Why the S&P 500 May Return Zero for a Decade

Vitaliy Katsenelson answers questions from a packed room at the Intellectual Investor Breakfast 2026 in Omaha, the morning of Berkshire Hathaway’s annual meeting. Over 800 attendees, 90 minutes of unscripted Q&A, no slides, no pitch.

Vitaliy is the CEO of IMA, a Denver-based value investing firm, and the author of Active Value Investing, The Little Book of Sideways Markets, and Soul in the Game. Forbes once called him “the new Benjamin Graham.”

This is the full conversation. Topics include why the S&P 500 may return close to zero over the next decade, what Greg Abel taking over Berkshire Hathaway actually means, why Uber may beat Waymo, the case for Watches of Switzerland, AI’s “iPhone moment,” the end of the dollar as a reserve currency, raising kids in a world of abundance, mistakes of omission, sell discipline, and how to invest with humility when the range of outcomes keeps widening.