Vitaliy Katsenelson

Read This Before You Buy Your Next Stock

I want to address an issue that has bothered me for a while now. When I write about stocks my ...

Why Cognizant Shines Brighter as a Stock Pick

We’ve been eyeing investment opportunities in business process outsourcing for a while; lately, our interest is on the rise because ...

The Pharma Stocks We’re Buying Now

Last week I explained why my firm is investing in pharmaceuticals stocks, despite the sector being a favorite punching bag ...

Trump Hates Them – We Love Them

A few weeks after Donald Trump was elected president of the United States, he was asked about pharmaceuticals prices. With ...

Apple vs Coke

Great Stock = Great Company + Great Valuation (Apple vs Coke) Valuation – margin of safety (discount to fair value) ...

Amgen – Biology vs. Chemistry

June 22, 2016 – Excerpt from Q2 2016 letter to IMA’s clients Purchase of Amgen: First we need to explain ...

Purchase of Allergan and Sale of Teva

June 22, 2016 – Excerpt from Q2 2016 letter to IMA’s clients To talk about our purchase of Allergan we ...

Trump. Embracing Volatility We Are

It is a new year, and my crystal ball was supposed to have become magically unfogged by the turn of ...

Life – 2017 Edition

This article will be quite different from my previous ones. I am not going to talk about the stock market, particular ...

The Dangers of Dividend Obsession

The Dangers of Dividend Obsession

I originally wrote this piece in 2016, but it’s just as relevant today. “This is a very bad, incoherent piece.” ...

The Persistent Problems of Presidential Elections

The election is over. I am left with two very contradictory feelings. First is one of appreciation — every four ...

Gilead, Buy HIV, Get Hepatitis C for Free

A few months ago I wrote a long article about Gilead that I wanted to title “Gilead: Buy Hepatitis C, ...

Discovering Discovery

Discovery is a media company that owns some of the most popular TV channels – Discovery, TLC, Animal Planet, Oprah ...

Searching for Yield

Searching for Yield?

This piece was written in the fall of 2016, but many of its core lessons remain true to this today. ...

SoftBank CEO Masayoshi Son Banks on Exponential Growth

I am about to go out on very thin ice. I am a value investor, but I’ll probably get banned ...

Why Do I Torture My Kids … With Classical Music?

Lately I’ve been pondering on this question. At first, it was a subconscious decision. Somewhat by inertia, I was following ...

The Values of Value Investing

I organize a conference every summer called VALUEx Vail. Vail is a quaint, beautiful, ritzy ski resort town tucked away ...

Time for an All-Terrain Portfolio

Time for an All-Terrain Investment Portfolio

As investors today we feel something like a traveler preparing to drive across an unknown continent. A look in the ...

For Investors, Discovering Truth Takes Time

The Roman philosopher, playwright, statesman and occasional satirist Lucius Annaeus Seneca wasn’t talking about the stock market when he wrote ...

Jos. A. Bank and the Folly of Quantitative Easing

A few years back I wrote an article comparing buy-one-suit-get-three-free sales by Jos. A. Bank to the Federal Reserve’s quantitative ...

Whatever Happened to the Invisible Hand of Capitalism?

I originally wrote this piece in 2016, but it continues to be relevant to this day. When I was growing ...