ISBN号:9781119747918
书名:The Missing Billionaires
作者:Victor Haghani
出版日期:2023-08-14T00:00:00Z
英文简介:
An Economist Best Book of the Year Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today.
The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list.
There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending.
Many of these families didn’t choose bad investments- they sized them incorrectly- and allowed their spending decisions to amplify this mistake.
The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way.
It’s for readers with a baseline level of financial literacy, but doesn’t require a PhD.
It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists.
Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins.
Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions.
Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments.
The book is packed with case studies and anecdotes, including one about Victor’s investment with LTCM as a partner, and a bonus chapter on Liar’s Poker.
The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders- Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel.
Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing Billionaires: A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making.
中文简介:
经济学家年度最佳书籍 在过去的一个世纪里，如果最富有的家庭将其财富的合理比例花在纳税、投资股票市场，并将财富传给下一代，那么将会有数以万计的家庭今天的亿万富翁继承人是几代人的财富。
《失踪的亿万富翁》的谜题在于，为什么你在当前的任何富豪榜上都找不到这样的亿万富翁。
解释有很多种，但本书重点关注一个对所有投资者都至关重要的错误：投资和支出方面的糟糕风险决策。
这些家庭中的许多人并没有选择糟糕的投资——他们的投资规模不正确——而是让他们的支出决定放大了这一错误。
《失踪的亿万富翁》一书提供了一个简单而强大的框架，可以系统而合理地做出重要的一生财务决策。
它适合具有基本金融知识水平的读者，但不需要博士学位。
它填补了个人理财书籍和学术文献之间的空白，为非专业人士带来了学术金融的宝贵见解。
第一部分从第一原则构建了最佳投资规模理论，从押注有偏差的硬币开始。
第二部分涵盖终身财务决策，重点是投资、储蓄和支出决策的整合。
第三部分涵盖实际实施细节，包括如何校准您的个人风险规避水平，以及如何估计广泛投资的预期回报和风险。
这本书充满了案例研究和轶事，包括 Victor 作为合作伙伴对 LTCM 进行投资的案例，以及关于说谎者扑克的额外章节。
作者广泛借鉴了自己作为 Elm Wealth（一家价值数十亿美元的财富管理机构）负责人的经验，以及在此之前作为套利交易员的经历——所罗门兄弟 (Salomon Brothers) 和 LTCM 的 Victor，以及 Nationsbank/CRT 和 Citadel 的 James 。
无论您是年轻且积累财富的企业家，还是在自己的企业中投入巨资的企业家，或者处于您主要关注投资和支出的阶段，《失踪的亿万富翁：更好的财务决策指南》都是您做出深思熟虑的财务决策的必备资源-制作。
书籍总体字数：119611，除去名字和专有名词等之后还剩余111706计入单词总数。
书籍单词数在10万至20万之间，难度稍大,还需要结合下方难度分析。
其中：
四级单词出现101049个/次,
六级单词（排除四级单词后）出现2458个/次，
托福单词出现58541个/次，
SAT单词出现12911个/次，
GRE单词出现16468个/次，考研单词出现102420个/次，
雅思单词出现32885个/次。
高中单词出现93640个/次。
（后附饼图供直观参考）
这些统计基于我的词库，不排除词库存在误差，仅供参考。
非常欢迎大家提供自己收集的词库给我。
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