Vitaliy Katsenelson
Russia? Think Again
As you look at the high-flying Russian stock market, you may feel like you want some of it. But before you dive into Russia consider this: as it is, Russia is a dysfunctional play on high oil prices as well as commodities. It is no less bureaucratic than it was some fifteen years ago.
Between the Lines
I was very amused by the interview given by the CEO of Countrywide (CFC). If you read between the lines of what he said he was pleading for the Fed to lower rates.
China – Does It Really Matter?
The reaction to the possibility of slowdown in the Chinese economy was an excuse for a correction. This correction has caught many with their pants down, due to the euphoria of the cyclical bull market.
Don’t Let Bull Market Convince You That You Are Smart
Lately I've been getting this powerful feeling that everything I touch turns to gold. Every time I buy a stock, it goes up. Did I finally figure out the stock market game? Did I find a secret to Will Rogers' advice? Buy stocks that go up, and if they don't go up, don't buy them.
The Future of Corporate Profits. The “E” in the P/E Equation
As margins revert to the historical average, corporate earnings growth will either decelerate — disappointing Wall Street expectations of 8% earnings growth for the S&P 500 over next five years — or decline, driving earnings, the “E” in the P/E equation, down.
Russia: We Don’t Need the West Anymore
Royal Dutch Shell's $7.5 billion sale to Gazprom may have been coerced by the Russian government. Vitaliy Katsenelson looks at the Sakhalin-2 sale and examines the long-term implications if Russia disregards Western investment.
Market Timing and Discipline
I am not a market timer, I have no idea when the market will turn - it is too difficult to execute market timing strategy on a consistent basis, in my opinion.
Abbott or GE – who is smarter?
I am not a buyer of Abbott Labs (ABT) at this price, as the margin of safety has been depleted by the latest stock appreciation. But I like its latest transaction with General Electric (NYSE GE).
Oil Service Stocks vs. Big Oil Stocks
I'm not a big fan of large oil companies as most of them have little or no organic production growth and they are completely at the mercy of oil prices, but I am getting interested in oil service stocks for several reasons:
Howard Stern’s $83 million Bonus
I have tremendous respect for The Financial Times. It is a great newspaper and I am privileged to write for it on occasion. But when I see FT write “Sirius Satellite Radio is paying “shock jock” Howard Stern an $83m bonus despite a 50 per cent (their spelling not mine) share price fall since he joined the fledging media group,” I get frustrated.
Post Scriptum
Since I (unintentionally) became a member of Defend Bob Nardelli Club, I've received many emails telling me that Bob Nardelli didn't do a great job managing Home Depot (HD).
Blame Home Depot’s Board, Not Nardelli
The ousting of Bob Nardelli sent a wrong message to American CEOs: it taught them an incorrect lesson – manage the stock, not the company.
CEO’s Responsibility
I wrote an a short post Great Job Bob!, this is a responce to to reader's comments on that post.
CNBC Interview: Oil, diapers and US economy
In this CNBC interview I discussed what I wrote for FT Oil, Diapers and US economy.
Great Job Bob!
Herb Greenberg wrote a wonderful column and said something I've wanted to say for a long time, that blaming Bob Nardelli for the lackluster performance of Home Depot's (HD) stock is just plain silly.
Pfizer: Blockbuster success is a double-edged sword
I wrote this article for FT in 2005, but after reading news on Pfizer it feels like I could have written it today.
It Is Not the Cards You are Dealt; But is How You Play Them
Over a lifetime, active investors will make hundreds, often thousands of investment decisions. Not all of those decisions will work out for the better. Some will lose and some will make us money.
Wal-Mart So Far So Wrong
My thesis for buying Wal-Mart (WMT) was very simple: once it improves its store appearance and merchandise, existing customers will spend more money and new customers will start spending new money on higher margin merchandise.
Interview with Vitaliy Katsenelson
I was interviewed by CFA Society of Colorado, a society I am a proud member of.
Excited… Synergy… CVS/Caremark
I am trying to make up my mind about the CVS (CVS) - Caremark (CMX) deal. So far I have more questions than answers.
