Vitaliy Katsenelson
Skin in the Game, Steam in the Ground (Part 3) – Ep 261
This is Part 3 from my client letter where I talk about my trip to International Petroleum in Calgary, the economics of Canadian oil sands, and the importance of corporate culture.
My Evolution as an Investor and Writer
I look at my evolution as both as a writer, as an investor. As a writer, I feel like I have a lot more courage, you know, to do more.
Inside Baseball: How We Build Portfolios (Part 2) – Ep 260
I'm about to share Part 2 of the letter, where I'll take you deep into the "inside baseball" of our investment process. Specifically, I'll discuss how we structure and determine the position size of each stock in our portfolios – something I haven't covered before (at least not in this detail) and haven't seen other investors discuss much either.
Skating on Thin Ice: Discipline, Doubt, and the Long Game (Part 1) – Ep 259
Over the next few weeks I’ll share excerpts from the 27-page letter I just wrote to IMA clients. So take these excerpts as they are – written for clients but useful, I hope, to you.
Obsess Responsibly
The most important insights is to know that if you have an obsessive personality, if you really love what you do, then you have to put guard rails where something you do automatic.
The Baltics, Europe’s Pragmatic Rising Stars – Ep 258
📩 Join 94,000+ readers on my FREE weekly email newsletter: 📚 Get my books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - WHO AM I: Vitaliy Katsenelson is the CEO of...
Skin in the Game, Steam in the Ground (Part 3)
How I invest begins with trust: every decision is made with my client in mind, focused on long-term survival rather than chasing short-term benchmarks.
The Stoic Framework for Value Investing I Vitaliy Katsenelson and Anthony Scaramucci
This is the conversation Anthony Scaramucci and I had on his podcast "Open Book".
Inside Baseball: How We Build Portfolios (Part 2)
Our investment process took a significant step forward by assigning ratings to our companies and help us substantially improve our portfolio construction.
Change The Way You View Your Investment Portfolio
Time is an essential element in managing an investment portfolio, but it’s what the business does during that time that truly matters.
Warren Buffett and the Berkshire Hathaway Paradox – Ep 257
What’s fascinating about this trip is that it has everything and nothing to do with Warren Buffett. The main event that draws everyone to Omaha – the Berkshire Hathaway (BRK) annual meeting.
Redefine “value” in this era of the US stock market – Ep 256
Do we need to redefine “value” in this era of the US stock market, or should we continue to sit on the sidelines if traditional metrics show equities to be overvalued?
Skating on Thin Ice: Discipline, Doubt, and the Long Game (Part 1)
Our portfolios performed well in 2025, but the market feels like a lake warming in the spring. I want to share my thoughts on why we must be disciplined when skating on thinning ice.
Learn From Your Mistakes
In the past, I would argue that my biggest mistakes were not actually the loss of capital, but the opportunity cost of my sale decisions.
Use Social Media, Don’t Let It Use You
Social media is designed to be stronger than you. Learn my deliberate approach to social media use, how to avoid the "lizard brain" traps of jealousy, and why even "good" content can be a waste of your time.
A Brief Rant on Tesla & Musk – Ep 255
Last week, I received a lot of responses to my article about Tesla. They ranged from “Stop spewing your anti-right propaganda and stick to data” to “You don’t like Tesla stock. Are you saying your next car won’t be a Tesla?”
On Books, Music, and Investing
Today, we’re diving into two questions from readers that are close to my heart, which of my books is my personal favorite and why, and is there a similarity between classical music and investing for me?
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.
2025 IMA Annual Client Meeting
📩 Join 94,000+ readers on my FREE weekly email newsletter: IMA Annual Client Meetings - 📚 Get my books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - WHO AM I:...
I Don’t Want to Be Warren Buffett – A Value Investor’s Life Lessons I Stansberry Research
In this insightful interview with my friends Dan and Corey we discussed my evolution from a statistically oriented investor to a more selective investor who prioritizes quality companies.
Current Thoughts on Tesla – Ep 254
Tesla market value of $780 billion mostly reflects Elon's future dreams, not car sales. The reality? Only $100-180 billion tied to the actual vehicle business.
