The Intellectual Investor – Value Investing by Vitaliy Katsenelson

https://traffic.libsyn.com/secure/intellectualinvestor/Accent_Podcast_Pt._1_v2_20-08-24_MP3.mp3 In November 2019, Vitaliy had the pleasure to sit down with Aznaur Midov, fellow Russian immigrant and host of the Accent Podcast, to talk about Vitaliy’s story and lessons from 20 years of investing. In part 1 of a 2 part podcast, Vitaliy shares his thoughts on how value investing has evolved, the difference between value and “growth at a reasonable price”, the role of diversification and rebalancing, and how he finds new stock ideas. Enjoy! You can listen to part two here. Disclosure: Read this before you buy your next stock   The post Accent Podcast Interview – Part One – Ep 88 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/Beloved_Country._Unloved_Hedge._v2_20-08-17_MP3.mp3 Vitaliy hated every minute he spent working on this podcast, because he got close to a line he doesn’t like to cross – the politics line. It was particularly painful because it made him think more about the negative changes that are happening to the country he loves. But as investors, we have to think about how changes in the world impact our portfolio. Here’s how Vitaliy considers the role of the US Dollar in tomorrow’s world. You can read this article online at: https://contrarianedge.com/beloved-country-unloved-hedge/ Disclosure: Read this before you buy your next stock   The post Beloved Country. Unloved Hedge. – Ep 87 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/What_I_Learned_from_Value_Investor_Guy_Spier_v3_20-08-10_MP3.mp3 Vitaliy was recently asked by the CFA Institute to give a talk in London. But this offer was even more interesting than usual: it was a joint presentation with Guy Spier. Guy is a tremendous value investor who happens to be a good friend of Vitaliy. He was born in South Africa, spent his childhood in Iran and Israel, received an MBA from Harvard, and in 2008 got sick of the New York hedge fund rat race and moved with his family to Zurich. In this podcast, Vitaliy shares his friendship with Guy, and reviews his excellent book, The Education of a Value Investor. You can read this article online at: https://contrarianedge.com/what-i-learned-from-value-investor-guy-spier/ The post What I Learned from Value Investor Guy Spier – Ep 86 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/Good_Companies_v3_20-07-31_MP3.mp3 Vitaliy was recently going through a new client’s portfolio and found it full of the likes of Coca-Cola and Campbell Soup – pseudo-bond substitutes. Each one is a stable and mature company. Your mother-in-law would be proud if you worked for any one of them. But their days of growth are in the rearview mirror. In this podcast, Vitaliy explains a key distinction in investing: the difference between a good company and a good investment. You can read this article online at: https://contrarianedge.com/good-companies-dont-always-make-good-stocks/ Disclosure: Read this before you buy your next stock   The post Good Companies Don’t Always Make Good Stocks – Ep 85 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/Santa_Fe_-_Remember_This_v2_20-07-22_MP3.mp3 Santa Fe and Vitaliy’s family go way back to the early 90s. It all started with his father, Naum, and his stepmother. Naum had his paintings exhibited in a gallery on Santa Fe’s famous Canyon Road. A few times a year, the Katsenelsons would load up paintings in a minivan and drive them to Santa Fe. Now, Vitaliy takes his kids there every year, in what has become a sacred tradition. You can read this article online at: https://contrarianedge.com/santa-fe-remember-this/ The post Santa Fe: “Remember This” – Ep 84 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/Teslas_Stock_Price_Discounts_Temporal_Wormhole_into_the_Future_v2_20-07-20_MP3.mp3 Tesla’s market cap just crossed $300 billion. It’s the largest car maker in the world, even larger than Toyota, which produced almost nine million cars in 2019 and had a market cap of $200 billion. In this podcast, Vitaliy hypothesizes that Tesla’s market cap has traveled through a wormhole from the future to the present, and why $300 billion is a tenuous valuation, even for the world leader in electric vehicle manufacturing. You can read this article online at: https://contrarianedge.com/teslas-stock-price-discounts-temporal-wormhole-into-the-future/ Disclosure: Read this before you buy your next stock   Vitaliy’s 37-page Tesla writeup signup link. Vitaliy’s Nifty FAANG and Other “One Decision” Investment Strategies article. The post Tesla’s Stock Price Discounts Temporal Wormhole into the Future – Ep 83 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/My_Interview_with_Josh_Brown_on_The_Compound_v2_20-07-13_MP3.mp3 Vitaliy had the pleasure to sit down with the Reformed Broker himself, Josh Brown on his podcast The Compound. What follows is their conversation, in which they discuss why the price you pay for a stock always matters, no matter how good the quality, and then they go through some historical examples. Vitaliy hopes you enjoy it! You can view this interview online here-> https://www.youtube.com/watch?v=pcqeUmTq2IY&t=229s You can read article “Nifty FAANG and Other “One Decision” Investment Strategies” in this link: https://contrarianedge.com/nifty-faang-and-other-one-decision-investment-strategies/ or listen to episode #78. Disclosure: Read this before you buy your next stock   The post My Interview with Josh Brown on The Compound – Ep 82 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/When_the_Facts_Change_We_Change_Our_Minds_Anatomy_of_a_Sale_v2_20-07-13_MP3.mp3 In investing, one of the most important traits an investor can have is intellectual flexibility. Buffett, for example, is very dispassionate about what he owns; he has the ability to change his mind. In the early part of 2020, he was the largest shareholder of US airline stocks, and was actively buying more, only to sell them a few weeks later. This quarter, Vitaliy did something similar with a company his firm, IMA, admires. In this podcast, Vitaliy explains what that company was, and why it matters. You can read this article online at: https://contrarianedge.com/when-the-facts-change-we-change-our-minds-anatomy-of-a-sale/ Disclosure: Read this before you buy your next stock   The post When the Facts Change, We Change Our Minds (Anatomy of a Sale) – Ep 81 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/Perspective_v2_20-07-06_MP3.mp3 In this mini-podcast, Vitaliy shares a personal story that illustrates how profound even a tiny shift in perspective can be. You can read this article online at: https://contrarianedge.com/perspective/ The post Perspective – Ep 80 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

https://traffic.libsyn.com/secure/intellectualinvestor/Uber_Delivering_Food_My_4_Seconds_of_Fame_PBS_v2_20-06-30_MP3.mp3 Vitaliy was on PBS NewsHour talking about Uber Eats and the food delivery business. When he told his six-year-old daughter Mia Sarah about it, she shrugged and said she’d be more impressed if he was on PBS Kids. The five-minute recorded interview was cut down to literally four seconds, so here are Vitaliy’s further thoughts on both the Uber Eats and Ridesharing businesses. You can read article online at: https://contrarianedge.com/uber-delivering-food-and-my-4-seconds-of-fame-on-pbs-not-pbs-kids-unfortunately/ Disclosure: Read this before you buy your next stock   The post Uber: Delivering Food and My 4 Seconds of Fame on PBS (not PBS Kids, unfortunately) – Ep 79 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.