The Intellectual Investor – Value Investing by Vitaliy Katsenelson

Antisemitism and Wokeness Threaten the Future of Israel and America – Part 1 & 2 – Ep 212

17 Feb 2024

Contributed by Lukas

Today, you will listen to parts 1&2 of my Israel essay. Tomorrow you will hear parts 3&4.  🚨 If you prefer to read the full essay, here it...

10 Lessons in Investing Mastery – Conversations with Vitaliy – Ep 26

13 Feb 2024

Contributed by Lukas

📩 Join 84,000+ readers on my weekly email newsletter: 📚 GET MY BOOKS Soul in the Game -   The Little Book of Sideways Markets -   Active Va...

Are You In Control? – Conversations with Vitaliy – Ep 25

06 Feb 2024

Contributed by Lukas

This is the concept that got me into stoicism. Dichotomy of Control. 📩 Join 82,000+ readers on my weekly email newsletter:  📚 GET MY BOOKS S...

The Rise and Fall of Russia – Conversations with Vitaliy – Ep 24

30 Jan 2024

Contributed by Lukas

📩 Join 82,000+ readers on my weekly email newsletter:  📚 GET MY BOOKS Soul in the Game -   The Little Book of Sideways Markets -   Active V...

Never Run Out of Ideas – Conversations with Vitaliy – Ep 23

23 Jan 2024

Contributed by Lukas

📩 Join 82,000+ readers on my weekly email newsletter:  📚 GET MY BOOKS Soul in the Game -   The Little Book of Sideways Markets -   Active V...

CFA Richmond Fireside Chat with Vitaliy Katsenelson – Ep 211

18 Jan 2024

Contributed by Lukas

This is my fireside chat with the CFA Society in Richmond, Virginia. We discussed the power of writing, stoicism in investing, and becoming the best i...

The 5 Value Investing Mistakes to Avoid – Conversations with Vitaliy – Ep 22

16 Jan 2024

Contributed by Lukas

Here are the 5 value investing mistakes to avoid.  📩 Join 82,000+ readers on my weekly email newsletter: 📚 GET MY BOOKS Soul in the Game - ...

Charlie Munger’s Rules For a Good Life – Conversations with Vitaliy – Ep 21

09 Jan 2024

Contributed by Lukas

📩 Join 82,000+ readers on my weekly email newsletter: 📚 GET MY BOOKS Soul in the Game -   The Little Book of Sideways Markets -   Active Va...

Learn, Adapt, Conquer – Conversations with Vitaliy – Ep 20

03 Jan 2024

Contributed by Lukas

📩 Join 81,000+ readers on my weekly email newsletter: 📚 GET MY BOOKS Soul in the Game -   The Little Book of Sideways Markets -   Active Va...

Think Like a Writer – Conversations with Vitaliy – Ep 19

27 Dec 2023

Contributed by Lukas

📩 Join 81,000+ readers on my weekly email newsletter: 📚 GET MY BOOKS Soul in the Game -   The Little Book of Sideways Markets -   Active Va...

This is What Warren Buffett Got Wrong – Conversations with Vitaliy – Ep 18

19 Dec 2023

Contributed by Lukas

I respect Warren Buffett, but here is the one thing he got wrong. 📩 Join 81,000+ readers on my weekly email newsletter: 📚 GET MY BOOKS Soul ...

Broadening the aperture of how you look at life – Ep 210

14 Dec 2023

Contributed by Lukas

The interview took place in April 2023 at Temple Sinai here in Denver. The discussion focused on my book . The living characters of the book are from...

The Writing Advice You Desperately Need – Conversations with Vitaliy – Ep 17

12 Dec 2023

Contributed by Lukas

Looking to start writing? Here is the advice you need to get started.  📩 Sign up for my free weekly email newsletter  🎙 Check out my weekly ...

My thoughts on AI – Ep 209

07 Dec 2023

Contributed by Lukas

Innovation disrupts, but it also creates new jobs and improves the standard of living of society. AI will displace many jobs, but it will also empower...

