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https://traffic.libsyn.com/secure/intellectualinvestor/293_This_Is_Your_Captain_Speaking_-_Buckle_Up.mp3 I am on the flight from Denver to San Francisco with my twelve-year-old daughter when I write this letter to IMA clients about the craziness I am seeing in the markets. The turbulence on the flight gave me the pilot analogy. The rest came from what I see in valuations. This market is starting to feel incredibly bubbly, approaching circa 1999. The similarities are eerie. Intel and Corning, dar...
https://traffic.libsyn.com/secure/intellectualinvestor/292_-_Fiddler_on_the_Roof_and_Value_Investing.mp3 It was 2006, my fifth year teaching a graduate investment class at the University of Colorado at Denver, and I had stopped preparing for lectures. One day I opened the syllabus and found discounted cash flow analysis on the menu. I started with: “Imagine you are a farmer about to buy a cow. How much would you pay for that cow?” A few days later, on a Saturday morning, I was sitting in my base...
https://traffic.libsyn.com/secure/intellectualinvestor/291_What_to_Do_When_a_Stock_Drops_25.mp3 A client emails me: stock XYZ has declined 25%, is the thesis broken? It’s a fair question, and the honest answer is one I want to walk through carefully, because the same client letter brought a second question wearing different clothes: how do you tell the difference between patience and stubbornness when a position isn’t working? Both questions get at something I think about constantly: how to hold...
https://traffic.libsyn.com/secure/intellectualinvestor/290_Is_Greg_Abel_Able.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ Adam Anderson’s interview – AI-generated summary: https://x.com/vitaliyk/status/2056704702323229068 The Intellectual Investor Breakfast 2027 signup form: https://forms.monday.com/forms/460b2f5a0da2d4ec7928242b1480ae01?r=use1 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https:...
Questions answered in this episode How has the war in Iran changed how you think about portfolio construction? The war highlighted a deeper shift in the post-WWII order, with the US weakening its own alliances and quietly handing China and Russia the gift of a fractured West. That makes the world less predictable, raises pressure on US deficits, and means real commodities are likely to cost more over time. Our response has been to stay comfortable with our oil and gas exposure, add to gold, and ...
https://traffic.libsyn.com/secure/intellectualinvestor/288_QA_Series_On_Firing_Clients_Sizing_Positions_and_Ignoring_Book_Value.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ Active Value Investing – https://amzn.to/3u8zn3A WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates ( IMA ) in 2012. Forbes Magazi...
Vitaliy Katsenelson discusses how his multicultural background shapes his identity and views on American versus European lifestyles, examining the economic implications of different cultural values. He also delves into the emotional and physical pain of investing, advocating for an anti-fragile approach to transform challenges into opportunities for growth. Furthermore, the episode covers the critical role of character in hiring and shaping a firm's culture, concluding with a nuanced discussion on redefining success beyond mere assets under management.
The episode explores Uber's strong fundamental performance contrasted with the emerging challenge and opportunity of autonomous vehicles (AVs). It delves into the technical differences between Waymo and Tesla's self-driving approaches and critically examines the
Vitaliy Katsenelson discusses the critical role of humility in navigating today's unpredictable investment landscape, shaped by exponential AI growth and global instability. He details IMA's strategy of embracing AI to enhance research and diversify portfolios, moving beyond traditional US-centric investments to mitigate risks from geopolitical shifts and economic vulnerabilities. The episode underscores adapting to change and safeguarding capital through a globally diversified, agile investment approach.
Vitaliy Katsenelson discusses the multifaceted economic impact of artificial intelligence, presenting a framework that balances AI's potential for dramatic productivity gains with the significant risk of job displacement. He analyzes micro-level industry scenarios and macro-level economic shifts, questioning whether new demand can absorb increased output or if widespread layoffs will shrink the economic pie. The episode also contrasts AI's unprecedented speed and breadth of change with historical adaptations, considering both human inertia and physical constraints like energy, alongside competitive pressures driving rapid AI adoption.
On the occasion of his daughter Mia Sarah's Bat Mitzvah, a father reflects on her birth story, unique character, and the special bond they share. He imparts key life lessons on cultivating curiosity, finding diverse role models, developing critical thinking, and surrounding oneself with elevating people. The episode culminates in a touching message about Mia's superpower focus and the irreplaceable value of family.
https://traffic.libsyn.com/secure/intellectualinvestor/281_QA_From_Imposter_Syndrome_to_Authenticity.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ Active Value Investing – https://amzn.to/3u8zn3A WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates ( IMA ) in 2012. Forbes Magazine called him “The New Benj...
https://traffic.libsyn.com/secure/intellectualinvestor/Episode_280_The_Church_of_Climate_and_the_Law_of_Unintended_Consequences.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ Active Value Investing – https://amzn.to/3u8zn3A WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates ( IMA ) in 2012. Forbes Magazi...
Vitaliy Katsenelson discusses how his Soviet upbringing shaped his perspective on money, emphasizing the stark difference between socialist misery and capitalist opportunity. He shares his approach to career choices, prioritizing passion over immediate wealth, and details his strict early budgeting that favored experiences and education. The episode then delves into his philosophy of using money to buy time rather than things, particularly after turning 40, and concludes with an exploration of happiness, "good problems," and the pitfalls of the absolute and relative money treadmills.
Vitaliy Katsenelson shares a deeply personal letter to clients, explaining how IMA's mission has evolved to reflect a "life decision" focused on purpose beyond profit, drawing parallels to Warren Buffett's "Sistine Chapel" analogy for Berkshire Hathaway. He details IMA's core values: an obsession with quality, inspired by Japanese craftsmanship, and the integration of kindness in every interaction and decision. This approach, he argues, not only enriches clients' lives but also provides profound meaning for the team.
