Month: February 2022
See More Clearly With These Two Mental Models
I'm a big fan of mental models. They allow you to think through analogy, often folding complex concepts into simple ones and transporting them from one discipline to another. They're thinking shortcuts. If you arm yourself with mental models, you’ll often see what others don’t.
McKesson: Why the Best is Yet to Come – Ep 147
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. Vitaliy provides an update on his MCK investment, and why he believes its brightest days are ahead....
COVID, Inflation, and Value Investing: Answers to “Millenial Investing”
I was recently interviewed by Millennial Investors podcast. They sent me questions ahead of time that they wanted to ask me “on the air”. I found some of the questions very interesting and wanted to explore deeper. This article is that exploration.
Not So Quiet on the Eastern European Front
To understand the situation, we have to at least attempt to understand the Russian perspective. After the collapse of the Soviet Union, the US and Western allies made a promise to Russia that NATO would not expand its membership to countries that had borders with Russia. In the US we are spoiled by our geography; we feel secure. Russia sees Ukraine joining NATO as a clear and present danger to its national security.
The Disciplined Investor Podcast with Vitaliy Katsenelson
In this podcast with the Disciplined Investor, Vitaliy touches on a wide variety of topics, particularly pertaining to how to invest in inflation, historical stock returns, his market outlook going forward, and the link between interest rates and...
How to Build a Portfolio for Today’s Crazy Markets
We don’t know what the stock market will do next. We have opinions and hunches, and we never act on them. We never try to predict the market’s next move. Neither we nor anyone else is good at it. The only thing we can do is to trim the sails of our portfolio to align with the winds of inflation.
I Kid You Not Crazy – Ep 146
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 craziness. But late 2021 / early 2022 might just be it. Vitaliy takes the listener through the levels...
Position Sizing: How to Construct Portfolios That Protect You
Some investors think the fewer positions you own, the cooler you are. I remember meeting two investors at a conference. One had a seven-stock portfolio, the other had three stocks. Sadly, the financial crisis humbled both. On the other hand, too many positions breeds indifference. At IMA, our portfolio construction process is built from a first-principles perspective.
