The Intellectual Investor

“The new Benjamin Graham is Vitaliy Katsenelson”

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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…

Stock Market, Winter Letter 2022

Investing

November 16, 2023

My thoughts on AI

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 people with new productivity tools.

What happens in China may not stay in China

China

Our investments in oil and natural gas stocks

Unions: From Stimulant for the Economy to Cancer

My thoughts on the economy

Economy

Why I No Longer Mind Losing an Argument

Book Review

See More Investing

Don’t miss new articles!

Podcast

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 looking forward to mornings over the last week while I was working on this and tomorrow’s essays. It took me to a dark place where I did not want to go.

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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.