Vitaliy Katsenelson
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.
Lloyds TSB, Still a Good bank but cautious…
My firm sold Lloyds TSB Group (LYG) a couple of weeks ago. I still think it's one of the best run banks in the world, but its exposure to loans underwritten by other banks made us pause and rethink our thesis.
Look to the margins when using the price/earnings ratio
I love the price/earnings ratio, but like all investment tools, it is flawed. This is because it is only as good as the numbers that go into it.
Additional Thoughts On Starbucks
After I wrote a piece on Starbucks (SBUX) raising questions about its future success in international expansion and questioning the growth premium built into the stock, I got a lot of great emails that really made me think.
Is it a Bull, Bear or Cowardly Lion Market?
Are we in a bull, a bear, or a cowardly lion market? As we will see, the answer can make a huge difference in your investment portfolio.
Active Trader Magazine Interview
I was interviewed by Active Trader Magazine. What do I know about trading? Absolutely nothing!
Starbucks International Growth
I was surprised to find very few Starbucks (SBUX) shops in Vienna. Despite traveling extensively around the city I counted only two.
Jackson Hewitt – To Be or Not to Be?
The certainty that we have to file a tax return every year, that the number of tax returns is rising, tax preparation is getting more complex and thus despite availability of tax preparation software more and more people outsource their tax preparation peaked my interest in Jackson Hewitt.
Katsenelson Predicts
I find January to be one of the most difficult months for long-term investors. In the spirit of the fine American tradition of making New Year’s resolutions, we feel a need to make a resolution for the stock market in the form of a prediction.
Patience and More Patience
This market requires patience and more patience. Identify high quality companies you want to own, determine at what price and wait.
Interview with Advisor Perspectives
After I wrote the profit margin article for Barron’s couple of weeks ago, I received many inquiries asking me to identify which sectors were the least and the most impacted by rise of corporate profit margins.
Down to the Last Drop of Profit Growth (in Barron’s)
STOCKS ARE ALLEGEDLY CHEAP NOW, at 17 times 2007 earnings. And they are cheap by historical standards.