Lessons for My Kids – Conversations with Vitaliy – Ep 16

05 Dec 2023

Contributed by Lukas

What lessons do you want to leave behind for your kids? 📩 Sign up for my free weekly email newsletter  🎙 Check out my weekly podcast, The Int...

Don’t Let History Repeat Itself – Ep 208

01 Dec 2023

Contributed by Lukas

I know young adults who have gone to Israel to fight to protect it from evil. I have friends who have put their lives on hold and gone to Israel to vo...

Israel is Not Hamas’ Final Solution – Ep 207

30 Nov 2023

Contributed by Lukas

I usually look forward to waking up every morning. My family is still asleep. I make a cup of coffee, put on my headphones, and write. But I wasn't lo...

How To Teach Your Kids To Read – Conversations with Vitaliy – Ep 15

28 Nov 2023

Contributed by Lukas

Without a doubt, this is one of the most difficult things to do in a world dominated by technology. I hope my advice helps in some way.  📩 Sign up...

Why You Should Walk Everyday – Conversations with Vitaliy – Ep 14

21 Nov 2023

Contributed by Lukas

In this short video, I explain how walking can change your life. 📩 Sign up for my free weekly email newsletter 🎙 Check out my weekly podcast,...

How Stoicism Can Change Your Thinking – Conversations with Vitaliy – Ep 13

14 Nov 2023

Contributed by Lukas

How stoic philosophy changed the way I think about life. 📩 Sign up for my free weekly email newsletter 🎙 Check out my weekly podcast, The Int...

What happens in China may not stay in China – Ep 206

10 Nov 2023

Contributed by Lukas

To understand what will happen in China and its impact on the global economy, we simply need to invert what happened over the last two decades. 📩 S...

The 5 Investing Books Everyone Should Read – Conversations with Vitaliy – Ep 12

07 Nov 2023

Contributed by Lukas

There are 5 investing books that I think everyone should read. - Lawrence Cunningham - Nassim Nicholas Taleb - Nassim Nicholas Taleb - James Monti...

Our investments in oil and natural gas stocks – Ep 205

02 Nov 2023

Contributed by Lukas

I am about to discuss a topic that, for reasons that are unclear to me, has been politicized: oil and gas. I am writing this as a pragmatic analyst wh...

What You Should Look For When Hiring Someone – Conversations with Vitaliy – Ep 11

31 Oct 2023

Contributed by Lukas

Here is what you should look for when hiring someone. 📩 Sign up for my free weekly email newsletter 🎙 Check out my weekly podcast, The Intell...

My Thoughts on the Economy – Ep 204

26 Oct 2023

Contributed by Lukas

I just finished a fifteen-page seasonal letter to IMA clients. It discusses the economy and the positioning of our stock portfolio, as well as China, ...

Never Look at Money the Same Way – Conversations with Vitaliy – Ep 10

24 Oct 2023

Contributed by Lukas

When my wife and I got married, my friend Mark took us out to a lunch that forever changed my relationship with money. 📩 Sign up for my free week...

Unions: From Stimulant for the Economy to Cancer – Ep 203

18 Oct 2023

Contributed by Lukas

An update on the situation in Israel and my thoughts on unions. Show notes: Listen to Alex (Ethan and Jacob's father) . Contribute . 📩 Sign up ...

What You Overlook In Investing – Conversations with Vitaliy – Ep 9

17 Oct 2023

Contributed by Lukas

In this episode, I highlight some of the most overlooked factors in investing. I discuss the importance of understanding financials and looking deeper...

The 5 Books You Should Read – Conversations with Vitaliy – Ep 8

10 Oct 2023

Contributed by Lukas

Reading is something I find extremely rewarding, so it is a pleasure to share five book recommendations and one bonus book with you.  Book Recommenda...

Should You Worry About The Next Recession? – Conversations with Vitaliy – Ep 7

03 Oct 2023

Contributed by Lukas

Worried about the next recession? Don't panic and listen to this. 📩 Sign up for my free weekly email newsletter  🎙 Check out my weekly podc...

