The Intellectual Investor – Value Investing by Vitaliy Katsenelson
Episodes
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...
War in Ukraine: Part 3 – The Future of Russia – Ep 150
14 Mar 2022
Contributed by Lukas
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 again...
War in Ukraine: Part 2 – The New World – Ep 149
07 Mar 2022
Contributed by Lukas
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 Uk...
War in Ukraine: Why I Was Blindsided, Part 1 – Ep 148
02 Mar 2022
Contributed by Lukas
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. Ho...
McKesson: Why the Best is Yet to Come – Ep 147
17 Feb 2022
Contributed by Lukas
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. Vital...
The Disciplined Investor Podcast with Vitaliy Katsenelson
10 Feb 2022
Contributed by Lukas
In this podcast with the Disciplined Investor, Vitaliy touches on a wide variety of topics, particularly pertaining to how to invest in inflation, his...
I Kid You Not Crazy – Ep 146
03 Feb 2022
Contributed by Lukas
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 c...
GuruFocus Interview – Value Investing with Vitaliy Katsenelson
27 Jan 2022
Contributed by Lukas
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...
How to Invest When There’s Nowhere to Hide – Ep 145
20 Jan 2022
Contributed by Lukas
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 inde...
Build Your Network Interview
13 Jan 2022
Contributed by Lukas
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 investi...
30 Years in America – Ep 144
06 Jan 2022
Contributed by Lukas
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 ...
This Holiday, Will Mr. Market Eat Too Much Pi? – Ep 143
23 Dec 2021
Contributed by Lukas
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 fi...
Welch vs Bezos – Ep 142
09 Dec 2021
Contributed by Lukas
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-termi...
Our Analysis of UBER (Updated) – Ep 141
25 Nov 2021
Contributed by Lukas
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 companie...
Inflation Update: Not Transitory Yet! – Ep 140
09 Nov 2021
Contributed by Lukas
We are experiencing a perfect storm of inflation, formed by seemingly small factors. Each on its own may not be particularly significant, but once com...
Beloved Country. Unloved Hedge. (Updated) – Ep 139
28 Oct 2021
Contributed by Lukas
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 on...
US and China: In the Foothills of Cold War (Updated) – Ep 138
21 Oct 2021
Contributed by Lukas
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 tw...
Homophobic Arbitrage – Ep 137
07 Oct 2021
Contributed by Lukas
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 "...
Let’s keep humans at the heart of hiring practices – Ep 136
23 Sep 2021
Contributed by Lukas
The Financial Times recently published an article about Vitaliy's travails in recruiting. After sharing the article, Vitaliy expands on what he learne...
Rooting For The Underdog – Ep 135
05 Aug 2021
Contributed by Lukas
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’...
The Softer Side of Value Investing – Ep 134
29 Jul 2021
Contributed by Lukas
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. Us...
Unconditional Love – Ep 133
15 Jul 2021
Contributed by Lukas
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...
Fool’s Gambit – Ep 132
08 Jul 2021
Contributed by Lukas
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 p...
Sideways Market – Ep 131
01 Jul 2021
Contributed by Lukas
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. Sp...
Curmudgeon on Cryptocurrency – Ep 130
24 Jun 2021
Contributed by Lukas
In this podcast, Vitaliy shares a story about when four separate people asked him about "investing" in cryptocurrencies, as well as his thoughts on Bi...
How We Invest in Inflation – Ep 129
17 Jun 2021
Contributed by Lukas
In this important podcast, Vitaliy continues his discussion of investing in an inflationary environment. He goes over a handful of strategies and ways...
Inflation is here. But for how long? – Ep 128
10 Jun 2021
Contributed by Lukas
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 mig...
Zurich to Nice – Ep 127
25 May 2021
Contributed by Lukas
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 dr...
Searching for Yield? – Ep 126
18 May 2021
Contributed by Lukas
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 ...
Transgender Trees, Homelessness, and a Dare in San Francisco – Ep 125
11 May 2021
Contributed by Lukas
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, ...
Vitaliy’s Talk with Indiana University Students, Part 2 – Ep 124
06 May 2021
Contributed by Lukas
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 pandem...
Vitaliy’s Talk with Indiana University Students, Part 1 – Ep 123
04 May 2021
Contributed by Lukas
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 im...
