Vitaliy Katsenelson
HP: Grow Up, Already
HP, once the symbol of innovation, is being dismantled by its high-pedigreed board and the CEO of the hour.
We Are Not AAA
The Fed and FDIC announced that AA+ US debt is as good as AAA, and thus banks' reserve requirements will not change and bank lending should not change either.
Thoughts on Brown & Brown: Stay Away!
Very significant portion of Brown & Brown’s (BRO) growth in the past came from acquiring brokers. I am naturally skeptical of sustainability of this type of growth as it comes with the following risks
The Chinese Black Swan
Party rulers in China are trapped in a position that chess players deeply fear - zugzwang - where any move made puts you at disadvantage.
Finding Investment Treasures in International Markets
International stocks need not be seen merely as a necessary evil for diversification—they should contribute in a real way to raising that bar, as they increase the quality of the investment pool.
VALUEx Vail 2011 – Thoughts from the conference
VALUEx Vail 2011 is over. I already miss these three days. I got the idea to put together VALUEx Vail after I attended VALUEx in Klosters in February this year.
Creighton Value Investing Panel
While in Omaha attending the Berkshire Hathaway annual meeting I had the pleasure of participating on a Value Investing Panel at Creighton University.
Jeff Saut: Efficient Markets?!
Jeff Saut, Chief Market Strategist at Raymond James kindly mentioned my Cisco article in his weekly letter.
The Boulevard of Broken Charts
Markets are efficient, or so we’ve been told. I am not here to put a rebuttal to this academic nonsense, but let me give you one of the core reasons why markets are and will remain inefficient: because human beings are efficient.
VALUEx Vail 2011
VALUEx Vail is designed for serious PROFESSIONAL investors to share ideas, learn from one another experiences, all while enjoying each others company and fun activities in the beautiful Colorado mountains.
I am back!
I am back! It was an amazing trip. It started with Warren Buffett’s Omaha. I flew into Omaha on Thursday morning, and a few hours later received a call from the CFA Society of Nebraska, asking me to give a talk to their members.
Microsoft Just Pulled Another “Microsoft” with its Purchase of Skype
"Microsoft is near a deal to buy Skype for $8.5 billion." Microsoft is pulling another "Microsoft", though this time it may actually succeed.
Quarterly Letter – Q1 2011 – Part 1
I’d like to share excerpts from our quarterly letter we send to our clients. I’m not sharing the full letter, we are still accumulating shares in some stocks.
See You in Omaha 2011
It is time again for the annual trip to Warren Buffett’s Omaha to Berkshire Hathaway annual meeting. Warren Buffett over the years was turned into god.
Buffett, Sokol, Caesar’s wife must be above suspicion
Some investors expressed concerns about Mr Sokol’s actions. Any time you buy stock in a company which your employer then buys just does not smell right.
Video from China/Japan Presentation and DC Trip
I had been in DC a few times before but never really had time to see the city. I took my almost-ten-year-old son Jonah with me on this trip, and we had an amazing experience.
China – The Mother of All Gray Swans / Japan – Past The Point of No Return
Overcapacity + late-stage growth obsessive 1998 - 2008, economy grew at 10% a year. China's customers are overleveraged and are deleveraging.
Fed’s Shortcut to Greatness
The bad economist confines himself to the visible effect, the good economist takes into account both the effect that can be seen and those effects that must be foreseen.
Margin Shrinkage – It Can Happen to You
Profit margins are a tick away from all-time highs and are creating the impression of cheap equity valuations. But that impression is a mirage, because today’s generous margins are destined to shrink.
Set the Bar High
The world today is riddled with unique economic, political, and demographic risks. Finding attractively priced assets that will perform well in spite of these challenges is excruciatingly difficult.
