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Hi, and welcome to the Longview. I'm Amy Arnott, Portfolio Strategist for Morningstar.

And I'm Christine Ben's director of personal finance and retirement planning for Morningstar.

Our guest on the podcast today is Victor Hagani.

He's the co-author of a new book called The Missing Billionaires, A Guide to Better Financial Decisions.

In 2011, Victor founded Elm Wealth, an investment advisory firm

for high net worth individuals. He started his career at Salman Brothers in 1984, where he became

a managing director in the bond arbitrage group. And in 1993, he was a co-founding partner

of long-term capital management.

He graduated from the London School of Economics with a bachelor's degree in economics.

Victor, welcome to the Longview.

Thank you very much. Great to be here.

We wanted to start out with some background on the book, The Missing Billionaires. I'm curious about when you

first started thinking about writing a longer book like this. Was it part of the aftermath of your

experience with long-term capital management? No, it came well, well after that. The first

reaction I had to the failure of long-term capital management was to, like,

...