The Missing Billionaires

Praise for THE MISSING BILLIONAIRES "Making Money and Keeping It" -The Wall Street Journal "No matter the size of your net worth, keen insights for everyone on the difference between getting rich and staying rich." -Morgan Housel , Author of The Psychology of Money "How much investment risk should I take? How much should I spend, and how much should I save? We all want answers to these questions, and financial economists have them, but the answers need to be translated into practical language. That's exactly why you should read this enjoyable and insightful book, to understand and apply the best thinking about risk-taking and lifetime financial planning." -John Y. Campbell, Morton L. and Carole S. Olshan Professor of Economics at Harvard University "If wealthy Americans in 1900 had followed modern optimal investment and spending policies, they could have had 16,000 billionaire descendants by 2025. Instead, the total of all billionaires is about 1,000, which implies they did not. This book is a guide for doing better." -Edward O. Thorp , mathematician, hedge fund manager, legendary gambler, author of Beat the Dealer "This book is a great education for all of us, seamlessly marrying sophisticated theory with applications, demonstrating the beauty of a risk architecture that combines specificity with illuminating implementations into the lifetime wealth management problem." -Myron S. Scholes , Frank E. Buck Professor of Finance, Emeritus, Stanford Graduate School of Business, Nobel Laureate in Economic Sciences "Real world financial decision-making is more akin to poker than chess, with uncertainty playing a central role in every hand. But unlike the zero-sum poker table, everyone can be better off by making well-reasoned personal financial choices. The Missing Billionaires provides the theory and practical tools you'll need to make your own financial decisions sensibly and confidently." -Annie Duke , Decision science expert, poker champion, author of Thinking in Bets, How to Decide, and Quit "The Missing Billionaires addresses a topic that gets far too little attention in the investment community: how much to invest. The book is a terrific blend of theory, practice, and stories from the front lines. This is must-reading for anyone seeking to invest and spend wisely." -Michael Mauboussin , Author and Head of Consilient Research, Morgan Stanley