In this episode, Vitaliy Katsenelson reflects on his journey as a writer and investor, revealing which of his books holds a special place in his heart and why. He shares how writing, from his early value investing textbooks to his deeply personal 'Soul in the Game,' has profoundly impacted his confidence and perspective. Katsenelson also explores the surprising connection between classical music and investing, highlighting creativity as the common thread that binds these seemingly disparate fields.
This episode features a Q&A with Vitaliy Katsenelson, where he explores the concept of "living with intention" and its application to investment philosophy. He discusses risk management, including "microdosing" investments during uncertain times like the pandemic and current geopolitical shifts. Katsenelson challenges traditional definitions of value investing, arguing it's a philosophy rather than just buying cheap stocks, and shares insights on identifying and exiting failing investments. He also delves into the transformative role of AI in investment research, cautions against an "AI bubble" driven by overinvestment and debt, and considers AI's long-term implications for the asset management industry and future analysts.
Vitaliy Katsenelson shares insights on quieting market pressures by focusing on individual businesses and long-term strategy, including personal routines like a "reading cave" to disconnect. He also evaluates serial acquirers, distinguishing between those for whom it's a core business model and "tourists," explaining why his firm typically avoids the latter due to valuation complexities.
The author reflects on his frequent travels in 2025, including a significant trip to New York City with his children, which stirred nostalgic feelings and deepened their shared appreciation for the arts. He recounts his personal journey of developing a love for visual art, contrasting it with his earlier indifference, and highlights how his children now actively seek out museums. The episode delves into the profound impact of art, discussing how personal interpretations enhance its beauty, the concept of legacy through the stories of Henry Clay Frick and Alfred Nobel, and the universal gift of "learning to see" artistry in various forms, guided by his father's insightful approach.
https://traffic.libsyn.com/secure/intellectualinvestor/273_Operation_Molly.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ Active Value Investing – https://amzn.to/3u8zn3A WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates ( IMA ) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written...
https://traffic.libsyn.com/secure/intellectualinvestor/272_Surrounding_Yourself_with_Greatness_-_Part_2.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ You can read the full essay: https://investor.fm/quality-matters-from-paris-to-portfolios/ The Ability to Suffer – Part 2 article link: https://investor.fm/the-ability-to-suffer-part-2/ 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3Q...
https://traffic.libsyn.com/secure/intellectualinvestor/271_From_Paris_with_Love2C_from_London_with_Concern_-_Part_1.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ You can read the full essay: https://investor.fm/quality-matters-from-paris-to-portfolios/ My Lady at the Musée painting image link: https://investor.fm/quality-matters-from-paris-to-portfolios/ Position sizing article: https://investor.fm/position-sizing-how-to-construct-portfolios-that-p...
https://traffic.libsyn.com/secure/intellectualinvestor/270_QA_Series_A_Research_Process_and_Evaluating_Country_Risk.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ Spin Dictators book: https://www.amazon.com/Spin-Dictators-Changing-Tyranny-Century/dp/0691211418 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ Active Value Investing – https://amzn.to/3u8zn3A WHO AM I: Vitaliy Kat...
This episode details a multi-faceted trip to London and Scotland, where the host and his son Jonah explore iconic musicals, historic sites like Edinburgh and Loch Ness, and play golf in Scotland. The journey also highlights cherished friendships formed through investing, a surprise family connection, and observations on potential investment opportunities like Greggs. It's a blend of cultural immersion, family bonding, and financial insights.
This episode delves into Babcock's remarkable transformation, detailing how new management stabilized finances, improved operations, and secured its position as a vital UK defense contractor, particularly in nuclear submarine servicing. The host also explores the broader concept of "the ability to suffer," illustrating with examples like JPMorgan and Citibank, arguing it's essential for management and investors to prioritize long-term value over short-term gratification, fostering alignment for sustainable growth.
In this fall letter, the author delves into the 'art of rational irrationality' through the lens of luxury goods and premium mixers. He examines Watches of Switzerland's role in the high-end watch market, highlighting Rolex's unique brand strategy, controlled distribution, and unwavering focus on quality and customer experience. The episode also introduces Fevertree, a British company that created the premium mixer category by obsessing over ingredients and brand perception, demonstrating how enduring brands prioritize long-term value over short-term gains, even in the face of challenges.
https://traffic.libsyn.com/secure/intellectualinvestor/266_My_article_in_the_WSJ.mp3 📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ The Wall Street Journal link: https://www.wsj.com/opinion/the-robots-that-handle-your-amazon-orders-0eb2f6e7?st=D1TgFo&reflink=desktopwebshare_permalink 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ Active Value Investing – https://amzn.to/3u8zn...
This episode advises investors to sidestep the current AI investment frenzy, likening it to the dot-com bubble where few winners emerge from many failures. It details the massive, often debt-financed investments in data centers and AI chips, pointing out the rapid obsolescence of hardware and the collective risk of overcapacity. The host emphasizes that true winners are hard to identify upfront and suggests focusing on value outside of the AI hype.
📩 Join 94,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/ Reader get-together sign up here: https://forms.monday.com/forms/8ba7f1e57a4eb7f9cdc44171bb78cab5?r=use1 Client letter Part 1,2,3 & 4: https://investor.fm/tag/client-letter/ Read this article before you buy a stock: https://investor.fm/the-client-who-changed-how-i-invest/ 📚 Get my books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ Active Value...
