Vitaliy Katsenelson
My Interview with Josh Brown on The Compound – Ep 82
Vitaliy had the pleasure to sit down with the Reformed Broker himself, Josh Brown on his podcast The Compound. What follows is their conversation, in which they discuss why the price you pay for a stock always matters, no matter how good the quality,...
Tesla’s Stock Price Discounts Temporal Wormhole into the Future
Low interest rates have messed with the temporal properties of the market and created a wormhole in time and in Tesla’s stock.
Santa Fe: “Remember This”
Santa Fe and my family go way back to the early 90s. It all started with my father and my stepmother. My father had his paintings exhibited in a gallery on Santa Fe’s famous Canyon Road. A few times a year, they would load up paintings in a minivan and drive them to Santa Fe.
When the Facts Change, We Change Our Minds (Anatomy of a Sale) – Ep 81
In investing, one of the most important traits an investor can have is intellectual flexibility. Buffett, for example, is very dispassionate about what he owns; he has the ability to change his mind. In the early part of 2020, he was the largest...
When the Facts Change, We Change Our Minds (Anatomy of a Sale)
Even before the coronavirus we were not big fans of the airlines stocks. Planes are expensive. Airlines have to pay for them whether they are fully occupied during normal economic times or when they are half-loaded during recessions.
Perspective – Ep 80
In this mini-podcast, Vitaliy shares a personal story that illustrates how profound even a tiny shift in perspective can be. You can read this article online at:
Uber: Delivering Food and My 4 Seconds of Fame on PBS (not PBS Kids, unfortunately) – Ep 79
Vitaliy was on PBS NewsHour talking about Uber Eats and the food delivery business. When he told his six-year-old daughter Mia Sarah about it, she shrugged and said she’d be more impressed if he was on PBS Kids. The five-minute recorded interview...
Uber Eats: Delivering Food and My 4 Seconds of Fame on PBS (not PBS Kids, unfortunately)
I was on PBS NewsHour talking about Uber Eats and the food delivery business (you can watch it here). When ...
Nifty FAANG and Other “One Decision” Investment Strategies – Ep 78
In the 1960s and 1970s Nifty 50 stocks were one-rule stocks – and the rule was, buy! They were bought, and bought, and bought. They were great companies and paying attention to how much you paid for them was irrelevant. Until. In this podcast,...
De-Numb Your Mind – Ep 77
Vitaliy can definitely see how we are always trying to numb our minds. We constantly need the mental organ entertained and well-numbed with external stimuli. It seems that whenever we are left with ourselves, that is, with our minds, we reach out for...
Nifty FANGAM and Other “One Decision” Investment Strategies
In early January we would not have guessed the stock market would be at today’s level, there must be more to the stock market than FANGAM.
De-Numb Your Mind
I can definitely see how we are always trying to numb our minds. We constantly need the mental organ entertained and well-numbed with external stimuli. It seems that whenever we are left with ourselves, that is, with our minds, we reach out for our favorite portable numbing device and happily lose ourselves in Facebook, Twitter, Netflix, or YouTube. We spend little or no time with ourselves.
The Fischer Random Chess Stock Market – Ep 76
Vitaliy grew up in Russia, where chess is a spectator sport. Any player who takes chess seriously will carefully study opening systems – the series of first moves early in the game that lead to the middle-game formation of pieces. Because chess...
The Fischer Random Chess Stock Market
There is a parallel between today’s stock market and Fischer random chess. The last time we faced a global pandemic was in 1918. The only common denominator between now and then is that humans have not really changed that much – it takes a few millennia to rewire our DNA and thus our fundamental behavior.
Be Kind – Ep 75
In April 2018, Vitaliy met with one of his best investment friends, John Mauldin. John has been an inspiration to Vitaliy both personally and professionally, but no more so in the context of writing. John writes at Mauldin Economics, one of the web's...
What Not to Buy in Today’s Stock Market – Ep 74
The average stock out there (that is, the market overall) is very, very expensive. At this point it almost doesn’t matter which valuation metric you use; they all point to the fact that stocks were only more expensive during the dot-com bubble. In...
It’s not just Amazon’s fault – Ep 73
Retail stocks have been annihilated recently, despite the economy eking out growth. The fundamentals of the retail business look horrible: Sales are stagnating and profitability is getting worse with every passing quarter. Jeff Bezos and Amazon get...
The Jet Lag Series: How do I work? When do I find time to write? – Ep 72
People often ask Vitaliy about his writing process, when he finds time to write, and how he manages to do investment research. In this podcast, Vitaliy walks the listener through his process -- from getting up at 4:30 in the morning, to researching...
Finding High Quality Companies – Ep 71
Vitaliy was slated to give a speech at a conference in Omaha, a day before the Berkshire Hathaway Annual Meeting. He was more nervous than usual. Usually, Vitaliy needs a looming deadline to build the pressure to unleash creativity. Two days before,...
Rebuilding Good Habits after Lockdown – Ep 70
Though Vitaliy loved working from home, it came at a cost – he destroyed some good habits he built up over the last few years. In March, he worked super long hours and wanted to make sure he got enough sleep. He usually writes early in the morning,...
Why The Survival Of Traditional Carmakers Is Far From Certain
Traditional carmakers do have strengths in designing, assembling, and marketing cars. They can afford to make an enormous investment in EV and absorb the losses that come with them. But will they?
