CIO / Founder of Elm Wealth We believe in giving investors the best possible chance of harvesting the returns available in global markets.
Joined May 2015
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$6 billion or $100 billion?
That’s Cornelius Vanderbilt’s fortune in today’s money, adjusted for inflation vs. for income growth. But which number is closer to the truth?
youtu.be/jUTXWr3dhhw
It’s November, which in Australia means summer, and The Missing Billionaires has made the beach bag. Thanks @mstaraus for the summer reading list spot.
Aussie readers-- apply sunscreen generously, leverage sparingly
Northern Hemisphere readers-- it works by the fire too :)
morningstar.com.au/personal-…
Disciplined investing shouldn’t change with the seasons. Summer or winter, bull or bear, the question is always how much, not just what.
Get the book: elmwealth.com/missingbillion…
The index fund turned 50 this year, though the industry hasn’t thrown it much of a party. Vanguard launched the first one in August 1976 with $11 million. Today there’s over $20 trillion in index funds.
Here's my take on some of the most common criticisms of indexing (mostly from active managers)
youtu.be/kWcfiVRouI8?si=Me_a…
True yesterday and true today!
We'll see where markets settle, but in any case a good day to revisit this essay by the folks at @ElmWealth: "When a Crystal Ball Isn’t Enough to Make You Rich." elmwealth.com/crystal-ball/
A few moments from WealthCon2026. The full sessions are up on YouTube -- worth the watch: youtube.com/playlist?list=PL…
Victor Haghani retweeted
We'll see where markets settle, but in any case a good day to revisit this essay by the folks at @ElmWealth: "When a Crystal Ball Isn’t Enough to Make You Rich." elmwealth.com/crystal-ball/
I read an interesting WSJ article about employees at AI startups looking to reduce their exposure to company stock. It got me thinking about just how expensive risk can be-- in one simple example, it works out to 25% a year.
Here’s the math: youtu.be/sIa0DAjyyVQ
Here's a question for the X crowd that @GZuckerman asked us recently: stocks have greater dispersion now than at almost any time since 2009-- the perfect market for stock pickers.
So why are about 70% of active funds still trailing their index?
Here’s the WSJ article that prompted the question.
Free to read:
wsj.com/finance/stocks/stock…
Here's our answer: elmwealth.com/perfect-market…
Here's a question for the X crowd that @GZuckerman asked us recently: stocks have greater dispersion now than at almost any time since 2009-- the perfect market for stock pickers.
So why are about 70% of active funds still trailing their index?
Great conversation with @TheDomino and Valerie Grimba on @ETFEdgeCNBC-- why the ETF is such a terrific structure, why we’re all still human, and why valuations still matter.
Watch the segment: cnbc.com/video/2026/10/20/wh…
elmfunds.com/elm-market-navi…
Why do we chase last year’s winners?
Professor Terry Odean has a lesson I come back to often: a small amount of data feels so convincing-- recent winners look like future winners.
Spoiler: they usually aren’t.
Victor Haghani retweeted
Had a blast listening to my friends @JackFarley96 and @ElmWealth
Victor always brings the level of insight that has me pondering questions for days. And ofc Jack is the podcast GOAT
Go learn stuff:
youtu.be/Kg6rRfvGqdY?si=D_Le…