In this public lecture, Victor Haghani will discuss the hidden effects of the largest trends in retail investing. While it’s never been easier, cheaper, or more efficient for investors to put their money to work, investors may not be better off. Gamified trading apps, niche ETFs, and gambles masquerading as investments have a cost that’s harder to spot but is little different from the damage inflicted on portfolios by high fees. Haghani will delve into the hidden risks of a “cost-free” market and how investors are rarely compensated adequately for many of the risks they take, arguing that while investors have won on fees, they are losing on risk. He will describe the simple yet powerful logic behind The Risk Matters Hypothesis, an idea which in combination with The Cost Matters Hypothesis (introduced by John Bogle, founder of Vanguard), can guide investors to better financial decisions and greater expected welfare. The talk will be full of colorful illustrations drawn from Victor’s decades working in the financial industry, and from the new book he co-authored, The Missing Billionaires: A Guide to Better Financial Decisions (Wiley 2023).