Vitaliy Katsenelson
China is slowing down
I've said for a long time that one should not trust economic statistics data coming from the Chinese Government as it has the incentives (and power) to interrogate the data until it confesses to what it wants to see.
AmEx as a Bank Holding Company
AmEx becoming a bank holding company (BHC) is not just net positive for the company it is simply positive. When a highly leveraged investment bank like Goldman Sachs turns into a BHC, its future profitability suffers as its leverage drops to commensurate level of the bank.
Stuff Stocks Still Too Expensive
I am probably right about what I am about to say: The global slowdown is just starting and will last longer than most expect.
Interview with Advisor Perspectives
I was interviewed by terrific Robert Huebscher at Advisor Perspectives. We've revisited my range-bound markets thesis, possible economic scenarios for our economy, and discussed global economy including Europe, Russia, Middle East, and of course China.
You are not as dumb as you think – or – Psychotherapy for Bear Markets
Today I've slightly rewritten the same article to address underconfidence of bear markets.You are not as dumb as you think - or - Psychotherapy for Bear Markets.
Forbes Video Interview: Dotcom portfolio
I was interviewed by Forbes in early October. I discussed my favorite "dotcom" portfolio of stocks.
Thoughts about the market
Some thoughts about the market. In today’s market you see some unbelievable opportunities. For the first time, in a long, long time, we can actually put a full portfolio together where we don’t have to compromise on Quality, Valuation or Growth when we pick stocks
The Wall Street Transcript Interview Excerpts
I was interviewed by The Wall Street Transcript, and I will share some excerpts from the interview.
Signs of Global Growth Slowdown?
This weekend’s papers provided new signs of global economic slowdown. The first came from Japan. For the first time in 26 years – a long time – Japan became a net importer.
Gold, Doomsday Currency?
I got a call today from a financial journalist asking me if gold is “the” asset for the doomsday portfolio. I took this question very seriously.
Five things that will be different after the ‘bailout’
"Don't worry they'll bail them out." Though I love putting my clients at ease, there are consequences to the bailout.
Nokia is So Cheap!
Several weeks ago I made a case for why I liked Nokia in an interview with Kate Welling for Welling@Weeden. I said something along the lines of, "I have to pinch myself because I can buy Nokia so cheap."
Jos. A. Bank’s Margins
Reader asked me a question about Joseph A. Bank's profit margins, as a follow up to my early JOSB analysis.
The Most Misunderstood Stock On Wall Street – Joseph A. Bank
I tell you, every time I talk to someone who has shopped at Jos. A. Bank, has seen company's commercial on TV, or simply read the company's quarterly earnings report, I have to pinch myself to remind myself that the company is still around.
Chinese and Starbucks Late Stage Growth Obesity
What do Starbucks and China have in common? A lot! Both got us hooked on consumption: one of fancy, expensive caffeinated liquids; the other on cheap foreign made goods.
You Don’t Have to Be Sick To Own HMOs
You want to buy straw hats in the winter. This sums up an important kernel of successful value investing: making decisions that are unpopular at the time.
Kimberly Clark, an Opportunity?
If you believe at some point oil prices will follow the fate of the global economy and decline, Kimberly Clark (KMB) is one of the better ways to play it.
Forbes Praises Active Value Investing
The new Benjamin Graham is Vitaliy N. Katsenelson. I highly recommend Katsenelson's book, Active Value Investing: Making Money in Range-Bound Markets
Kiplinger Interview on Jos. A. Banks
I was interviewed by Kiplinger about Jos. A. Bank (JOSB), my favorite retail stock I presented at Value Investing Congress in Pasadena.
Income Pie Implications
The NY Times came up with a very interesting way to look at consumer spending. In the long run, consumer spending is a function of consumer income.
Plane Lessors Headed to the Desert
Plane leasing looks like a great business. Despite U.S. and global economies facing a slowdown and oil prices making all time highs, demand for planes is still very strong.