Stop Gambling and Start Investing – Conversations with Vitaliy – Ep 6

26 Sep 2023

Contributed by Lukas

Too often, people try to gamble rather than invest. Here is what I think the difference is between the two. 📩 Sign up for my free weekly email ne...

My Father – A Life Worth Living – Ep 202

21 Sep 2023

Contributed by Lukas

My father, Naum Katsenelson, passed away on August 10, 2023. Here is my ode to him. 📩 Sign up for my free weekly email newsletter  🎙 Check ...

My Letter To Young Investors – Conversations with Vitaliy – Ep 5

19 Sep 2023

Contributed by Lukas

If you are a young investor or interested in investing, I think you can benefit from my advice in this video.  The post My Letter To Young Investors ...

How You Can Be a Great Investor – Conversations with Vitaliy – Ep 4

12 Sep 2023

Contributed by Lukas

In this video I break down the keys to becoming a great investor. The post How You Can Be a Great Investor – Conversations with Vitaliy –...

Advice Every Young Person Needs To Hear – Conversations with Vitaliy – Ep 3

05 Sep 2023

Contributed by Lukas

Very often, people come to me asking for advice. Here is the advice I have to offer young people today.  The post Advice Every Young Person Needs To...

My Writing Journey – Conversations with Vitaliy – Ep 2

29 Aug 2023

Contributed by Lukas

Many people out there are afraid to start writing. Take a page from my book and stop fearing; get to work. The post My Writing Journey – Conver...

The Power of Telling Stories – Conversations with Vitaliy – Ep 1

22 Aug 2023

Contributed by Lukas

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...

Life is a Walk – Santa Fe – Ep 201

10 Aug 2023

Contributed by Lukas

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 ...

How do I get any research done since I travel a lot? – Ep 200

03 Aug 2023

Contributed by Lukas

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 expl...

The Growing Pains of Maturity – Ep 199

20 Jul 2023

Contributed by Lukas

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 the...

What is the Value of Apple? How do we evaluate risk? – Ep 198

13 Jul 2023

Contributed by Lukas

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 childr...

Russia – History Repeats Itself – Ep 197

06 Jul 2023

Contributed by Lukas

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 Ze...

Vision Pro is the Vision of the Future – Ep 196

29 Jun 2023

Contributed by Lukas

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 –...

How Not To Lose a Job That’s Yours – Ep 195

22 Jun 2023

Contributed by Lukas

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 len...

A Story about a Story – Ep 194

15 Jun 2023

Contributed by Lukas

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...

Attend a Party in Your Own Head – Ep 193

08 Jun 2023

Contributed by Lukas

Good thoughts bring you happiness; bad thoughts poison you with anxiety and pain. 📩 Sign up for my free weekly email newsletter  🎙 Check out ...

You are – What you think about (Recession, Economy, Stock Market) – Ep 192

01 Jun 2023

Contributed by Lukas

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 ...

Embrace Good Problems: Advice to Young People Today – Ep 191

25 May 2023

Contributed by Lukas

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 th...

What I Learned From the Oracle of Omaha & Charlie Munger – Ep 190

18 May 2023

Contributed by Lukas

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 em...

Should I be worried about the safety of my Schwab account? – Ep 189

11 May 2023

Contributed by Lukas

Many investors, including our clients, have been worried about their Schawb account safety. Are they right to be worried? 📩 Sign up for my free wee...

Chess Saga Continues – Ep 188

04 May 2023

Contributed by Lukas

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 lo...

Me, My Boy, and Warren Buffett with 2023 Postscript – Ep 187

25 Apr 2023

Contributed by Lukas

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 w...

Libertarian’s (Unexpected) View on the Bailout of the Banking System – Ep 186

13 Apr 2023

Contributed by Lukas

Bailouts of the banking system create social tension. Eventually, bailouts introduce so much risk into the system that failures and bailouts become to...

Silicon Valley Bank’s Downfall: A Cautionary Tale of What’s to Come – Ep 185

06 Apr 2023

Contributed by Lukas

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...

