Vitaliy Katsenelson
Markets in Turmoil: Our Game Plan for Crisis
A letter we sent to clients about how we are responding to the recent market selloff. We are anything but celebrating the toll coronavirus will take on human life and the global economy, we are embracing this crisis as an opportunity to increase the long-term returns of our portfolio.
Set Your Egg Timer to 6 Months – Ep 57
Vitaliy wrote the following in early February after his trip to Europe (as part of the Jet Lag Series), which started in Switzerland and concluded in Italy (Venice to be exact). Yes, the part of Italy that today is devastated by coronavirus. He missed...
Set Your Egg Timer to 6 Months
If we had our egg timer set on six months, we’d prioritize what really matters: relationships, inhaling life, walking in the park. We’d reset what we care about, and it wouldn’t be things. We are given the rare opportunity to prioritize what is most important to us without guilt. The material world is on pause, at least for a few weeks.
Russia & Saudi Play a Dangerous Game of Chicken – What Would Ben Graham Do in Today’s Market? – Ep 56
As Vitaliy was writing a recent article, he got an email from a client saying, “Your move, boss.” This prompted him to expand on what exactly his "move" would be, given the recent stock market turmoil. In short, it is just another day at IMA....
What Would Ben Graham Do in Today’s Market?
I stumbled on a column by the wonderful Wall Street Journal columnist Jason Zweig, titled “What Benjamin Graham Would Tell You to Do Now: Look in the Mirror.”
Russia & Saudi Play a Dangerous Game of Chicken
Saudi Arabia announced that it will increase oil production from 9.7 million barrels a day to 10 million and then to 12 million if needed. This news alone sent the oil price down 20% – and the whole stock market with it.
Jet Lag Series: Inhaling Europe – Ep 55
Vitaliy is back from his trip to Switzerland and Italy. This trip was extra special for him, because he and his brother Alex were joined by his son Jonah. Every day on the trip Vitaliy wrote in his journal, but was always constrained on time. After...
The Impact of Coronavirus: People, Economy & Your Portfolio
This letter will be about the impact of coronavirus, divided into three sections: health and human impact, economic impact, and investment strategy.
The Impact of Coronavirus: People, Economy & Your Portfolio – Ep 54
Vitaliy wrote the following letter to IMA clients about coronavirus. Since news broke a few weeks ago, he's received many emails from readers asking for his thoughts on the virus. Rather than write another article on it, Vitaliy has decided to share...
The Jet Lag Series -Should You Copy Your Heroes?
Should you copy your investing heroes? I write about importance of learning from other investors while still trying to be you.
Me, My Boy and Warren Buffett – Ep 53
Vitaliy has a confession to make. Someday, he wants his company to be called Katsenelson & Kids. That doesn't have to be the official name, but he does want to work with his kids, whom he wants to become value investors. He knows he is supposed to...
The Jet Lag Series: Inhaling Europe
I was inhaling Europe on a trip to Switzerland and Italy with my brother Alex and my son Jonah. This was Jonah’s first time in Europe, and I really wanted him to love it as much as I do.
Little Moments, or How to Give a Great Speech – Ep 52
Vitaliy was supposed to give a presentation at a conference in Omaha, a day before the Berkshire Hathaway annual meeting. He was more nervous than usual. There were maybe two hundred attendees in the venue. A few minutes into his presentation, the...
Equinor: A Good Crisis is Never Wasted – Ep 51
When should you not buy commodity stocks? When you feel like you must own them. Vitaliy remembers when investors felt they must own oil stocks, when oil prices shot past $100 per barrel and everyone was convinced they were going to $200. Today oil...
Equinor: A Good Oil Crisis is Never Wasted
Should you buy commodity stocks? The long-term outlook for oil is not brightand the current decline in oil prices will not last forever. If oil prices decline, Equinor may have to cut its dividend but will still be strong. If oil prices stay at their current level, there is some upside to the stock's valuation, and if they go up, they will benefit Equinor.
Bollore: Streaming Music and Cash Flows – Ep 50
We think of Vincent Bollore as the John Malone of Europe – his strength is in identifying undervalued assets, taking control of them, and unlocking value. Bollore owns 25% of Vivendi, the prime asset of which is Universal Music Group (UMG), the...
Bollore: Streaming Music & Cash Flows
We purchased Bollore, a two-hundred-year-old French conglomerate run by Vincent Bollore, for its two operating divisions: ports in Western Africa and a battery manufacturing business. We were primarily interested in Bollore's 25% stake in Vivendi, which owns the Universal Music Group.
The 8% – Ep 49
In a change of pace, this podcast will not discuss this stock market or the economy. Instead, Vitaliy writes about some very random, but still relevant topics - from his upcoming trip to Europe, to his new philosophy about helping his kids grow to be...
Daily Journal
I started keeping a daily journal to see how journaling will impact what I write about. Writing down important conversations I have may allow me to explore them further on my own.
Cultural Calendar
I listened to Tim Ferris’s interview with Neil Degrasse Tyson. There are a few insights that I got from this interview. You need to expose your kids to the world, so I set a day each month where I look ahead a month or two and plan our “cultural calendar”.
2020: Party Like It’s 1999? – Ep 48
Party like it’s 1999: this is how the stock market feels to Vitaliy today. No, there are no dot-coms, though temporarily we had dot-cannabis and dot-fake-beef bubbles which got popped. Growth stocks are incredibly expensive. Value stocks have...
