The Intellectual Investor – Value Investing by Vitaliy Katsenelson

My father and I started taking my son Jonah to Santa Fe in 2003, and this was when I first wrote about it. I have been writing, rewriting, and adding to this essay for the past ten years. I repolished it and included it in Soul in the Game. This... The post Life is a Walk – Santa Fe – Ep 201 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In today’s letter, I want to address a question that I get asked at times: How do I get any research done since I travel a lot? And then I’ll explain the reasons for two next trips. 📩 Sign up for my free weekly email newsletter 🎙... The post How do I get any research done since I travel a lot? – Ep 200 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Many times, we bought because they were in their “junior year”; this is what made them undervalued. Our research led us to the conclusion that their difficulties were transitory and that as they matured the market would revalue them. 📩 Sign... The post The Growing Pains of Maturity – Ep 199 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Over the next two weeks, I will share with you a few excerpts from my 25-page summer letter to IMA clients. Next week, I will be comparing my children to stocks and divulging my latest thoughts on Uber and Qualcomm. My purpose in sharing... The post What is the Value of Apple? How do we evaluate risk? – Ep 198 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Over the last two decades, I have given talks on investing, mainly focused on my books, to CFA Societies around the world, from South Africa to New Zealand to Sofia, Bulgaria, and India in January of this year (you can watch that talk ). As a... The post Russia – History Repeats Itself – Ep 197 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

While I was watching Apple’s presentation, Meta’s Quest Pro (which I own for research purposes) suddenly started to remind me of Microsoft PCs – made by engineers for engineers, where the Vision Pro is created by humans for humans. 📩... The post Vision Pro is the Vision of the Future – Ep 196 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Imagine withdrawing a job offer two days after it was made. This is exactly what we did. IMA is for an Operations Associate position, and after a lengthy hiring process, we offered the position to Sam (not his real name). However, two days later, we... The post How Not To Lose a Job That’s Yours – Ep 195 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Apple is the best storytelling company on the planet. This was the thought that ran through my mind as I watched Apple present its new products at the WWDC conference. When it introduces a product, Apple doesn't just spend the time telling you... The post A Story about a Story – Ep 194 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Good thoughts bring you happiness; bad thoughts poison you with anxiety and pain. 📩 Sign up for my free weekly email newsletter 🎙 Check out my weekly podcast, The Intellectual Investor. 📚 GET MY BOOKS Soul in the Game - The Little... The post Attend a Party in Your Own Head – Ep 193 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I’ve been asked by many readers and some clients for my thoughts on the economy and recession. As I am typing this, I’m thinking about how much ink I should be spilling on writing about the recession and how much time we, as investors,... The post You are – What you think about (Recession, Economy, Stock Market) – Ep 192 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I don't know when I graduated to giving job-seeking advice. However, I know that my scribbles are read by a lot of students and their parents, so I thought I would share this with you. 📩 Sign up for my free weekly email newsletter 🎙... The post Embrace Good Problems: Advice to Young People Today – Ep 191 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I've attended the Berkshire Hathaway Annual Shareholders meeting for over a decade. Here is what I learned in 2023. 📩 Sign up for my free weekly email newsletter 🎙 Check out my weekly podcast, The Intellectual Investor. 📚 GET MY... The post What I Learned From the Oracle of Omaha & Charlie Munger – Ep 190 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Many investors, including our clients, have been worried about their Schawb account safety. Are they right to be worried? 📩 Sign up for my free weekly email newsletter 🎙 Check out my weekly podcast, The Intellectual Investor. 📚 GET... The post Should I be worried about the safety of my Schwab account? – Ep 189 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I have vague first memories of playing chess with my grandfather when my family visited my father’s parents in Moscow. I was five years old. As I look back, chess gently came in and out of my life in the years since. Though I always admired chess... The post Chess Saga Continues – Ep 188 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

The fourteen-year-old Jonah could not sit through the annual meeting; he was preoccupied with anything and everything but Buffett’s and Munger’s wisdom. After coming with me to Omaha eight years ago, Jonah never asked to go back, until last year.... The post Me, My Boy, and Warren Buffett with 2023 Postscript – Ep 187 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Bailouts of the banking system create social tension. Eventually, bailouts introduce so much risk into the system that failures and bailouts become too costly for the society to bear, government creates draconian rules trying to prevent them in... The post Libertarian’s (Unexpected) View on the Bailout of the Banking System – Ep 186 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Silicon Valley Bank (SVB) may be an extreme example, but it gave us a preview at a 100x magnification of what many banks are facing today. SVB is also a sad demonstration of how volatile deposits are. SVB was awash with deposits from its customers,... The post Silicon Valley Bank’s Downfall: A Cautionary Tale of What’s to Come – Ep 185 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