The Stock Market, The Economy, Possible Outcomes, How to Invest – Ep 184

30 Mar 2023

Contributed by Lukas

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 ne...

The Hidden Costs of Switzerland: What It Takes to Be Swiss – Ep 183

16 Mar 2023

Contributed by Lukas

I recently traveled to a Swiss investment conference. The beauty, safety and serenity of Switzerland all come with embedded costs which I uncover in d...

The False Sophistication of Sophists – Ep 182

09 Mar 2023

Contributed by Lukas

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 deli...

Each Day is a Separate Life – Ep 181

02 Mar 2023

Contributed by Lukas

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 pre...

The Real Country of Contrasts: Our Unforgettable Trip to India – Ep 180

23 Feb 2023

Contributed by Lukas

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-con...

Why we’re confident in our Charter investment – Ep 179

17 Feb 2023

Contributed by Lukas

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...

Stock Market Roller Coaster: Prepare for a Decade or Two of Disappointing Returns! – Ep 178

09 Feb 2023

Contributed by Lukas

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 t...

Herr Schadenfreude Is Not a Friend of Ours – Ep 177

02 Feb 2023

Contributed by Lukas

Vitaliy is embarrassed to admit that he has at times felt Schadenfreude, "shameful joy", upon seeing growth stocks decline. But his stoicism and decen...

How Greed and Leverage Destroyed the Crypto Tulip Market – Ep 176

17 Jan 2023

Contributed by Lukas

Vitaliy highlights the collapse of FTX, and how this amalgamation of greed, leverage, and naive hope has proven the Crypto Tulip market to be worthles...

Music Throughout My Life 2023 – Ep 175

12 Jan 2023

Contributed by Lukas

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'l...

Holiday Series: Last Time – Ep 174

05 Jan 2023

Contributed by Lukas

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 ...

Holiday Series: Intro to Stoic Philosophy – Ep 173

22 Dec 2022

Contributed by Lukas

In the first installment of Vitaliy's Holiday Series, he dives into Stoic philosophy. Or more specifically, Stoic philosophERs. He points out that eve...

Why non-transitory recession is coming and how to face it as an investor – Ep 172

15 Dec 2022

Contributed by Lukas

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 gro...

Are housing prices about to drop? A value investor’s take – Ep 171

09 Dec 2022

Contributed by Lukas

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 wan...

Random Thoughts on the Russian War in Ukraine (Hint: It’s Not Going Well for Russia) – Ep 170

01 Dec 2022

Contributed by Lukas

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, mid...

Why Value Investing Requires Thoughtful Arrogance – Ep 169

17 Nov 2022

Contributed by Lukas

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...

Why we bought more Uber shares as the stock fell – Ep 168

10 Nov 2022

Contributed by Lukas

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 ...

The Slippery Slope of Student Loan Forgiveness – Ep 167

03 Nov 2022

Contributed by Lukas

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 governmen...

IMA is not for everyone. I’m fine with that! – Ep 166

27 Oct 2022

Contributed by Lukas

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 ...

Crazy Money Podcast Interview

20 Oct 2022

Contributed by Lukas

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 t...

The trip to Europe that wasn’t about Europe – Ep 165

13 Oct 2022

Contributed by Lukas

Vitaliy recently completed his European trip for 2022, and this podcast recounts the tale. Visiting with his daughter Hannah for the first time, Vital...

The Stacking Benjamins Podcast Interview

06 Oct 2022

Contributed by Lukas

In this special episode from the Stacking Benjamins Podcast, Vitaliy explores his youth in Murmansk, how he was influenced by his mother and father gr...

Sitting on the Tarmac in The Land of Stoicism – Ep 164

29 Sep 2022

Contributed by Lukas

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 ...

Dotcom 2.0 bubble has burst. What is next? – Ep 163

15 Sep 2022

Contributed by Lukas

In the recent COVID-fueled soaring market, one fund became the canonical example of investor hyper-enthusiasm: ARK. But investors have seen this movie...

Infinite Loops Interview

08 Sep 2022

Contributed by Lukas

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. Vita...

