Home » Articles » The Intellectual Investor Podcast » Skin in the Game, Steam in the Ground (Part 3) – Ep 261

Skin in the Game, Steam in the Ground (Part 3) – Ep 261

September 2, 2025

AUTHOR:

This is Part 3 from my client letter where I talk about my trip to International Petroleum in Calgary, the economics of Canadian oil sands, and the importance of corporate culture.

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Client letter Part 1 & 2: https://investor.fm/tag/client-letter/

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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.

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