In this episode of "Flirting with Models," Corey Hofstein interviews Victor Haghani, founder of Elm Wealth, about his dynamic index investing approach. Haghani discusses his career, including his time at Long-Term Capital Management, and what led him to found Elm Wealth. He explains the philosophy behind dynamic asset allocation, emphasizing the importance of expected returns, risk measures, and individual risk aversion. The conversation covers the practical aspects of implementing this strategy, including the use of cyclically adjusted earnings yield, TIPS, and momentum as key metrics. Haghani also addresses common critiques of CAPE and discusses the challenges and benefits of dynamic asset allocation compared to static portfolios, and shares his favorite piece of research, the Risk Matters Hypothesis.