I think most of the time, even as value investors, we optimize for returns, highest returns. I also practice high quality company investing and business investing because it's a great idea to optimize for happiness. Happiness in terms of having a process of identifying high quality companies or partnering with the right kind of people. The worst things that someone who's just starting out in terms of money management can do is avoid doing these biases.
Vitaliy Katsenelson is a value inevstor and CEO of Investment Management Associates. He is also the author of Soul in the Game: The Art of a Meaningful Life. In this episode, we discuss his journey as a value investor, how investors can practice thoughtful arrogance to make sound investing decision, the idea of being a student of life, stoicism, what having soul in the game really means, and much more.