This is part one of the winter seasonal letter I wrote to clients, sharing my thoughts about the economy and the market. I tried something I’ve never done before. Instead of conveying my message through storytelling, I tried to compress my... The post The Stock Market, The Economy, Possible Outcomes, How to Invest – Ep 184 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I recently traveled to a Swiss investment conference. The beauty, safety and serenity of Switzerland all come with embedded costs which I uncover in discussing the contrasts of India vs Switzerland, and seeing a country as a visitor vs a resident. You... The post The Hidden Costs of Switzerland: What It Takes to Be Swiss – Ep 183 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

The words we use matter more than we think. While we have a tendency to use words that can inflame a situation, make it worse or more extreme, by deliberately choosing our words, we can craft our perception of things, people, and events. I explain... The post The False Sophistication of Sophists – Ep 182 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In the hopes of gaining and keeping perspective on what truly matters over the Holidays, Vitaliy draws an excerpt from Seneca on treating our most precious commodity, time, with the respect it deserves. You can read this article online here: This is... The post Each Day is a Separate Life – Ep 181 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy and his daughter Hannah visited India for a CFA society event. The journey opened their eyes to the contrasts between the West and the sub-continent both in culture and India's potential investment merits. You can read this article online... The post The Real Country of Contrasts: Our Unforgettable Trip to India – Ep 180 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy gives an update on IMA's investment in cable company Charter. After being punched in the face by a declining stock price, Vitaliy and his team did an extensive amount of additional research on the business and industry. He believes IMA's... The post Why we’re confident in our Charter investment – Ep 179 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy outlines how the conditions are ripe for a sideways market, something he knows about, having written two books on the subject. He shares how to invest in sideways markets, and what to expect overall. You can read this article online here: ... The post Stock Market Roller Coaster: Prepare for a Decade or Two of Disappointing Returns! – Ep 178 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy is embarrassed to admit that he has at times felt Schadenfreude, "shameful joy", upon seeing growth stocks decline. But his stoicism and decency quickly kicked in, and he banished this destructive feeling. Here's how. You can read this article... The post Herr Schadenfreude Is Not a Friend of Ours – Ep 177 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy highlights the collapse of FTX, and how this amalgamation of greed, leverage, and naive hope has proven the Crypto Tulip market to be worthless. You can read this article online here: Please read the following important disclosure: The post How Greed and Leverage Destroyed the Crypto Tulip Market – Ep 176 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy updates listeners about his upcoming trip to India with his daughter Hannah. He is thrilled to speaking at the CFA Society of Mumbai, and he'll then take a tour of few parts of that special country. Next, Vitaliy updates the music that has... The post Music Throughout My Life 2023 – Ep 175 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Think of everything you do in a day. Wake up, take your kids to school, drive to work, eat with your family, enjoy a stroll with your spouse, watch a movie, read a book. At some point, you will do each of those things for the last time. In the second... The post Holiday Series: Last Time – Ep 174 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In the first installment of Vitaliy's Holiday Series, he dives into Stoic philosophy. Or more specifically, Stoic philosophERs. He points out that even more important than knowing what they said and taught is internalizing it: putting the lessons into... The post Holiday Series: Intro to Stoic Philosophy – Ep 173 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Recessions, though unpleasant, are ultimately good for the economy. Like a forest fire, they clear out the dead wood and make way for new, healthy growth. But the boom of the last decade accumulated a great deal of kindling, and the coming recession... The post Why non-transitory recession is coming and how to face it as an investor – Ep 172 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Everyone has seen home prices take off since the pandemic began. As work from home became a reality for many, Americans decided to live where they want. But now that the Fed has decided to hike rates, we have a combination of high prices AND high... The post Are housing prices about to drop? A value investor’s take – Ep 171 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy shares a collection of random thoughts on the Russian invasion of Ukraine. While they don't add up to a coherent podcast with a beginning, middle, and end, they do point to an overall pattern: the war is not going well for Putin. Vitaliy... The post Random Thoughts on the Russian War in Ukraine (Hint: It’s Not Going Well for Russia) – Ep 170 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Contrarian investing is inherently arrogant. You have the audacity to believe that hundreds or thousands of investors are wrong when you buy or sell a stock. How can you go against the crowd without it going to your head? Vitaliy explores the... The post Why Value Investing Requires Thoughtful Arrogance – Ep 169 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

