The Intellectual Investor – Value Investing by Vitaliy Katsenelson

Vitaliy doesn’t know what the stock market will do next. He may have opinions and hunches, but he never acts on them. He never tries to predict the market’s next move. Neither Vitaliy nor anyone else is good at it. The only thing Vitaliy can do is... The post How to Build a Portfolio for Today’s Crazy Markets – Ep 154 appeared first on The Intellectual Investor - Value Investing by Vitaliy K...

Vitaliy is hosting an intimate gathering for friends, readers, and fellow value investors from 8–10:30 AM on Friday, April 29, 2022, at Lula B’s in Omaha. Stop by and enjoy some delicious breakfast. If you show up early enough, you might even get... The post Vitaliy Will Be in Omaha Next Week (and Why He Goes) – Ep 153 appeared first on The Intellectual Investor - Value Investing by Vitaliy...

Being a wealthy country has allowed us to develop what some call “luxury beliefs” – ideas and beliefs that make us feel good about ourselves but that horribly fail upon contact with objective reality. In this article, Vitaliy shares how our... The post Why Green Energy is a Luxury Belief – But Won’t Be One Forever – Ep 152 appeared first on The Intellectual Investor - Value Inves...

Vitaliy recently had the pleasure to be a guest on the Value Perspective Podcast by Schroders. In this wide ranging conversation, Vitaliy talks about how he discovers mental models, the risks of linear thinking, and shares an embarrassing story about... The post Vitaliy’s Interview with the Value Perspective Podcast appeared first on The Intellectual Investor - Value Investing by Vitaliy Kat...

In his speech declaring war on Ukraine, the dictator of Russia, Vladimir Putin, said the goal of his “special operation” was the de-Nazification of Ukraine. He’d remove the democratically elected government and install a Russia-friendly puppet... The post War in Ukraine: Part 4 – Are There Neo-Nazis in Ukraine? – Ep 151 appeared first on The Intellectual Investor - Value Investing by V...

Sanctions have a checkered history. They didn’t get rid of Castro in Cuba or the Kims in North Korea. It took more than a decade for sanctions against South Africa in the 1980s to bear fruit. But the world has never seen sanctions like this.... The post War in Ukraine: Part 3 – The Future of Russia – Ep 150 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson...

Just as 9/11 dramatically changed the flow of history, resulting in two wars and hundreds of thousands of deaths, so too will Putin’s invasion of Ukraine. Right now, we are seeing only the first effects and getting glimpses of second-order effects.... The post War in Ukraine: Part 2 – The New World – Ep 149 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson...

Eight days before Russia invaded Ukraine, Vitaliy wrote an article saying there would be no war. He was certain of it, and he was completely wrong. How could he get it so wrong? The more you knew about the situation, the less likely you were to see it... The post War in Ukraine: Why I Was Blindsided, Part 1 – Ep 148 appeared first on The Intellectual Investor - Value Investing by Vitaliy Kat...

IMA has owned McKesson stock since 2015. It has been very stressful at times, but also very rewarding. But the best is yet to come for McKesson. Vitaliy provides an update on his MCK investment, and why he believes its brightest days are ahead.... The post McKesson: Why the Best is Yet to Come – Ep 147 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

In this podcast with the Disciplined Investor, Vitaliy touches on a wide variety of topics, particularly pertaining to how to invest in inflation, historical stock returns, his market outlook going forward, and the link between interest rates and... The post The Disciplined Investor Podcast with Vitaliy Katsenelson appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelso...

It seems that every year, just as Mr. Market is hitting new highs, and speculative stocks soar to new levels, Vitaliy thinks we have hit the peak of craziness. But late 2021 / early 2022 might just be it. Vitaliy takes the listener through the levels... The post I Kid You Not Crazy – Ep 146 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

In this podcast interview with investment website GuruFocus, Vitaliy shares the full gamut of how he invests, where and why. He touches on the role of being eclectic when investing, how to invest abroad, and how value investors should think about... The post GuruFocus Interview – Value Investing with Vitaliy Katsenelson appeared first on The Intellectual Investor - Value Investing by Vitaliy...