My Russian Book – Ep 122
27 Apr 2021
Contributed by Lukas
In this podcast, Vitaliy relates a story about translating one of his investing books into Russian. His books have been translated into Chinese, Korea...
The Dangers of Dividend Obsession – Ep 121
20 Apr 2021
Contributed by Lukas
The investment world is currently upside down. Investors are buying bonds for capital appreciation, and stocks for income. Under normal conditions, th...
Interview with Andrew Horowitz, The Disciplined Investor – Ep 120
13 Apr 2021
Contributed by Lukas
In this interview, Vitalily sits down with his friend Andrew Horowitz from the Disciplined Investor podcast. They discuss everything - from what value...
Hug Your Kids – Ep 119
06 Apr 2021
Contributed by Lukas
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 ...
Zurich to Nice – Travel Notes – Ep 118
30 Mar 2021
Contributed by Lukas
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...
Telsa – ICE Cold Killer? Interview with Michael Covel – Ep 117
23 Mar 2021
Contributed by Lukas
In this podcast, Vitaliy talks with Michael Covel about all things Tesla. Getting into the weeds, the two discuss Tesla's profitability (or lack there...
My Interview with WorldClassPerformer.Com – Ep 116
16 Mar 2021
Contributed by Lukas
Vitaliy was recently interviewed by the website WorldClassPerformer.com. What follows are a series of questions about him, his background, influences ...
Time for an All-Terrain Investment Portfolio – Ep 115
09 Mar 2021
Contributed by Lukas
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 thing...
Go Ahead, Covet Your Neighbor’s Wife. – Ep 114
02 Mar 2021
Contributed by Lukas
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...
The Renaissance of Pipelines and Our Sell Discipline – Ep 113
23 Feb 2021
Contributed by Lukas
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...
Girls’ Gambit – Ep 112
16 Feb 2021
Contributed by Lukas
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, ...
Portfolio Construction, Macro, and Chess: Interview with Angelo Robles – Ep 111
09 Feb 2021
Contributed by Lukas
Vitaliy recently had the pleasure to sit down with Angelo Robles of the Family Office Association. In this interview, Angelo and Vitaliy discuss Vital...
Value & Growth Demagogues – Ep 110
02 Feb 2021
Contributed by Lukas
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 ...
Don’t Be a Sophist, and Why I Write 27 Page Letters to Clients – Ep 109
26 Jan 2021
Contributed by Lukas
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 let...
A Shift in Perception Transforms Reality – Ep 108
12 Jan 2021
Contributed by Lukas
2020 will go into our memory banks as a very painful year. Stoicism, particularly the stoic practice of negative visualization, helped Vitaliy put 202...
McKesson: Amazon Will Not Throw This Drug Railroad Off The Tracks – Ep 107
22 Dec 2020
Contributed by Lukas
Amazon.com has announced an online pharmacy offering. How big of a punch could this be to drug distributors McKesson, Cardinal Health and AmerisourceB...
Interview with Jim Campbell – Part 2 – Ep 106
15 Dec 2020
Contributed by Lukas
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 ex...
Amazon Pharmacy vs The Market & Distributors – Ep 105
08 Dec 2020
Contributed by Lukas
In this interview with Andrew Kleuss on Investors Hub, Vitaliy makes the case that concerns over Amazon's entry into the pharmaceuticals business are ...
These Simple Tips Can Make You a Better Investor – Ep 104
01 Dec 2020
Contributed by Lukas
Sometimes, simple rules add up to great results. In this podcast, Vitaliy shares some simple, straightforward heuristics which, when applied consisten...
Interview with Jim Campbell – Ep 103
24 Nov 2020
Contributed by Lukas
In this interview with Jim Campbell, host of radio show Business Talk and author of the book Madoff Talks (see link below), Vitaliy gives a wide-rangi...
Reading and Listening – Ep 102
17 Nov 2020
Contributed by Lukas
In this podcast, Vitaliy celebrates his daughter Hannah’s love of reading and her budding talent as a writer. Then, drawing on formative childhood e...
My Self-Improvement Journey – Ep 101
10 Nov 2020
Contributed by Lukas
When Vitaliy started writing his new book, it kicked off a slew of other positive changes in his life. In this podcast, Vitaliy covers how diet, exerc...
