The Intellectual Investor – Value Investing by Vitaliy Katsenelson

In todays episode we'll delve into my research process, how I assess country risk for investments and why some investors avoid technology stocks. The post Q&A Series: Research Process, Evaluating Country Risk and Tech Investments – Ep 270 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Our London and Scotland trip blended investing, art, friendship, and father-son memories that made the journey unforgettable. The post London and Scotland: Musicals, Markets, and Memories – Part 3 – Ep 269 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

One important quality great management must have is the ability to suffer, doing the right thing when everyone else is chasing easy gains. The post The Ability to Suffer – Part 2 – Ep 268 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

I explore what Rolex’s lasting value and Fever Tree’s stock reveal about quality, patience, and playing the long game in business and investing. The post The Art of Rational Irrationality – Part 1 – Ep 267 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

When I had the chance to tour an Amazon fulfillment center in Denver, I jumped at the opportunity. What I found was both more remarkable and more unsettling than I had imagined. The post My Article in The Wall Street Journal – Ep 266 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

The hype around investing in AI feels real, but like every revolution, it’s easy to forget that not every gold rush makes its miners rich. The post Why Smart Investors Should Sit Out the AI Arms Race – Ep 265 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

At HII’s shipyard, I saw how cost-plus capitalism shapes naval shipbuilding: scarce automation, labor shortages, and incentives that reward rising costs. The post Cost-Plus Capitalism: Lessons from HII and the Future of Naval Shipbuilding (Part 5) – Ep 264 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

I knew the Lundins had sold Lundin Energy to Aker BP (a Norwegian oil company) and were large shareholders, but I’d never looked at the stock. The post Why We Bought Aker BP: A Technology-First Oil Company (Part 4) – Ep 263 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

When Charlie Kirk invited me onto his show, I hesitated. I knew little about him and had heard mixed opinions. Out of curiosity, I watched a few episodes. What I saw was a man I often disagreed with—but also someone earnestly searching for truth, and willing to listen with respect. The post Charlie Kirk and the Cost of Courage – Ep 262 appeared first on The Intellectual Investor - Value Inve...

This is Part 3 from my client letter where I talk about my trip to International Petroleum in Calgary, the economics of Canadian oil sands, and the importance of corporate culture. The post Skin in the Game, Steam in the Ground (Part 3) – Ep 261 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

I'm about to share Part 2 of the letter, where I'll take you deep into the "inside baseball" of our investment process. Specifically, I'll discuss how we structure and determine the position size of each stock in our portfolios – something I haven't covered before (at least not in this detail) and haven't seen other investors discuss much either. The post Inside Baseball: How We Build Portfolios (...

Over the next few weeks I’ll share excerpts from the 27-page letter I just wrote to IMA clients. So take these excerpts as they are – written for clients but useful, I hope, to you. The post Skating on Thin Ice: Discipline, Doubt, and the Long Game (Part 1) – Ep 259 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

📩 Join 94,000+ readers on my FREE weekly email newsletter:    📚 Get my books: Soul in the Game -  The Little Book of Sideways Markets -   Active Value Investing -    WHO AM I: Vitaliy Katsenelson is the CEO of... The post The Baltics, Europe’s Pragmatic Rising Stars – Ep 258 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

What’s fascinating about this trip is that it has everything and nothing to do with Warren Buffett. The main event that draws everyone to Omaha – the Berkshire Hathaway (BRK) annual meeting. The post Warren Buffett and the Berkshire Hathaway Paradox – Ep 257 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Do we need to redefine “value” in this era of the US stock market, or should we continue to sit on the sidelines if traditional metrics show equities to be overvalued? The post Redefine “value” in this era of the US stock market – Ep 256 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Last week, I received a lot of responses to my article about Tesla. They ranged from “Stop spewing your anti-right propaganda and stick to data” to “You don’t like Tesla stock. Are you saying your next car won’t be a Tesla?” The post A Brief Rant on Tesla & Musk – Ep 255 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

📩 Join 94,000+ readers on my FREE weekly email newsletter:  IMA Annual Client Meetings -   📚 Get my books: Soul in the Game -  The Little Book of Sideways Markets -   Active Value Investing -    WHO AM I:... The post 2025 IMA Annual Client Meeting appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Tesla market value of $780 billion mostly reflects Elon's future dreams, not car sales. The reality? Only $100-180 billion tied to the actual vehicle business. The post Current Thoughts on Tesla – Ep 254 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Americans have always outspent Europe on defense, but to be fair, we have a currency advantage. Our military might elevated our currency to reserve status. The post Europe Can’t Hide Behind America Anymore – Ep 253 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

The US dollar will likely continue to get weaker, which is inflationary for the US. Let me start with some easily identifiable reasons. The post The Reputational Bankruptcy of the American Dollar – Ep 252 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Trump's tariff decisions are unilateral – even though the Constitution clearly places that power in Congress’s hands. Why does he behave like a king? The post Tariffs, Debt, and a Recession by Design – Ep 251 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

When asked about his money manager, our long-term client Ed, who became a dear friend, proudly stated, “My money is managed by a paranoid Russian Jew.” This perfectly sums up our approach to investing. The post The Paranoid Russian Jew Approach to Investing – Ep 250 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

📩 Join 94,000+ readers on my FREE weekly email newsletter:   📚 Get my books: Soul in the Game -  The Little Book of Sideways Markets -   Active Value Investing -    WHO AM I: Vitaliy Katsenelson is the CEO of... The post It Is Not the Cards You are Dealt; But is How You Play Them – Ep 249 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

📩 Join 94,000+ readers on my FREE weekly email newsletter:   📚 Get my books: Soul in the Game -  The Little Book of Sideways Markets -   Active Value Investing -    WHO AM I: Vitaliy Katsenelson is the CEO of... The post Q&A Series: Diversification and Position Sizing in Investing – Ep 248 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

What are the hidden advantages of living away from “noisy” investing centers like New York?  The post The Hidden Advantages of Investing from NOT New York City – Ep 247 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .