The Process
Don’t Drink Market’s Kool Aid
Here is a joke that I heard from Warren Buffet years back. A very successful oilman dies. He faces Saint ...
Investment Process Presentation
Presentation that describes my firm’s investment process. AVI Omaha 2012
Playing a Game of Economic Survivor
I don’t do writing assignments. I don’t like deadlines. I am not a writer; I am an investor who thinks through writing. So when Institutional Investor asked me to write on the future of investing, my instinct was to politely decline. But the topic did seem intriguing. So I decided to give it a try.
For Europe, Breaking Up Is a Hard Thing to Do
Everyone is looking with horror at Europe, waiting for the European Economic and Monetary Union to break up and for ...
Fed is Measuring U.S. Economic Health by the Wrong Number
Mark Twain said, “To a man with a hammer, everything looks like a nail.” To a Fed – an institution ...
We Are Not AAA
I have received many emails and a few calls from friends, asking one question: What are the consequences of the ...
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 ...
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. Ben Claremon from Inoculated Investor ...
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 ...
Set the Bar High
The Ups and Downs of Flying I am a very nervous flyer. Whenever there is a little bit of turbulence, ...
U.S. Must “Man Up and Take the Pain” or We’ll Become Japan
After it’s property bubble burst, Japan embarked on a stimulus program Katsenelson describes simply as: “Lower taxes and borrow money ...
QE2: Beware the Perils of its Success
There is only one difference between a bad economist and a good one: the bad economist confines himself to the ...
Shadow over Asia
The summer is over in Denver. Of course, in Denver the summer was officially over Labor Day weekend, when the ...
Don’t call me Dr. Doom, call me Mr. Realist
I had an interesting conversation last week with a potential investor. I described my thoughts on the US economy, explaining ...
The China Bubble’s Coming — But Not the One You Think
Financial commentators are obsessively debating whether the recent rise in the Chinese stock market means there's a bubble -- and if so, when it's going to burst. My take? Who cares! What happens to the broader Chinese economy is what we should really be watching. It will have a far-reaching impact on the rest of the world -- much more far-reaching than a decline in stocks.
You are not as smart as you think you are
Our emotions lead us to do the opposite of what we should be doing. They lead us to buy high ...
The pain of mean reversion
DENVER (MarketWatch) — The stock market has dropped. Corporate profits have collapsed. And profit margins have reverted toward the mean. ...
The Process
I wrote this article almost two years ago, it is by far the most important article I ever wrote. I strongly ...
Chinese and Starbucks Late Stage Growth Obesity
I had my TV service disconnected at home for awhile now, don’t want my kids to become TV-addicts. We reconnected ...
Forbes Praises Active Value Investing
Rich Karlgaard, the publisher of Forbes magazine, mentioned my book in his article: The new Benjamin Graham is Vitaliy N. ...
Is it a Bull, Bear or Cowardly Lion Market?
I wrote a guest column for John Maudlin’s weekly newsletter. Here are links to PDF and John’s website. John wrote ...
