The Intellectual Investor by Vitaliy Katsenelson

“The new Benjamin Graham is Vitaliy Katsenelson”

As seen on

Skin in the Game, Steam in the Ground (Part 3)

How I invest begins with trust: every decision is made with my client in mind, focused on long-term survival rather than chasing short-term benchmarks.

Client Letter

Inside Baseball: How We Build Portfolios (Part 2)

Client Letter

Skating on Thin Ice: Discipline, Doubt, and the Long Game (Part 1)

Client Letter

On Books, Music, and Investing

Q&A Series: Managing Market Pressures and Evaluating Serial Acquirers

Warren Buffett and the Berkshire Hathaway Paradox

Omaha

See More Investing

The Dichotomy of Control

The Dichotomy of Control sounds extremely simple, but it’s incredibly powerful and it’s very difficult to actually execute it in daily life. And it’s basically says this.

September 2, 2025

The Key To a Good Life: Having Good Problems

What are the good problems? It’s very difficult to have a meaningful life and not be solving good problems.

August 29, 2025

My Evolution as an Investor and Writer

I look at my evolution as both as a writer, as an investor. As a writer, I feel like I have a lot more courage, you know, to do more.

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The Stock Market, The Economy, Possible Outcomes, How to Invest

This is part one of the winter seasonal letter I wrote to IMA 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 thoughts into short sentences…

Client Letter, Stock Market

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Podcast

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My conversation with Charlie Kirk: https://thecharliekirkshow.com/podcasts/the-charlie-kirk-show/stoicism-and-the-soul-with-vitaliy-katsenelson

My unfiltered thoughts on everything else, you’ll find them here: https://x.com/vitaliyk

📚 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 for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.