The Intellectual Investor – Value Investing by Vitaliy Katsenelson

At IMA, we deal with prospective clients who have a short-term time horizon very differently. We do what I call "reverse marketing." I write articles, people read them, and when they get interested in our services, they download our brochure and reach out to us. The post Q&A Series: On Firing Clients, Sizing Positions, and Ignoring Book Value – Ep 288 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

There is an unspoken conflict between Americans and Europeans. Europeans accuse Americans of being stuck in the rat race. Americans look at Europeans, see them sipping their espressos for two hours a day and reading newspapers, and call them lazy. The post Q&A: The Antifragile Investor: Balancing Geopolitics, Identity, and the Cost of Growth – Episode 287 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I took a Waymo with my colleague Cyrus. We were genuinely impressed. It was a seamless experience. Uber is dead, long live Waymo? Not So Fast. The post Uber and Self-Driving Cars: The Utilization Problem Nobody Talks About – Ep 286 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

The future feels less predictable because the range of possible outcomes has expanded. Here is my best attempt to think through that reality with humility, and why you should let me do the worrying for both of us. The post What AI, Tariffs, and Global Uncertainty Mean for Your Portfolio – Ep 285 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Investing is a lot more art than science. I bring a scientist's mindset – I approach problems with an open mind and I am willing to change my mind when data proves me wrong. The post When to sell a stock: The Art and Psychology of Selling – Ep 284 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Instead of joining the chorus of false certainty, let me offer you a crayon-level framework for thinking about it. I am going for vaguely right, not precisely wrong. The post On AI Eating The World – Ep 283 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

On January 11, 2026, my younger daughter, Mia Sarah, celebrated becoming an adult, at least according to Jewish tradition (she turned 12). This is what I told her The post 10 Life Lessons I Passed On to My Daughter on Her Bat Mitzvah – Ep 282 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I let myself be me when I write. I just made it sound easy. It is not. It comes down to confidence. It took me a long time – years, to get comfortable with being me on paper. The post Q&A: From Imposter Syndrome to Authenticity – Ep 281 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

When policies are judged by intentions rather than outcomes, you get Germany closing nuclear plants only to burn more coal. The post The Church of Climate and the Law of Unintended Consequences – Ep 280 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

As my income went up, instead of buying myself things, I turned to buying time and experiences. The post Q&A Money Should Buy Time, Not Things – Ep 279 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Warren Buffett calls Berkshire Hathaway his Sistine Chapel. This analogy haunted me for years until I realized we are building the exact same thing at IMA. It took me a decade to put into words, but I finally narrowed our firm’s entire reason for existence down to just two words. They sound simple, but living up to them is the hardest thing we’ve ever done. The post Our Sistine Chapel: Long-Term Investing in Quality and Kindness – Ep 278 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Today, we’re diving into two questions from readers that are close to my heart, which of my books is my personal favorite and why, and is there a similarity between classical music and investing for me? The post On Books, Music, and Investing – Ep 277 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

As an investor, being intentional about identifying assumptions is extremely important. When you're mindless, you accept things as they are without realizing you're walking on thin ice while everyone else thinks it's solid ground. The post Living and Investing with Intention – Ep 276 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I held a Q&A session with readers a while back. In this episode, we'll discuss how to handle market pressures and our view on serial acquirers. The post Q&A Series: Managing Market Pressures and Evaluating Serial Acquirers – Ep 275 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Looking back, I recognize that my parents gave my family an amazing gift: the ability to see. They never forced us to go to museums; they just took us with them. The post Learning to See – Ep 274 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

My biggest problem was that my family, including yours truly, was not good at lying. Okay, I am getting ahead of myself.  The post Operation Molly – Ep 273 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Before I explain why I love Fever-Tree as a product and an investment, here’s the story of how tonic water became a British obsession—it’ll make more sense after. The post Surrounding Yourself with Greatness – Part 2 – Ep 272 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

On this trip, my wife and I visited Paris and London, where I spoke to CFA Societies in both cities. The post From Paris with Love, from London with Concern – Part 1 – Ep 271 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In todays episode we'll delve into my research process, how I assess country risk for investments and why some investors avoid technology stocks. The post Q&A Series: Research Process, Evaluating Country Risk and Tech Investments – Ep 270 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Our London and Scotland trip blended investing, art, friendship, and father-son memories that made the journey unforgettable. The post London and Scotland: Musicals, Markets, and Memories – Part 3 – Ep 269 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

One important quality great management must have is the ability to suffer, doing the right thing when everyone else is chasing easy gains. The post The Ability to Suffer – Part 2 – Ep 268 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I explore what Rolex’s lasting value and Fever Tree’s stock reveal about quality, patience, and playing the long game in business and investing. The post The Art of Rational Irrationality – Part 1 – Ep 267 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

When I had the chance to tour an Amazon fulfillment center in Denver, I jumped at the opportunity. What I found was both more remarkable and more unsettling than I had imagined. The post My Article in The Wall Street Journal – Ep 266 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

The hype around investing in AI feels real, but like every revolution, it’s easy to forget that not every gold rush makes its miners rich. The post Why Smart Investors Should Sit Out the AI Arms Race – Ep 265 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

At HII’s shipyard, I saw how cost-plus capitalism shapes naval shipbuilding: scarce automation, labor shortages, and incentives that reward rising costs. The post Cost-Plus Capitalism: Lessons from HII and the Future of Naval Shipbuilding (Part 5) – Ep 264 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I knew the Lundins had sold Lundin Energy to Aker BP (a Norwegian oil company) and were large shareholders, but I’d never looked at the stock. The post Why We Bought Aker BP: A Technology-First Oil Company (Part 4) – Ep 263 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

