215)

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endowment, spending, yale endowment, long-term investing, endowment spending, endowment investment

24.

Golf Guru Scott Fawcett Will Make You a Better Golfer, and a Better Investor Too

Number of pages: 7 Posted: 18 Nov 2021
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 179 (351,508)

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scott fawcett, pga, golf, strokes gained, decade system, investing, decision making, utility, uncertainty

25.

The Most Important Number Not Printed in the WSJ

Number of pages: 2 Posted: 16 Oct 2018 Last Revised: 10 Jul 2019
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 160 (387,473)

Abstract:

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Decision Making Under Uncertainty, Risk, Utility, Risk Aversion, Coin Flip, Heuristics, Rules of Thumb, Market Timing, Gambling, Betting, Manager Selection, Sharpe Ratio, Mutual Funds, Data Mining, Conditional Return

26.

For Crypto Whales: When Less is More

Number of pages: 5 Posted: 05 Dec 2023
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 156 (398,162)

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crypto, Kelly Criterion, expected returns, cryptocurrency, risk and return, risk aversion

27.

A Penny Saved Is Two Pennies Earned

Number of pages: 2 Posted: 03 May 2018 Last Revised: 10 Jul 2019
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 151 (406,863)

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Decision Making under Uncertainty, Risk, Utility, Risk Aversion, Coin Flip, Heuristics, Rules of Thumb, Market Timing, Gambling, Betting, Manager Selection, Sharpe Ratio, Mutual Funds, Data Mining, Fees

28.

A Sheep in Wolf's Clothing

Number of pages: 2 Posted: 02 Dec 2022
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 143 (425,088)

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investments, risk, risk management, investment risk, market risk, local currency

29.

To Realize, or Not to Realize? Capital Gains Tax and Portfolio Choice

Number of pages: 7 Posted: 14 Dec 2020
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 136 (442,279)

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capital gains tax, cgt, tax horizons, portfolio value, tax calculator, realizations, realized gains, unrealized gains

30.

Mind the Gap: Inequality and Diversification

Number of pages: 6 Posted: 01 Jan 2020
James White, Victor Haghani and Jeffrey Rosenbluth
Elm Partners, Elm Partners and Elm Partners
Downloads 135 (444,887)

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wealth inequality, diversification, Concentrated Asset Betting

31.

Who is the Biggest Investor in the Stock Market, and Why Should You Care?

Number of pages: 5 Posted: 14 Dec 2020 Last Revised: 06 Apr 2021
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 132 (452,946)

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capital gains tax, cgt, stocks, equities, us treasury, asset allocation, expected welfare

32.

Steadfast, Greedy, or Fearful? Strategies for Responding to Extreme Market Volatility

Number of pages: 6 Posted: 03 Jun 2020
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 130 (458,558)

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market volatility, March 2020, coronavirus, COVID-19, expected returns, expected risk

33.

The Annuity Puzzle: How Big is the Free Lunch Being Left on the Table?

Number of pages: 4 Posted: 10 Jul 2019
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 121 (484,916)

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savings crisis, market inefficiency, expected utility, zero-fee annuity, longevity risk, long-term savings, self-managed savings

34.

There’s No Place Like Home: The Case For and Against Extreme Home Bias in Equity Investing

Number of pages: 6 Posted: 11 Nov 2019
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 116 (500,662)

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home bias, equity markets, US investments, foreign investing

35.

If George Costanza Were a Hedge Fund Manager

Number of pages: 4 Posted: 27 Jan 2019 Last Revised: 11 Jul 2019
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 105 (538,936)

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36.

Home Biased: A Case for More Indexing

Number of pages: 2 Posted: 11 Nov 2019
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 98 (565,526)

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home bias, index investing, global markets, supply and demand, macro investing

37.

Measuring the Fabric of Felicity

Number of pages: 4 Posted: 11 Oct 2018 Last Revised: 10 Jul 2019
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 95 (576,910)

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Decision Making under Uncertainty, Risk, Utility, Risk Aversion, Coin Flip, Heuristics, Rules of Thumb, Portfolio Selection, Lifetime Portfolio Selection, Saving and Spending

38.

Out of the Frying Pan and Into the Fire: Selling A Highly Appreciated Stock Without Paying Taxes?

Number of pages: 5 Posted: 04 Feb 2025
Victor Haghani and James White
Elm Partners and Elm Partners
Downloads 65 (715,378)

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leveraged direct index tax loss harvesting, direct indexing, tax loss harvesting, tax efficiency, portfolio, appreciated asssets, capital gains

39.

How Much Insurance is Right For You?

Number of pages: 10 Posted: 24 Feb 2025 Last Revised: 25 Feb 2025
James White and Victor Haghani
Elm Partners and Elm Partners
Downloads 24 (1,056,033)

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insurance, expected utility, rule of thumb, coin flip, risk-aversion, home insurance, car insurance

40.

Smart Beta: The Good, the Bad and the Muddy

Journal of Portfolio Management, Vol. 46, No. 4, 2020, https://jpm.pm-research.com/content/46/4/11
Posted: 17 Jul 2019 Last Revised: 03 Nov 2020
James White and Victor Haghani
Elm Partners and Elm Partners

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smart beta, factor investing, market inefficiencies, efficient-market hypothesis