US and China: In the Foothills of Cold War – Ep 100
02 Nov 2020
Contributed by Lukas
Over the last six months, Vitaliy has skewed IMA's portfolios more towards defense companies. Why? The world appears less safe today than at any time ...
How Investors Should Deal With The Overwhelming Problem Of Understanding The World Economy – Ep 99
27 Oct 2020
Contributed by Lukas
If you believe the global economy is doing great and stocks are cheap, this podcast is not for you. But if you believe that stocks are expensive, and ...
Resetting Defaults – Ep 98
20 Oct 2020
Contributed by Lukas
Vitaliy recently read Make Time, written by Jake Knapp and John Zeratsky, two ex-Google engineers. The book made him look at technology companies and ...
Downhill Racing Meets Value Investing – Ep 97
13 Oct 2020
Contributed by Lukas
During the past several years, the Federal Reserve neatly groomed, manicured and then finely polished investment slopes for all asset classes by lower...
Investing for Beginners Interview – Part 2 – Ep 96
08 Oct 2020
Contributed by Lukas
Part 2 of 2. It was a pleasure for Vitaliy to talk to Andrew Sather and Dave Ahern on the Investing for Beginners podcast. In part two of a two part s...
Investing for Beginners Interview – Part 1 – Ep 95
06 Oct 2020
Contributed by Lukas
Part 1 of 2. It was a pleasure for Vitaliy to talk to Andrew Sather and Dave Ahern on the Investing for Beginners podcast. In part one of a two part s...
Letter from the Value Investing Mental Asylum or How I Embraced Stoics – Ep 94
29 Sep 2020
Contributed by Lukas
Vitaliy would be lying if he told you that over the last few years investing was not frustrating. Over that time, he's felt like he was driving the wr...
The Warren Buffett & Charlie Munger Show – Ep 93
22 Sep 2020
Contributed by Lukas
The definition of a cult is “misplaced or excessive admiration for a particular person or thing”; and while you can argue that admiration for Buff...
Why do I torture my kids … with classical music? – Ep 92
15 Sep 2020
Contributed by Lukas
Lately, Vitaliy has been pondering whether and how to instill a love of classical music in his kids, a passion that was passed to Vitaliy from his own...
Svenska Handelsbanken, The Value of Book Value, and a Free Value Investing Course for Students – Ep 91
08 Sep 2020
Contributed by Lukas
In this podcast, Vitaliy discusses his investment in Swedish bank Svenska Handelsbanken, and what makes their culture so unique. He then gives a short...
Jonah’s WFH Adventure (Work from Hawaii), and Defending Our Portfolio with Defense – Ep 90
01 Sep 2020
Contributed by Lukas
In this podcast, Vitaliy describes the next adventure his son Jonah will have going to college from Hawaii, as well as the role that defense stocks pl...
Accent Podcast Interview – Part Two – Ep 89
27 Aug 2020
Contributed by Lukas
In Part 2 of Vitaliy's interview with Aznaur Midov on the Accent Podcast, Aznaur and Vitaliy continue their discussion on investing and life. Vitaliy ...
Accent Podcast Interview – Part One – Ep 88
25 Aug 2020
Contributed by Lukas
In November 2019, Vitaliy had the pleasure to sit down with Aznaur Midov, fellow Russian immigrant and host of the Accent Podcast, to talk about Vital...
Beloved Country. Unloved Hedge. – Ep 87
18 Aug 2020
Contributed by Lukas
Vitaliy hated every minute he spent working on this podcast, because he got close to a line he doesn't like to cross – the politics line. It was par...
What I Learned from Value Investor Guy Spier – Ep 86
11 Aug 2020
Contributed by Lukas
Vitaliy was recently asked by the CFA Institute to give a talk in London. But this offer was even more interesting than usual: it was a joint presenta...
Good Companies Don’t Always Make Good Stocks – Ep 85
04 Aug 2020
Contributed by Lukas
Vitaliy was recently going through a new client’s portfolio and found it full of the likes of Coca-Cola and Campbell Soup - pseudo-bond substitutes....
Santa Fe: “Remember This” – Ep 84
28 Jul 2020
Contributed by Lukas
Santa Fe and Vitaliy's family go way back to the early 90s. It all started with his father, Naum, and his stepmother. Naum had his paintings exhibited...