Vitaliy Katsenelson
Warren Buffett and the Berkshire Hathaway Paradox
Trip to Omaha has everything and nothing to do with Warren Buffett. The main event that draws everyone to Omaha – the Berkshire Hathaway (BRK) annual meeting – is actually the least important part.
Redefine “value” in this era of the US stock market
Do we need to redefine “value” in this era of the US stock market, or should we continue to sit on the sidelines if traditional metrics show equities to be overvalued?
A Brief Rant on Tesla & Musk
Last week, I received a lot of responses to my article about Tesla. They ranged from “Stop spewing your anti-right propaganda and stick to data” to “You don’t like Tesla stock. Are you saying your next car won’t be a Tesla?”
Current thoughts on Tesla
Tesla market value of $780 billion mostly reflects Elon's future dreams, not car sales. The reality? Only $100-180 billion tied to the actual vehicle business.
Tariffs, Debt, and a Recession by Design – Ep 251
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Europe Can’t Hide Behind America Anymore
Americans have always outspent Europe on defense, but to be fair, we have a currency advantage. Our military might elevated our currency to reserve status.
The Paranoid Russian Jew Approach to Investing – Ep 250
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IMA’s March 2025 Client Dinner Video
Once a year, my company, IMA, hosts a dinner for our clients. Most of them live outside of Denver—and many outside the U.S.—so this event gives us a rare and meaningful chance to meet face-to-face, often for the first time, and really get to know each other.
The Reputational Bankruptcy of the American Dollar
The US dollar will likely continue to get weaker, which is inflationary for the US. Let me start with some easily identifiable reasons.
Tariffs, Debt, and a Recession by Design
Trump's tariff decisions are unilateral – even though the Constitution clearly places that power in Congress’s hands. Why does he behave like a king?
The Paranoid Russian Jew Approach to Investing
When asked about his money manager, our long-term client Ed, who became a dear friend, proudly stated, “My money is managed by a paranoid Russian Jew.” This perfectly sums up our approach to investing.
It Is Not the Cards You are Dealt; But is How You Play Them – Ep 249
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Soul in the Game: A Conversation with Vitaliy Katsenelson on the Talking Billions Podcast
I was recently interviewed by Bogumil Baranowski on the Talking Billions Podcast about how I stay grounded in volatile markets and the key principles guiding my investing.
Q&A Series: Diversification and Position Sizing in Investing – Ep 248
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A Value Investing Lesson from the Blackjack Table
Over a lifetime, active value investors will make hundreds, often thousands of investment decisions. Not all of those decisions will work out for the better.
Q&A Series: Diversification and Position Sizing in Investing
Today's excerpts from Q&A session I held in Omaha focuses on crucial investment strategies: diversification and position sizing in investing.
The Hidden Advantages of Investing from NOT New York City – Ep 247
What are the hidden advantages of living away from “noisy” investing centers like New York?
The Hidden Advantages of Investing from NOT New York City
What are the hidden advantages of living away from “noisy” investing centers like New York?
DeepSeek Breaks the AI Paradigm – Ep 246
I’ve received emails from readers asking my thoughts on DeepSeek. I need to start with two warnings. First, the usual one: I’m a generalist value investor, not a technology specialist, so my knowledge of AI models is superficial. Second, and more unusually, we don’t have all the facts yet.
Escaping Stock Market Double Hell – Ep 245
Over the last few years, our portfolio has skewed more international. Today, if you only invest in the US, you're experiencing two stock market hells.
Money Managers Are Not Factory Workers
One of the biggest hazards of being a professional money manager is that you are expected to behave in a certain way.
