Our Valuation and Future Expectations

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You can read the full letter here: https://investor.fm/2025-fall-letter/

Previous client letter: https://investor.fm/cost-plus-capitalism-lessons-from-hii-and-the-future-of-naval-shipbuilding-part-5/

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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.

The post The Ability to Suffer – Part 2 – Ep 268 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.