The Intellectual Investor – Value Investing by Vitaliy Katsenelson

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 Katsenelson.

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 Katsenelson.

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 Katsenelson.

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 Katsenelson.

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 Katsenelson.

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 Vitaliy Katsenelson.

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 Katsenelson.

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.

In this podcast, Vitaliy recounts the first time he felt fear. Not the fear of losing his own life, but the fear a parent feels when their kids are at risk. Vitaliy remembers this harrowing episode, and what it taught him about being a parent.... The post Unconditional Love – Ep 133 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In investing, there are many "games to play". There are a lot of ways to try to make money in the market, and not all of them are good, rational, or productive over the long term. After outlining a few games that are avoided at IMA, Vitaliy shares how... The post Fool’s Gambit – Ep 132 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this podcast, Vitaliy goes over why we may be entering a sideways market (he wrote two books on this subject), as well as how to invest in them. Spoiler alert: what has worked well in the last decade-or-so bull market might not work in the next 3 -... The post Sideways Market – Ep 131 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this podcast, Vitaliy shares a story about when four separate people asked him about "investing" in cryptocurrencies, as well as his thoughts on Bitcoin and other crypto-assets. Vitaliy highlights some risks that come with owning cryptocurrencies,... The post Curmudgeon on Cryptocurrency – Ep 130 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this important podcast, Vitaliy continues his discussion of investing in an inflationary environment. He goes over a handful of strategies and ways to mitigate inflation risk, including investing in businesses with pricing power, capital intensity,... The post How We Invest in Inflation – Ep 129 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this important podcast, Vitaliy explores the nuances of inflation, including when it may be coming, from where it might arrive, and how long it might be staying. He also discusses cryptocurrencies, our worrying government debt, and the economic... The post Inflation is here. But for how long? – Ep 128 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this podcast, Vitaliy looks forward to his upcoming drive from Zurich, Switzerland to Nice, France, which he would do with his brother Alex. The drive would take them through many charming European towns, and they would visit CERN, the advanced... The post Zurich to Nice – Ep 127 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

This podcast shares an excerpt from a client letter originally written in 2016. Though some of the examples are slightly dated, many of them are just as true today as when they were written. In some cases, even more so than before. As risk in the... The post Searching for Yield? – Ep 126 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this podcast about a family trip to San Francisco, Vitaliy draws on his memory bank to find some thoughtful lessons about parenting, culture, art, and learning from others. Enjoy! You can read this article online here: The post Transgender Trees, Homelessness, and a Dare in San Francisco – Ep 125 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In Part 2 of Vitaliy's talk with Indiana University students, he discusses what he got right, and what he got wrong, when investing through the pandemic. He also touches on how recessions can be good for businesses, compounding small advantages, and... The post Vitaliy’s Talk with Indiana University Students, Part 2 – Ep 124 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In Part 1 of this 2 part series, Vitaliy talks with Indiana University MBA and MsF students about his approach to investing. He covers a variety of important topics, such as how to find your own investing style, sell discipline, and the limits of... The post Vitaliy’s Talk with Indiana University Students, Part 1 – Ep 123 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this podcast, Vitaliy relates a story about translating one of his investing books into Russian. His books have been translated into Chinese, Korean, Japanese, German, and Romanian. But the story behind the Russian translation is about much more... The post My Russian Book – Ep 122 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

The investment world is currently upside down. Investors are buying bonds for capital appreciation, and stocks for income. Under normal conditions, the reverse would be true. But there is an inherent danger in this - listen to find out what it is. You... The post The Dangers of Dividend Obsession – Ep 121 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this interview, Vitalily sits down with his friend Andrew Horowitz from the Disciplined Investor podcast. They discuss everything - from what value investing is (and is not), to whether you should take the Peter Lynch approach of investing in what... The post Interview with Andrew Horowitz, The Disciplined Investor – Ep 120 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this short podcast about family life, Vitaliy recounts a fun, and scary, trip to Laguna Beach that ends with an important lesson. Then, he recalls a teaching moment he had with his daughter Hannah, in which he got to share his love of spreadsheets... The post Hug Your Kids – Ep 119 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this podcast, Vitaliy recalls his early 2019 trip to Europe. Written in the pre-COVID days, this essay takes the listener on a tour of a handful of random European cities, as well as a tour of random thoughts from Vitaliy.He muses on everything... The post Zurich to Nice – Travel Notes – Ep 118 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this podcast, Vitaliy talks with Michael Covel about all things Tesla. Getting into the weeds, the two discuss Tesla's profitability (or lack thereof), the nuances of the charging network and the engine, as well as prospects for ICE car makers to... The post Telsa – ICE Cold Killer? Interview with Michael Covel – Ep 117 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy was recently interviewed by the website WorldClassPerformer.com. What follows are a series of questions about him, his background, influences and habits. While he answered these questions truthfully, you shouldn't think that he doesn't have a... The post My Interview with WorldClassPerformer.Com – Ep 116 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

