Here’s an intriguing paradox: Many of America’s historical moguls haven’t translated their massive wealth into enduring dynasties. Think about this: in the year 1900, there were an impressive 4,000 millionaires across the U.S. If even a fraction had made simple, passive investments, their descendants could be multi-billionaires now.
However, in today’s landscape, only 730 billionaires exist per Forbes’ count, and a mere handful trace back to the wealth rankings of the 1980s.
So, where did those potential billions evaporate?
Victor Haghani, one of the brains behind Elm Partners and the once-lauded Long-Term Capital Management, attempts to unravel this enigma in his book, “The Missing Billionaires,” alongside co-author James White.
Their theory? Wealth preservation isn’t just about cherry-picking the right stocks; it’s also about understanding the weight of investment. Haghani, with his roller-coaster journey in the financial world, offers a candid look into the investment traps even the well-heeled can trip over.
For an in-depth analysis and Haghani’s recent engagement with CNN’s “Before the Bell,” venture further.
