The Missing Billionaires by Victor Haghani and James White begins with a brilliant idea that with better financial decision-making tools, there would have been many more billionaires today. It then goes into first principles tying up returns, risk and a person's risk aversion to come up with useful formulas on position sizing. Later on, concepts like Expected Utility are added to the mix to assist readers with decision-making. I think this book would have been much better as a textbook with worked examples to illustrate real-life investment problems. However, some glaring gaps exist in the book, such as how the volatility of an asset class is estimated. I'm lucky that I've done some programming work to do this with Yahoo Finance data because otherwise reading the book will only give you some murky theoretical ideas that are hard to apply in your investment lives.

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