If the investing road ahead (e.g. the stock market) is smooth, up and to the right, then making money in stocks will continue to be easy. But if things get more rocky, you're going to need the investment equivalent of an All Terrain Vehicle. In this... The post Time for an All-Terrain Investment Portfolio – Ep 115 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy recently asked another value investor if he wanted Warren Buffett's success. While this may seem like a rhetorical question, the truth is many value investors are quietly envious of Buffett. In this podcast, Vitaliy shares an old piece of... The post Go Ahead, Covet Your Neighbor’s Wife. – Ep 114 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

At first, investors loved them. Then, they hated them. Now, investors have left them for dead. Oil and gas pipeline companies are anything but popular. But they are essential businesses, with rising free cash flow and substantial dividend yields. In... The post The Renaissance of Pipelines and Our Sell Discipline – Ep 113 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

It all started after Vitaliy's daughter, Hannah, watched The Queen’s Gambit for a homework assignment. She told Vitaliy he had to watch it. He did, and loved it. But then Hannah said, “Dad, let’s play chess!” In this podcast, Vitaliy explores... The post Girls’ Gambit – Ep 112 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy recently had the pleasure to sit down with Angelo Robles of the Family Office Association. In this interview, Angelo and Vitaliy discuss Vitaliy's approach to portfolio construction, how value investors should think about the macroeconomy, how... The post Portfolio Construction, Macro, and Chess: Interview with Angelo Robles – Ep 111 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Vitaliy has a problem with both value- and growth investing demagogues. While value demagogues tend to believe any company that trades at a P/E above the market average is too frothy, growth demagogues claim that price doesn't matter. In this... The post Value & Growth Demagogues – Ep 110 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

The Winter 2020/21 Client Letter that Vitaliy just sent to IMA clients was 27 pages long. Over the next few weeks, he’ll share excerpts from the letter with you, our dear podcast listeners. These excerpts will not focus as much on individual "fish"... The post Don’t Be a Sophist, and Why I Write 27 Page Letters to Clients – Ep 109 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

2020 will go into our memory banks as a very painful year. Stoicism, particularly the stoic practice of negative visualization, helped Vitaliy put 2020 into a broader historical context, and compare what happened, which was bad, to what could have... The post A Shift in Perception Transforms Reality – Ep 108 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Amazon.com has announced an online pharmacy offering. How big of a punch could this be to drug distributors McKesson, Cardinal Health and AmerisourceBergen? In this podcast, Vitaliy takes you through why he believes these businesses will be resilient... The post McKesson: Amazon Will Not Throw This Drug Railroad Off The Tracks – Ep 107 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In Part 2 of his interview with Jim Campbell, Vitaliy and Jim take a deep dive into assessing company management, nuanced thinking, and writing. To explore this, they examine the career of Masayoshi Son, the CEO of Softbank, in which Vitaliy's firm,... The post Interview with Jim Campbell – Part 2 – Ep 106 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this interview with Andrew Kleuss on Investors Hub, Vitaliy makes the case that concerns over Amazon's entry into the pharmaceuticals business are probably overblown. To parse this problem, Vitaliy differentiates between pharmacies and drug... The post Amazon Pharmacy vs The Market & Distributors – Ep 105 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Sometimes, simple rules add up to great results. In this podcast, Vitaliy shares some simple, straightforward heuristics which, when applied consistently over time, should help you compound your money in successful investments. They have certainly... The post These Simple Tips Can Make You a Better Investor – Ep 104 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.