Home » Articles » The Intellectual Investor Podcast » The Church of Climate and the Law of Unintended Consequences – Ep 280

The Church of Climate and the Law of Unintended Consequences – Ep 280

February 12, 2026

comments

AUTHOR:

Vitaliy Katsenelson

When policies are judged by intentions rather than outcomes, you get Germany closing nuclear plants only to burn more coal.

📩 Join 100,000+ readers on my FREE weekly email newsletter: https://investor.fm/sign-up/

📚 Get my books:

Soul in the Game – https://amzn.to/43CF73v

The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ

Active Value Investing – https://amzn.to/3u8zn3A

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.

Enjoyed this read?

Share it with someone who’d love it too!

Facebook Tweet LinkedIn Email

New to investing?

Explore these valuable guides to get started.

Value Investing
Student
Curriculum

The 6
Commandments
of Value
Investing

Letter to
a Young
Investor

August 6, 2026

Chess Nights at Red Robin – Ep 299

I have vague first memories of playing chess with my grandfather when my family visited my father's parents in Moscow. I was five years old.

July 31, 2026

Today’s Market = 1999 Capex + 2008 Credit – Ep 298

I wrote in the past that the AI rollout feels a lot like déjà vu of the 1999 telecom bubble. Today's AI bubble has elements of both the 1999 overinvestment in internet infrastructure and the 2008 collapse of financial instruments that infected the banking and financial system.

July 23, 2026

You Don’t Need to Be an Expert to Hire One. You Need a Tunaman. – Ep 297

My wife and I are taking a perfectly good 25-year-old house and spending 20% of the purchase price on ... Read more

July 16, 2026

Most People Don’t Want to Write. They Want to Have Written. – Ep 296

I was at a conference in Switzerland. A reader came up to me and asked, "Vitaliy, I've been reading your articles for years. I'd like to write. How should I start?"