“The new Benjamin Graham is Vitaliy Katsenelson”
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Investing
The Art of Rational Irrationality – Part 1
I explore what Rolex’s lasting value and Fever Tree’s stock reveal about quality, patience, and playing the long game in business and investing.
Videos
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.
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.
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.
Popular Articles
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…
Vitaliy
Katsenelson
Author and
value investor
Don’t miss new articles!
The Art of Rational Irrationality – Part 1 – Ep 267
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You can read the full letter here: https://investor.fm/2025-fall-letter/
Picture on x.com: https://x.com/vitaliyk/status/1966606901270995163
📚 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.
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Homophobic Arbitrage
A few years ago I went to a conference in South Beach. I had never stayed in a gay hotel before. I was not quite sure what the expectations were of guests.
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Latest Articles
The Art of Rational Irrationality – Part 1
I explore what Rolex’s lasting value and Fever Tree’s stock reveal about quality, patience, and playing the long game in business and investing.
My Article in The Wall Street Journal
When I had the chance to tour an Amazon fulfillment center in Denver, I jumped at the opportunity. What I found was both more remarkable and more unsettling than I had imagined.
