711: Vitaliy Katsenelson | Learning the "People" Side of Value Investing

Dec 27, 2021

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You don’t often think about culture and people when looking to invest in the stock market. In this episode, we’re going to turn that on its head.

Vitaliy N. Katsenelson, CFA is Chief Investment Officer at IMA. He is the author of The Little Book of Sideways Markets and Active Value Investing. While his primary focus is on discovering undervalued companies for his clients, he is also known for his “Uncommon-Common Sense”, and speaks frequently to investment groups around the world. He’s also been featured in articles in the Financial Times, Barron’s, Bloomberg BusinessWeek.

Let’s dive right in and learn the "people side" of value investing.

Things you will learn in this episode:

[00:01 - 03:52] Opening Segment

I introduce today’s guest, Vitaliy Katsenelson
Vitaliy gives us a bit of his background
Appreciating things now more than in the past
The things you value today, will not be what you value tomorrow
Developing the passion for investing out of college
The journey of getting his CFA
Becoming the CIO of IMA
Learning to appreciate the people around you more

[03:53 - 11:35] Learning the "People" Side of Value Investing

Vitaliy talks about the importance of culture
People will make the difference
The softer side of investing
Numbers are easy
Learning ‘people’ is hard
How to audit yourself to identify potential problems
Have self-awareness
You need humility
A quick word from our sponsors

[11:36 - 20:30] Writing, Relationships, and Marketing

The importance of writing on personal development
Focused form of meditation
Connecting the subconscious mind with the conscious mind
How relationships come into play in Vitaliy’s work
The example of not being good at sales
You should work with people you like
Vitaliy talks about how he networks
You don’t need to go in with an agenda
You need people who can help you unwind as well
Know the specific things you want to learn from someone
Who you know, or what you know?
It depends on the people
What you know can create who you know

[20:31 - 26:21] Closing Segment

The RaNDom RoUnD
How to connect with Vitaliy and his work - links below
Final words

Tweetable Quotes:

“The easiest way to learn investing is figuring out the numbers… The softer side is the people.” - Vitaliy

“A lot of thoughts live in our heads. Writing, for me, is a very focused meditation.” - Vitaliy Katsenelson

“When you invest in the Stock Market, you can be making all the right decisions and the Market just doesn’t care.” - Vitaliy Katsenelson

Resources Mentioned:

You can connect with Vitaliy on Twitter and LinkedIn. For expert investment services, resources, and education visit https://contrarianedge.com/.

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