It has been a while since Vitaliy updated listeners on his Uber investment, but a lot has changed. With the pandemic now behind us, we begin to get a better sense of what the business looks like going forward. And the future looks bright. Our analysis... The post Why we bought more Uber shares as the stock fell – Ep 168 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

When the President decided to forgive $10,000 of student debt for everyone anyone earning below $125,000, he opened a very slippery slope of government bailouts. If we continue to borrow from the future, we run the serious risk of becoming a society... The post The Slippery Slope of Student Loan Forgiveness – Ep 167 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy responds to a letter from a concerned client about recent (3 month) underperformance versus the index. To do this, he zooms out to answer the question, What are we really trying to do? What has to be in place for IMA to achieve its investing... The post IMA is not for everyone. I’m fine with that! – Ep 166 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this interview with Paul Ollinger of the Crazy Money Podcast, Vitaliy and Paul cover a variety of topics touched on in Vitaliy's new book Soul in the Game. From growing up in Russia and emigrating to America, to the ways in which more money won't... The post Crazy Money Podcast Interview appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy recently completed his European trip for 2022, and this podcast recounts the tale. Visiting with his daughter Hannah for the first time, Vitaliy shares details of a delightful trip, with a special guest star that endorsed Soul in the Game. You... The post The trip to Europe that wasn’t about Europe – Ep 165 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this special episode from the Stacking Benjamins Podcast, Vitaliy explores his youth in Murmansk, how he was influenced by his mother and father growing up, the role of pain in creativity, and the tenets of Soul in the Game. Enjoy! You can listen... The post The Stacking Benjamins Podcast Interview appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

During a recent trip to NYC, Vitaliy got the opportunity to practice his favorite Stoic principles. While he had plans to see his favorite opera with his family, the universe conspired to make different plans. You can read this article online here: ... The post Sitting on the Tarmac in The Land of Stoicism – Ep 164 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In the recent COVID-fueled soaring market, one fund became the canonical example of investor hyper-enthusiasm: ARK. But investors have seen this movie before. Just like the boom fueled by Y2K worries at the turn of the century, many stocks impacted by... The post Dotcom 2.0 bubble has burst. What is next? – Ep 163 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy sits down with Jim O'Shaughnessy, author of the classic investment book What Works on Wall Street and host of the Infinite Loops Podcast. Vitaliy and Jim seem to share a brain, and they discuss Vitaliy's youth in Soviet Russia, how creativity... The post Infinite Loops Interview appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy writes his most honest and grim take on the Ukraine war yet. Whereas before there was a veil of pretense about what Putin's war in Ukraine was about (NATO, "denazification"), that pretense is now gone. Vitaliy shares why this is a war of... The post Putin: The Mask is Off. Europe is Next. – Ep 162 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

This special episode features Vitaliy's conversation with Bill Brewster on The Business Brew Podcast. They have a wide-ranging conversation that includes Tesla, tribalism in investing, inflation, how Vitaliy uses macro, the Dotcom 2.0 crash, and more.... The post The Business Brew Podcast Interview appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy was so inspired by the questions from his Millennial Investing Interview, he decided to sit down and elaborate on them. In this podcast, Vitaliy shares how COVID has changed value investing, what makes a company great, and the impact of China... The post COVID, Inflation, and Value Investing: Answers to “Millenial Investing” – Ep 161 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this Special Episode, Vitaliy speaks with Demetri Kofinas, the host of Hidden Forces, a podcast that gives its listeners an edge by teaching them how to think critically about the systems of power structuring our world. In it, Vitaliy speaks about... The post Hidden Forces Interview with Demetri Kofinas appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Some investors think the fewer positions you own, the cooler you are. Vitaliy recalls meeting investors at a conference years ago that had less than 8 stocks in their portfolios. Unfortunately, the financial crisis put them out of business. In this... The post Position Sizing: How to Construct Portfolios That Protect You – Ep 160 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this podcast with Elliott and John from This Week in Intelligent Investing, Vitaliy outlines what he calls the Stoic Operating System, how he was able to connect with classical composers in their struggle for creativity, the power of the... The post This Week in Intelligent Investing Interview appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy dives deep into how Stoicism helps him on a day to day basis, discusses some Stoic heroes, and the link between mindfulness and Stoicism. Enjoy! You can read this article online here: The post How Stoicism Can Help You Have Soul in the Game – Ep 159 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy speaks with The Investors Podcast in this wide ranging and fun interview. Trey (the host) asks Vitaliy to compare 2022 to 2000, where he thinks inflation will show up next, what companies to own in inflation, whether beaten down tech names are... The post Special Episode: Investors Podcast Interview appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.