Vitaliy Katsenelson
Girls’ Gambit – Ep 112
It all started after Vitaliy's daughter, Hannah, watched The Queen’s Gambit for a homework assignment. She told Vitaliy he had to watch it. He did, and loved it. But then Hannah said, “Dad, let’s play chess!” In this podcast, Vitaliy explores...
Portfolio Construction, Macro, and Chess: Interview with Angelo Robles – Ep 111
Vitaliy recently had the pleasure to sit down with Angelo Robles of the Family Office Association. In this interview, Angelo and Vitaliy discuss Vitaliy's approach to portfolio construction, how value investors should think about the macroeconomy, how...
Girls’ Gambit
It all started after my daughter, Hannah, watched The Queen’s Gambit for a homework assignment. She told me I had to watch it. I did, and loved it. But then Hannah said, “Dad, let’s play chess!”
Value & Growth Demagogues – Ep 110
Vitaliy has a problem with both value- and growth investing demagogues. While value demagogues tend to believe any company that trades at a P/E above the market average is too frothy, growth demagogues claim that price doesn't matter. In this...
Value & Growth Demagogues
I have a problem with both value- and growth investing demagogues. While value demagogues tend to believe any company that trades at a P/E above the market average is too frothy, growth demagogues claim that price doesn't matter.
Don’t Be a Sophist, and Why I Write 27 Page Letters to Clients – Ep 109
The Winter 2020/21 Client Letter that Vitaliy just sent to IMA clients was 27 pages long. Over the next few weeks, he’ll share excerpts from the letter with you, our dear podcast listeners. These excerpts will not focus as much on individual "fish"...
Don’t Be a Sophist
I discuss how to use a Stoic technique to help manage the emotions that come with the stock market.
Why Did I Write a 27-page Letter To Clients
In these letters I diligently walk clients through our research on stocks we own, including those we have recently bought and sold. I cover how we value them, why we own them, etc.
A Shift in Perception Transforms Reality – Ep 108
2020 will go into our memory banks as a very painful year. Stoicism, particularly the stoic practice of negative visualization, helped Vitaliy put 2020 into a broader historical context, and compare what happened, which was bad, to what could have...
A Shift in Perception Transforms Reality
2020 will go into our memory banks as a very painful year. Stoicism, particularly the stoic practice of negative visualization, helped me put 2020 into a broader historical context, and compare what happened, which was bad, to what could have happened.
McKesson: Amazon Will Not Throw This Drug Railroad Off The Tracks – Ep 107
Amazon.com has announced an online pharmacy offering. How big of a punch could this be to drug distributors McKesson, Cardinal Health and AmerisourceBergen? In this podcast, Vitaliy takes you through why he believes these businesses will be resilient...
Interview with Jim Campbell – Part 2 – Ep 106
In Part 2 of his interview with Jim Campbell, Vitaliy and Jim take a deep dive into assessing company management, nuanced thinking, and writing. To explore this, they examine the career of Masayoshi Son, the CEO of Softbank, in which Vitaliy's firm,...
Amazon Pharmacy vs The Market & Distributors – Ep 105
In this interview with Andrew Kleuss on Investors Hub, Vitaliy makes the case that concerns over Amazon's entry into the pharmaceuticals business are probably overblown. To parse this problem, Vitaliy differentiates between pharmacies and drug...
McKesson: Amazon Will Not Throw This Drug Railroad Off The Tracks
Amazon.com has announced an online pharmacy offering. How big of a punch could this be to drug distributors McKesson, Cardinal Health and AmerisourceBergen?
These Simple Tips Can Make You a Better Investor – Ep 104
Sometimes, simple rules add up to great results. In this podcast, Vitaliy shares some simple, straightforward heuristics which, when applied consistently over time, should help you compound your money in successful investments. They have certainly...
Interview with Jim Campbell – Ep 103
In this interview with Jim Campbell, host of radio show Business Talk and author of the book Madoff Talks (see link below), Vitaliy gives a wide-ranging overview of Tesla and Elon Musk. From parallels between the transition to cars from horses, to the...
Reading and Listening – Ep 102
In this podcast, Vitaliy celebrates his daughter Hannah’s love of reading and her budding talent as a writer. Then, drawing on formative childhood experiences with his father, he shares his thoughts on how to instill a love of classical music in...
One Spreadsheet at a Time
Recalling a teaching moment I had with my daughter Hannah, in which I got to share my love of spreadsheets and their usefulness.
My Self-Improvement Journey – Ep 101
When Vitaliy started writing his new book, it kicked off a slew of other positive changes in his life. In this podcast, Vitaliy covers how diet, exercise, and meditation have made him fitter, stronger, happier, and (hopefully!) a better person. "I...
US and China: In the Foothills of Cold War – Ep 100
Over the last six months, Vitaliy has skewed IMA's portfolios more towards defense companies. Why? The world appears less safe today than at any time since the Berlin Wall came down. Fast-forward two decades from then to now, and we find a drastically...
How Investors Should Deal With The Overwhelming Problem Of Understanding The World Economy – Ep 99
If you believe the global economy is doing great and stocks are cheap, this podcast is not for you. But if you believe that stocks are expensive, and that a global economic time bomb is ticking because of unprecedented intervention by governments and...
