LTCM Co-founder Victor Hagani: “Taking Risk Is Always a Negative.”

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Apply to Onyx’s Junior Tech Graduate Scheme here: https://verichain.io/apply/0aa1debe-ac6c-452f-9421-da6cbf4a3e8cIn this episode of Odds on Open, we sit down with Victor Haghani, co-founder of Long-Term Capital Management (LTCM) and founder of Elm Wealth, to dissect why institutional alpha frequently breaks down during the position sizing phase. While standard market commentary focuses heavily on asset selection, Haghani establishes that optimizing your risk-adjusted return is an independent, non-zero-sum discipline that dictates long-term survival. We explore the structural friction between expected value and compound return, the misapplication of the Kelly criterion by sophisticated Wall…