When Charlie Kirk invited me onto his show, I hesitated. I knew little about him and had heard mixed opinions. Out of curiosity, I watched a few episodes. What I saw was a man I often disagreed with—but also someone earnestly searching for truth, and willing to listen with respect. The post Charlie Kirk and the Cost of Courage – Ep 262 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

This is Part 3 from my client letter where I talk about my trip to International Petroleum in Calgary, the economics of Canadian oil sands, and the importance of corporate culture. The post Skin in the Game, Steam in the Ground (Part 3) – Ep 261 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I'm about to share Part 2 of the letter, where I'll take you deep into the "inside baseball" of our investment process. Specifically, I'll discuss how we structure and determine the position size of each stock in our portfolios – something I haven't covered before (at least not in this detail) and haven't seen other investors discuss much either. The post Inside Baseball: How We Build Portfolios (Part 2) – Ep 260 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Over the next few weeks I’ll share excerpts from the 27-page letter I just wrote to IMA clients. So take these excerpts as they are – written for clients but useful, I hope, to you. The post Skating on Thin Ice: Discipline, Doubt, and the Long Game (Part 1) – Ep 259 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

📩 Join 94,000+ readers on my FREE weekly email newsletter:    📚 Get my books: Soul in the Game -  The Little Book of Sideways Markets -   Active Value Investing -    WHO AM I: Vitaliy Katsenelson is the CEO of... The post The Baltics, Europe’s Pragmatic Rising Stars – Ep 258 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

What’s fascinating about this trip is that it has everything and nothing to do with Warren Buffett. The main event that draws everyone to Omaha – the Berkshire Hathaway (BRK) annual meeting. The post Warren Buffett and the Berkshire Hathaway Paradox – Ep 257 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Do we need to redefine “value” in this era of the US stock market, or should we continue to sit on the sidelines if traditional metrics show equities to be overvalued? The post Redefine “value” in this era of the US stock market – Ep 256 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Last week, I received a lot of responses to my article about Tesla. They ranged from “Stop spewing your anti-right propaganda and stick to data” to “You don’t like Tesla stock. Are you saying your next car won’t be a Tesla?” The post A Brief Rant on Tesla & Musk – Ep 255 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

📩 Join 94,000+ readers on my FREE weekly email newsletter:  IMA Annual Client Meetings -   📚 Get my books: Soul in the Game -  The Little Book of Sideways Markets -   Active Value Investing -    WHO AM I:... The post 2025 IMA Annual Client Meeting appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Tesla market value of $780 billion mostly reflects Elon's future dreams, not car sales. The reality? Only $100-180 billion tied to the actual vehicle business. The post Current Thoughts on Tesla – Ep 254 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Americans have always outspent Europe on defense, but to be fair, we have a currency advantage. Our military might elevated our currency to reserve status. The post Europe Can’t Hide Behind America Anymore – Ep 253 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

The US dollar will likely continue to get weaker, which is inflationary for the US. Let me start with some easily identifiable reasons. The post The Reputational Bankruptcy of the American Dollar – Ep 252 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Trump's tariff decisions are unilateral – even though the Constitution clearly places that power in Congress’s hands. Why does he behave like a king? The post Tariffs, Debt, and a Recession by Design – Ep 251 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

When asked about his money manager, our long-term client Ed, who became a dear friend, proudly stated, “My money is managed by a paranoid Russian Jew.” This perfectly sums up our approach to investing. The post The Paranoid Russian Jew Approach to Investing – Ep 250 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

📩 Join 94,000+ readers on my FREE weekly email newsletter:   📚 Get my books: Soul in the Game -  The Little Book of Sideways Markets -   Active Value Investing -    WHO AM I: Vitaliy Katsenelson is the CEO of... The post It Is Not the Cards You are Dealt; But is How You Play Them – Ep 249 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

📩 Join 94,000+ readers on my FREE weekly email newsletter:   📚 Get my books: Soul in the Game -  The Little Book of Sideways Markets -   Active Value Investing -    WHO AM I: Vitaliy Katsenelson is the CEO of... The post Q&A Series: Diversification and Position Sizing in Investing – Ep 248 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

What are the hidden advantages of living away from “noisy” investing centers like New York?  The post The Hidden Advantages of Investing from NOT New York City – Ep 247 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I’ve received emails from readers asking my thoughts on DeepSeek. I need to start with two warnings. First, the usual one: I’m a generalist value investor, not a technology specialist, so my knowledge of AI models is superficial. Second, and more unusually, we don’t have all the facts yet. The post DeepSeek Breaks the AI Paradigm – Ep 246 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Over the last few years, our portfolio has skewed more international. Today, if you only invest in the US, you're experiencing two stock market hells. The post Escaping Stock Market Double Hell – Ep 245 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

2024 brought me back to a core Stoic principle that I hold close to my heart: the dichotomy of control. We can apply it in investing. The post Embracing Stock Market Stoicism – Ep 244 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

My son Jonah and I were at CES (the Consumer Electronics Show) in Las Vegas. I wanted to attend CES to shake myself out of my comfort zone. The post Thoughts from Consumer Electronics Show – Ep 243 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

In this Q&A excerpt, we'll explore teaching money habits to young people and how writing has improved my investment approach. The post Q&A Series: Money Habits for Kids and the Power of Writing – Ep 242 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Warren Buffett has stated multiple times that if he could manage a very small amount of money today, he would be able to return more than 50% per year to shareholders. If you managed a million dollars of only your own money, would you do it differently?  The post Managing a Million: What Would I Do Differently? – Ep 241 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I asked AI to educate and entertain my readers with a radio show-style dialogue based on my essay - The Impact of Higher Interest Rates on the Economy. The post The Impact of Higher Interest Rates on the Economy – AI Edition – Ep 240 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.