Year: 2019
The True Value of Macro Forecasting – Ep 13
Market forecasting is like weather forecasting: It has a short shelf life and is therefore of little use. But there is a place for macro forecasting in investing. Listen to Vitaliy explain what that place is. You can read this article online at:
Money Managers Are Not Factory Workers – Ep 12
It's the 21st century, but money managers still follow an office culture straight out of Henry Ford's early-1900s assembly line days. Is this hurting how money managers choose stocks? And how could they do better? Listen to Vitaliy discuss these...
Who Am I (and my composers)? – Ep 11
Vitaliy has long considered himself more American than Russian, so why does he feel that it's the Russian composers (like Rachmaninoff and Tchaikovsky) that speak to his soul? Vitaliy explores this question - and Rachmaninoff's Piano Concerto Number 4...
Who Am I? (and my composers)
Someone recently asked whether I think of myself as Russian, or American. My initial response (without thinking) was – American. But as I gave this question more thought I realized that the answer is more complex.
Why I No Longer Mind Losing an Argument – Ep 10
Dale Carnegie's "How to Win Friends and Influence People" was one of the first American capitalist books to be translated in post-Soviet Russia. But it took Vitaliy many years to fully absorb the lessons Carnegie teaches in it. Listen to Vitaliy's key...
50 Shades of Warren Buffett or Next Year In Omaha – Ep 9
Is the Berkshire Hathaway Annual Meeting really about Warren Buffett? With another annual meeting coming up, Vitaliy reflects on over a decade of making his pilgrimages to Omaha. You can read this article online at:
Softbank will succeed even if its WeWork investment doesn’t work out – Ep 8
Is SoftBank setting itself up for failure by investing in WeWork? Despite his apprehension regarding WeWork, Vitaliy isn't worried. Hear his take on it & the reasoning behind his investing firm's decision to hold SoftBank stock. You can read this...
Softbank Will Succeed Even If Its WeWork Investment Doesn’t Work Out
My firm is not as big a fan of WeWork as Softbank's CEO, Masayoshi Son, and we have doubts about WeWork's ability to make money. We have watched Son make investment decisions for Softbank, and we believe he has integrity, intelligence, and follows a deliberate process.
Should Value Investors Stay at Cheap Hotels? The Values of Value Investing – Ep 7
Is value investing simply about buying cheap stocks? A question from a reader prompts Vitaliy's discussion of how value investing evolved from its origins with Ben Graham to its current application under Warren Buffett and why it's not really about...
VALUEx Vail 2019
On June 12-14, my company, IMA, will host the eighth annual VALUEx Vail conference. I borrowed the idea for this conference from my friend Guy Spier after attending his conference in Zurich in 2011.
This is What Happiness Feels Like – Ep 6
For a Jewish girl, bat mitzvah ranks somewhere alongside getting married and having a firstborn. Vitaliy revisits his Russian Jewish heritage and reflects on celebrating his daughter's important milestone and the speech he gave at her bat mitzvah. You...
Why Stock Investors Shouldn’t Watch Business TV
Investors are prone to two opposing fears which can impair the ability to make rational decisions. To reduce this, it is advised to turn off business TV and focus on how news affects the value of a business. This will help filter out the noise and lead to more rational decisions.
Stock Investors: You Have Nothing to Fear but Fear Itself – Ep 5
The market is not your friend. Its up and down swings cause many an emotional investor to buy high and sell low. Listen to Vitaliy explain how you can avoid irrational investing and what rational investing should look like. This article was originally...
Want to Be a Better Investor? Stop Staring at Your Portfolio
Investors often make irrational decisions due to fear of missing out or fear of loss. To reduce irrational decisions, investors should avoid constantly watching their portfolio.
Stock Investors: You Have Nothing to Fear but Fear Itself
Stock investors must remain rational and guard against fear when approaching the stock market. Fear of missing out and fear of loss can lead to poor decisions which can result in buying high and selling low.
What Will The Stock Market Do Next? – Ep 4
Every time the stock market takes a turn, all sorts of “experts” make all sorts of predictions about what’ll happen next. But who’s right? Can we even tell? Listen to Vitaliy’s value-investor take on this (hint: he doesn’t think much of...
The Real Secret About Why Corporate Mergers Fail – Ep 3
A lot of fanfare surrounds corporate mergers. There's talk of profits driven by "synergies". So why do they keep failing? Vitaliy uncovers the dark side of mergers that's often missing from the ecstatic promises made by corporate press releases. You...
The Real Secret About Why Corporate Mergers Fail
Corporate mergers often fail because buyers pay too much. This is due to the control premium, the need for the buyer and seller to feel they are getting a good deal, and the false promise of synergies.
Mature Company Stocks Are Not Bonds – Stop Treating Them That Way – Ep 2
Dividend-paying stocks are the holy grail in today’s markets. So many companies end up endangering themselves by pumping out dividends to attract investors. Hear Vitaliy explain what factors investors should be analyzing instead. This article was...
Mature Company Stocks Are Not Bonds
Dividends have historically been a large part of total stock returns and represent real earnings. Low interest rates have created a cult of dividend-paying companies, and some companies have had to borrow money to pay out dividends even if it isn't in their best interest.
Intellectual Investor Podcast
I am launching something new: the Intellectual Investor Podcast. It has been in the works for a few months, and I cannot wait for you to hear it.