It seems every year, Vitaliy believes we have finally reached the peak of crazy, only to be proven wrong the next year. The stock market and thus index funds, just like real estate, have only gone one way – up. You don’t have to be a stock market... The post How to Invest When There’s Nowhere to Hide – Ep 145 appeared first on The Intellectual Investor - Value Investing by Vitaliy Kats...

In this interview with Travis Chappell, host of the Build Your Network podcast, Vitaliy shares how he has used writing to build his network of investing peers, and also grow his firm, IMA. Along the way, Vitaliy touches on how we learned to emphasize... The post Build Your Network Interview appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

On the 30th Anniversary of his family's arrival in the United States from Soviet Russia, Vitaliy reflects on his time here. After recounting the hard early days in a new country when he was "fresh off the boat", Vitaliy offers perspective on how... The post 30 Years in America – Ep 144 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

There is a cryptocurrency, also named Omicron, that was up 900% on the day the new COVID-19 variant was publicized. Try as he might, Vitaliy cannot figure out what would have caused this crypto to spike that day. He muses that Mr. Market must be so... The post This Holiday, Will Mr. Market Eat Too Much Pi? – Ep 143 appeared first on The Intellectual Investor - Value Investing by Vitaliy Kats...

During his tenure, Jack Welch built GE into an earnings estimates-beating-machine. There's just one problem with that: it leads to extreme short-termism, and ultimately the misallocation of capital. Contrast this with Jeff Bezos' approach of... The post Welch vs Bezos – Ep 142 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Vitaliy re-shares and updates his analysis of Uber, and why it remains an attractive investment. He provides a mental model of how to analyze companies that may appear expensive but have yet to reach escape velocity in their cost structure and have a... The post Our Analysis of UBER (Updated) – Ep 141 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

We are experiencing a perfect storm of inflation, formed by seemingly small factors. Each on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. Vitaliy provides an... The post Inflation Update: Not Transitory Yet! – Ep 140 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Vitaliy re-shares his 2020 musings on the US Dollar, and its role in the world, and gold, and its role in IMA portfolios. You can read this article online here:   The post Beloved Country. Unloved Hedge. (Updated) – Ep 139 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Vitaliy updates listeners on his views about the US and China, and includes his previous article going over the risks posed by tensions between the two nations. He also discusses and shares an update on IMA's investment in defense stocks, in light of... The post US and China: In the Foothills of Cold War (Updated) – Ep 138 appeared first on The Intellectual Investor - Value Investing by Vita...

Vitaliy recounts the time he and his brother Alex were stranded in Key West without a hotel room for a night. Every hotel had no vacancy, except one "all male" hotel. Vitaliy tells the story of their pleasant stay there, and how investors can profit... The post Homophobic Arbitrage – Ep 137 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

The Financial Times recently published an article about Vitaliy's travails in recruiting. After sharing the article, Vitaliy expands on what he learned about recruiting, teams, and culture since becoming CEO of IMA. Letter to a Young Investor link: ... The post Let’s keep humans at the heart of hiring practices – Ep 136 appeared first on The Intellectual Investor - Value Investing by Vitaliy...

For the longest time, Vitaliy's son Jonah would beat his younger sister Hannah at just about everything. That all changed when we watched The Queen’s Gambit earlier this year. Here's the story. Enjoy! Long essay link: James Clear's Post: Santa Fe... The post Rooting For The Underdog – Ep 135 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .

Culture matters. In this podcast, Vitaliy shares how he evolved from an analyst purely focused on numbers to an investor and CEO focused on people. Using two stories from IMA's own past, Vitaliy recounts how running the business made him a better... The post The Softer Side of Value Investing – Ep 134 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson .