消失的亿万富翁
Missing Billionaires
Victor Haghani、James White · 初版 2025 年
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在过去的一个世纪里，如果最富有的家族合理消费其财富的一小部分、依法纳税、投资于股市并把财富传承给下一代，那么今天本应有数以万计继承数代财富的亿万富翁后代。《The Missing Billionaires》带来的谜团在于，为什么在当今的任何富豪榜上都找不到哪怕一个这样的亿万富翁。虽然解释有很多，但本书聚焦于一个对所有投资者都至关重要的错误：在投资与支出两方面做出了拙劣的风险决策。这些家族中的许多并没有……
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《The Missing Billionaires: A Guide To Better Financial Decisions》，作者是 Victor Haghani 和 James White。这本书涵盖了投资、对冲、个人理财、生命周期投资以及资产定价等广泛的话题。其中之一……
The Missing Billionaires: A Guide To Better Financial Decisions, by Victor Haghani & James White. This book covers wide ranging topics within investing, hedging, personal finance, lifecycle investing and asset pricing. One of…
……因为大多数人在判断和管理投资方面都烂透了（只要他们还在乎的话）。而如果换作傻瓜式投资，财富本可以在代际传承中稳步增长。参见 Victor Haghani 和 James White 2023 年出版的《The missing billionaires - A guide to better financial decisions》。
…Because most people are terrible at judging and managing investments (when they care at all). When with even with no-brainer investments it would keep modestly growing from generation to generation. See The missing billionaires - A guide to better financial decisions, Victor Haghani and James White, 2023.
……事件以及高达 50 倍的杠杆——对于新手和那些没有刻意研究过下注规模及资产配置的老手来说，要做到一视同仁地应对都极其困难。（参见 Victor Haghani 和 James White 2023 年出版的《The missing billionaires - A guide to better financial decisions》——关于该话题的极佳读物）到底搞什么鬼？？费这么大周折就为了整一个廉价的营销头条。伴随着……
…events and up to 50 times leverage - and that is very difficult to do equally for newcomers and established investors who have not deliberately worked on the issue of bet size and allocation. (See The missing billionaires - A guide to better financial decisions, Victor Haghani and James White, 2023 - excellent book on that topic) What in the world?? That's a lot of trouble to go to for one cheap marketing headline. With…
但这种情况并没有发生。参见 White 和 Hagani 写的《Missing Billionaires》一书。后代在挥霍财富方面比囤积财富要擅长得多。所以这个问题在某种程度上就自然化解了。
But this hasn't happened. See the book Missing Billionaires by White and Hagani. Subsequent generations are much better at squandering wealth than hoarding it. So that issue sort of takes care of itself.
……同代人的经历提供了一个警示故事。两位财富管理专家 Victor Haghani 和 James White 在他们的著作《The Missing Billionaires》中指出，在 20 世纪之交，美国人口普查记录了约 4000 位百万富翁。假设其中四分之一拥有至少 500 万美元（最富有的人坐拥数亿）并将其投资于美国股市。如果他们随后按照平均生育率繁衍后代，按章纳税，并花掉其资产的 2%……
…contemporaries offers a cautionary tale. At the turn of the 20th century, America’s census recorded about 4,000 millionaires, note Victor Haghani and James White, two wealth managers, in their book, “The Missing Billionaires”. Suppose a quarter of them had at least $5m (the richest had hundreds) and had invested it in America’s stockmarket. Had they then procreated at the average rate, paid their taxes and spent 2% of their…
这正是 Victor Haghani 和 James White 在 2023 年出版的《The missing billionaires - A guide to better financial decisions》中的全部核心前提。但这本是一本投资书，而不是社会学著作。他们在引言中探讨了亿万富翁，并指出了福布斯……
This is the entire premise in The missing billionaires - A guide to better financial decisions, Victor Haghani and James White, 2023. But this is an investing book, not sociology. They consider billionaires in the introduction and they point to the Forbes…