Vitaliy Katsenelson
Netrebko & Garanca
An aria from opera Lakme by French composer Leo Delibes. It is sung by two of my favorite sopranos Anna Netrebko from Russia and Elina Garanca from Latvia.
To Infinity and Beyond? Don’t Be Surprised If the U.S. Stock Market Cracks
In 1986 Jeremy Grantham started to warn his firm’s clients about the eventual bursting of the Japanese stock bubble.
Our Trip to Santa Fe
Last year we created a new tradition – Boys’ Culture Trip. Grandfather, father, and grandson Jonah drive to Santa Fe.
The True Value of Macro Forecasting
How much time a value investor should spend on macro forecasting? Usually macro forecasting is frowned upon in the value investing community.
An Investor’s Investor’s Guide — Seriously
I never thought I’d be giving writing advice. I was always the worst student in my literature class in Russia.
The Apple Brand
Apple’s research and development expense was up 27% last quarter. Annualized, it is running at $5.7 billion.
Warren Buffett, Coca-Cola and the Not-So-American Dream
I am going to Omaha for the Berkshire Hathaway annual meeting. But this is the first time that I find myself respecting Mr. Buffett a little bit less than the year before.
Behind the Ugly Red Door: Finding Value in an Overpriced Market
The difference in valuation between the cheapest stocks and the rest of the market is the smallest in more than 20 years, the market is overpriced.
Will Russia Go to War Over Ukraine? Don’t Bet on It
It is hard for me to see a full-blown war between Russia and Ukraine. There are so few cultural differences between these two countries.
Warsaw Concerto
Today I wanted to share with you the Warsaw Concerto, a piano concerto in one movement written by British composer Richard Addinsell for the 1941 film Dangerous Moonlight.
Homophobic Arbitrage
A few years ago I went to a conference in South Beach. I had never stayed in a gay hotel before. I was not quite sure what the expectations were of guests.
How I Bought the Internet — and You Can Too
A few months ago my firm bought the Internet. Let me explain: When people think about the Internet, they imagine an enormous network of millions of servers.
Tchaikovsky Symphony No. 6
A good friend asked me if I thought Tchaikovsky was overrated or underappreciated. A few years ago I probably would have said overrated; now I say both.
My Russian Book
I really wanted my book to be published in Russian. There were a few reasons, but the most important one was that I wanted my father to read it.
Additional Thoughts on The Fed Model and Profit Margins
The Fed Model is extremely important, because I vividly remember how low interest rates and the Fed Model were used as propaganda tool.
The Not-So-Big Picture on Financial Models
Rarely do I disagree with fellow investor and financial blogger Barry Ritholtz, but the time has finally come. Last week Barry wrote a column for Bloomberg View.
Practitioners, Prognosticators and Portfolio Pain
I spend a lot of time looking for new stocks, either by screen or by reading or talking to other value investors. We are all having a hard time finding many stocks of interest.
A Few Simple Rules For Money Managers
As a parent the hardest thing to do is not to be a hypocrite. You tell your kids to do one thing – the right thing – but you don’t stick to your own advice.
Mahler – Symphony No. 5
Today I want to point you to a piece by the Austrian Jewish composer Gustav Mahler, whose music I learned to love only recently.
Qualcomm’s Competitive Advantages Are Too Numerous to Ignore
When we stumbled on Qualcomm, we could not believe what we saw. The San Diego–based chipmaker should double its earnings over the next four years.
Nelson Mandela
Nelson Mandela’s passing last week made me want to share some thoughts about him. I visited South Africa twice over the last five years.
