Vitaliy Katsenelson
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.
GuruFocus Interview – Value Investing with Vitaliy Katsenelson
In this podcast interview with investment website GuruFocus, Vitaliy shares the full gamut of how he invests, where and why. He touches on the role of being eclectic when investing, how to invest abroad, and how value investors should think about...
Why Green Energy is a Luxury Belief – But Won’t Be One Forever
Being a rich country has allowed us to develop what some call “luxury beliefs” – ideas that make us feel good but that fail upon contact with objective reality. We ignore inconvenient truths about green energy and keep marching on, trying to convert an even larger portion of our economy to wind and solar, without contemplating the related costs. When it comes to electricity generation, luxury beliefs can be dangerous.
McKesson: Why the Best is Yet to Come
What we have today in MCK is the largest drug distributor in the US, with a very stable and growing business. It is very cash-generative, doesn’t need much capital to grow, and has a very high return on capital. Owning the stock was very stressful at times but also very rewarding. But the best is yet to come for MCK.
How to Invest When There’s Nowhere to Hide – Ep 145
It seems every year, Vitaliy believes we have finally reached the peak of crazy, only to be proven wrong the next year. The stock market and thus index funds, just like real estate, have only gone one way – up. You don’t have to be a stock market...
I Kid You Not Crazy
It seems that every year I think we have finally reached the peak of crazy, only to be proven wrong the next year. The stock market and thus index funds, just like real estate, have only gone one way – up. Index funds became the blunt instrument of choice in an always-rising market. But you don’t have to be a stock market junkie to notice the pervasive feeling of euphoria.
Build Your Network Interview
In this interview with Travis Chappell, host of the Build Your Network podcast, Vitaliy shares how he has used writing to build his network of investing peers, and also grow his firm, IMA. Along the way, Vitaliy touches on how we learned to emphasize...
30 Years in America – Ep 144
On the 30th Anniversary of his family's arrival in the United States from Soviet Russia, Vitaliy reflects on his time here. After recounting the hard early days in a new country when he was "fresh off the boat", Vitaliy offers perspective on how...
How to Invest When There’s Nowhere to Hide
I was having lunch with a close friend of mine. He mentioned that he had accumulated a significant sum of money and did not know what to do with it. It was sitting in bonds, and inflation was eating its purchasing power at a very rapid rate.
This Holiday, Will Mr. Market Eat Too Much Pi? – Ep 143
There is a cryptocurrency, also named Omicron, that was up 900% on the day the new COVID-19 variant was publicized. Try as he might, Vitaliy cannot figure out what would have caused this crypto to spike that day. He muses that Mr. Market must be so...
Welch vs Bezos – Ep 142
During his tenure, Jack Welch built GE into an earnings estimates-beating-machine. There's just one problem with that: it leads to extreme short-termism, and ultimately the misallocation of capital. Contrast this with Jeff Bezos' approach of...
This Holiday, Will Mr. Market Eat Too Much Pi?
There happens to be a cryptocurrency, one of thousands, that is also named Omicron. I still cannot grasp the logic behind it, but that cryptocurrency was up 900% on the day the South African variant was christened. There must have been a trading algorithm or a lot of bored investors looking for the next gamble, to drive something seemingly worthless up 900%.
Our Analysis of UBER (Updated) – Ep 141
Vitaliy re-shares and updates his analysis of Uber, and why it remains an attractive investment. He provides a mental model of how to analyze companies that may appear expensive but have yet to reach escape velocity in their cost structure and have a...
Inflation Update: Not Transitory Yet! – Ep 140
We are experiencing a perfect storm of inflation, formed by seemingly small factors. Each on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. Vitaliy provides an...
Inflation Update: Not Transitory Yet!
Today we are experiencing a perfect storm of inflation. A perfect storm is formed by seemingly small factors. Each one on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. I provide an update on my previous two inflation articles, and the risks I see on the horizon in the next few quarters.
Inflation Update: Not Transitory Yet!
Today we are experiencing a perfect storm of inflation. A perfect storm is formed by seemingly small factors. Each one on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. I provide an update on my previous two inflation articles, and the risks I see on the horizon in the next few quarters.
Beloved Country. Unloved Hedge. (Updated) – Ep 139
Vitaliy re-shares his 2020 musings on the US Dollar, and its role in the world, and gold, and its role in IMA portfolios. You can read this article online here:
US and China: In the Foothills of Cold War (Updated) – Ep 138
Vitaliy updates listeners on his views about the US and China, and includes his previous article going over the risks posed by tensions between the two nations. He also discusses and shares an update on IMA's investment in defense stocks, in light of...