Putin: The Mask is Off. Europe is Next. – Ep 162

25 Aug 2022

Contributed by Lukas

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...

The Business Brew Podcast Interview

18 Aug 2022

Contributed by Lukas

This special episode features Vitaliy's conversation with Bill Brewster on The Business Brew Podcast. They have a wide-ranging conversation that inclu...

COVID, Inflation, and Value Investing: Answers to “Millenial Investing” – Ep 161

11 Aug 2022

Contributed by Lukas

Vitaliy was so inspired by the questions from his Millennial Investing Interview, he decided to sit down and elaborate on them. In this podcast, Vital...

Hidden Forces Interview with Demetri Kofinas

04 Aug 2022

Contributed by Lukas

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 h...

Position Sizing: How to Construct Portfolios That Protect You – Ep 160

28 Jul 2022

Contributed by Lukas

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...

This Week in Intelligent Investing Interview

21 Jul 2022

Contributed by Lukas

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 a...

How Stoicism Can Help You Have Soul in the Game – Ep 159

14 Jul 2022

Contributed by Lukas

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. Enjo...

Special Episode: Investors Podcast Interview

07 Jul 2022

Contributed by Lukas

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 think...

Charter Communications: Heads We Win, Tails We Don’t Lose – Ep 158

30 Jun 2022

Contributed by Lukas

The death of cable has been greatly exaggerated. While competitive threats abound, Vitaliy believes that cable, and the broadband internet it provides...

Soul in the Game is Available Now!

21 Jun 2022

Contributed by Lukas

Vitaliy's newest book, Soul in the Game, is now live and available for purchase. It has nothing to do with investing, but has everything to do with so...

Vitaliy’s Interview with the Wealth Formula Podcast

16 Jun 2022

Contributed by Lukas

This podcast with Buck Joffrey of the Wealth Formula Podcast has something for everyone. In it, Vitaliy discusses a wide variety of topics. He touches...

Stagflation – Ep 157

09 Jun 2022

Contributed by Lukas

Stagflation - low or negative economic growth caused by inflation - has likely come to America. While stagflation is far from good, and could cause a ...

Why Is Inflation So High Right Now? 6 Reasons – Ep 156

02 Jun 2022

Contributed by Lukas

You may have noticed that prices everywhere are rising. The question is: why? Vitaliy spells out the main causes of inflation, and how they compound t...

Michael Covel Interview on Trend Following Radio

19 May 2022

Contributed by Lukas

Vitaliy recently sat down with his friend Michael Covel of Trend Following Radio. Michael and Vitaliy discuss investing in today's environment, luxury...

See More Clearly With These Two Mental Models – Ep 155

12 May 2022

Contributed by Lukas

Vitaliy is a big fan of mental models. They allow someone to think through analogy, often folding complex concepts into simple ones and transporting t...

Soul in the Game – The Art of a Meaningful Life

06 May 2022

Contributed by Lukas

When Vitaliy first started talking about writing another book several years ago, he couldn’t have predicted where that journey would take him. The b...

How to Build a Portfolio for Today’s Crazy Markets – Ep 154

28 Apr 2022

Contributed by Lukas

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 ...

Vitaliy Will Be in Omaha Next Week (and Why He Goes) – Ep 153

21 Apr 2022

Contributed by Lukas

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 i...

Why Green Energy is a Luxury Belief – But Won’t Be One Forever – Ep 152

14 Apr 2022

Contributed by Lukas

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...

Vitaliy’s Interview with the Value Perspective Podcast

07 Apr 2022

Contributed by Lukas

Vitaliy recently had the pleasure to be a guest on the Value Perspective Podcast by Schroders. In this wide ranging conversation, Vitaliy talks about ...

War in Ukraine: Part 4 – Are There Neo-Nazis in Ukraine? – Ep 151

29 Mar 2022

Contributed by Lukas

In his speech declaring war on Ukraine, the dictator of Russia, Vladimir Putin, said the goal of his “special operation” was the de-Nazification o...