The Missing Billionaires

Why it’s on the list: Haghani (a founding partner of Long-Term Capital Management) and White start from a puzzle — the great nineteenth-century fortunes should have produced thousands of billionaire heirs and produced almost none — and argue the missing variable is sizing: how much to bet and how much to spend, not what to own.

Where I saw it: A bare Amazon link saved in the note.

Connections

• Capital Allocation — the portfolio idea this sits closest to.
• Risk — the subject: position sizing as the decision that actually compounds.
• Family Office — the institution the book is implicitly writing for.
• Personal Finance — where the arithmetic lands for an individual.