https://traffic.libsyn.com/secure/intellectualinvestor/Ep_199_-_The_Growing_Pains_of_Maturity_v1_2023-07-18_1.mp3 Many times, we bought because they were in their “junior year”; this is what made them undervalued. Our research led us to the conclusion that their difficulties were transitory and that as they matured the market would revalue them. 📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://investor.fm/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. Please read the following important disclosure: https://investor.fm/disclosure/     The post The Growing Pains of Maturity – Ep 199 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_198_-_What_is_the_Value_of_Apple_-_How_do_we_evaluate_risk_v1_2023-07-11_1.mp3 Over the next two weeks, I will share with you a few excerpts from my 25-page summer letter to IMA clients.  Next week, I will be comparing my children to stocks and divulging my latest thoughts on Uber and Qualcomm.  My purpose in sharing these excerpts is to give you insights into the investment process, so they all have the same focus – to teach you how to fish, not to provide you with the fish. So please take them as such. 📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://investor.fm/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. Please read the following important disclosure: htthttps://investor.fm/disclosure/ The post What is the Value of Apple? How do we evaluate risk? – Ep 198 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_197_-_Russia__History_Repeats_Itself_v1_2023-07-04.mp3 Over the last two decades, I have given talks on investing, mainly focused on my books, to CFA Societies around the world, from South Africa to New Zealand to Sofia, Bulgaria, and India in January of this year (you can watch that talk here). As a CFA, I love talking to fellow CFAs; we all share a common memory of the pain of three torturous years of preparing for and taking the CFA exam. A few weeks ago I was asked to speak to the CFA Association of Russia about my most recent book. Here is my reply: A year and a half ago, I would have eagerly taken the opportunity to speak to your members, especially since my book Soul in the Game has been translated into Russian. However, today, my heart is breaking as I witness what is happening in Ukraine. To give a presentation to your members without addressing the atrocities occurring there would be similar to giving a presentation in Berlin in 1942 and not mentioning the millions of people being killed by the Nazis in the Soviet Union. Unless I can also discuss the horrors of the war, which I am sure you would not want me to do, I cannot bring myself to speak to your members.  Sign up for my free weekly email newsletter https://vitaliy.substack.com/  Check out my weekly podcast, The Intellectual Investor. https://investor.fm/  GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS  My website/blog – https://contrarianedge.com/  Business Website – https://imausa.com/  Twitter – https://twitter.com/vitaliyk  Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. Please read the following important disclosure: https://contrarianedge.com/disclosure/ The post Russia – History Repeats Itself – Ep 197 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_196_-_Vision_Pro_is_the_Vision_of_the_Future_v1_2023-06-27.mp3 While I was watching Apple’s presentation, Meta’s Quest Pro (which I own for research purposes) suddenly started to remind me of Microsoft PCs – made by engineers for engineers, where the Vision Pro is created by humans for humans.  📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://contrarianedge.com/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. Please read the following important disclosure: https://contrarianedge.com/disclosure/   The post Vision Pro is the Vision of the Future – Ep 196 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_195_-_How_Not_To_Lose_a_Job_Thats_Yours_v1_2023-06-21.mp3 Imagine withdrawing a job offer two days after it was made. This is exactly what we did. IMA is hiring for an Operations Associate position, and after a lengthy hiring process, we offered the position to Sam (not his real name). However, two days later, we had to withdraw the offer. This is not our usual behavior, so I wanted to write an explanation to Sam. 📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://contrarianedge.com/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. Please read the following important disclosure: https://contrarianedge.com/disclosure/ The post How Not To Lose a Job That’s Yours – Ep 195 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_194_-_A_Story_about_a_Story_v1_2023-06-12_1.mp3 Apple is the best storytelling company on the planet. This was the thought that ran through my mind as I watched Apple present its new products at the WWDC conference.  When it introduces a product, Apple doesn’t just spend the time telling you what it will do for you; it directs as much effort to telling a very detailed story about how it made the product.  📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://contrarianedge.com/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. Please read the following important disclosure: https://contrarianedge.com/disclosure/   The post A Story about a Story – Ep 194 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_193_-_Attend_a_Party_in_Your_Own_Head_v1_2023-06-07.mp3 Good thoughts bring you happiness; bad thoughts poison you with anxiety and pain. 📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://contrarianedge.com/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. The post Attend a Party in Your Own Head – Ep 193 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_192_-_You_are_-_What_you_think_about_Recession__Economy__Stock_Market_v2_2023-06-01.mp3 I’ve been asked by many readers and some clients for my thoughts on the economy and recession.  As I am typing this, I’m thinking about how much ink I should be spilling on writing about the recession and how much time we, as investors, should be allocating to thinking and worrying about it. Firstly, our ability to predict it is very limited – the economy is a complex system and thus incredibly difficult to forecast. Don’t believe me? The Federal Reserve employs a few hundred PhDs who stare at economic data 24/7 and they have yet to get it right, even once. Secondly, recessions are not a death sentence to the economy but a natural, transitory phase. 📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://contrarianedge.com/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. Please read the following important disclosure: https://contrarianedge.com/disclosure/ The post You are – What you think about (Recession, Economy, Stock Market) – Ep 192 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_191_-_Advice_to_Young_People_v1_2023-05-22.mp3 I don’t know when I graduated to giving job-seeking advice. However, I know that my scribbles are read by a lot of students and their parents, so I thought I would share this with you. 📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://contrarianedge.com/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. The post Embrace Good Problems: Advice to Young People Today – Ep 191 appeared first on The Intellectual Investor.

https://traffic.libsyn.com/secure/intellectualinvestor/Ep_190_-_What_I_Learned_From_the_Oracle_of_Omaha___Charlie_Munger_v1_2023-05-16_1.mp3 I’ve attended the Berkshire Hathaway Annual Shareholders meeting for over a decade. Here is what I learned in 2023. 📩 Sign up for my free weekly email newsletter https://contrarianedge.com/signup-for-articles/ 🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/ 📚 GET MY BOOKS Soul in the Game – https://tinyurl.com/yzh486ep The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2 Active Value Investing – https://tinyurl.com/ywfczy8u MY KEY LINKS 🌍 My website/blog – https://contrarianedge.com/ 🔗 Business Website – https://imausa.com/ 🐦 Twitter – https://twitter.com/vitaliyk 📸 Instagram – https://www.instagram.com/vitaliyk/ WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book. Please read the following important disclosure: https://contrarianedge.com/disclosure/ The post What I Learned From the Oracle of Omaha & Charlie Munger – Ep 190 appeared first on The Intellectual Investor.