The Missing Billionaires: A Guide to Better Financial Decisions is a 2023 book by James White and Victor Haghani.
"[1] A review in The Economist wrote "The authors' great success is in offering a consistent and explicit framework within which to do all this.
[2] However, a review in The Economic Times of India wrote that the book is simply an argument for diversification: "That's all there is to it.
Even in a good investment environment (the US stock market over the 20th century), these wealthy people performed poorly.
The authors point out that, due to economic growth, a person whose spending power increased only with inflation would feel a reduction in welfare.
Money managers must produce outsize returns to justify their greater fees and risk.
For retired individuals who want to ensure a level of income until their death, the authors recommend buying an annuity, assuming it is reasonably priced, because "bearing one's own longevity risk does not offer compensation in the form of a risk premium".