CIO at Investment Management Associates

I am Chief Investment Officer at Investment Management Associates, Inc (IMA), a value investment firm based in Denver, Colorado. 

I was born and raised in Murmansk, Russia (the home for Russia’s northern navy fleet, think Tom ... more

ALL CONTRIBUTIONS

Uninvestable Tesla
Tesla is an uninvestable stock for me, not just because of its high valuation but also because it fails my fairly basic quality test.
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EC These Clues Tell You If A Company Is Making A Dumb Acquisition
As a shareholder, you do well to place more emphasis on risk than on reward. Corporate management usually does the opposite, and this is why most large acquisitions fail.
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The Double Trap For Tesla Investors Predicting The Future
Tesla’s Model S is the accelerator that will cause the auto industry to transform dramatically. Tesla’s success will depend on its ability to achieve scale to produce hundreds of thousands of cars a year.
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Bitcoin – Millennials' Fake Gold
The logical inconsistencies and internal sickness of the global economy have manifested themselves into a digital creature: Bitcoin. The core argument for Bitcoin is not much different from the argument for gold.
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World Leaders Are Taking Investors Down A Dangerous Economic Path
Conditions for investors around the world are getting worse.
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Trump Hates Them – We Love Them
A few weeks after Donald Trump was elected president, he was asked about pharmaceuticals prices. He declared, “Pharmaceutical companies are getting away with murder.” Well, my firm has been increasing our allocation to those “murderers".
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STOCKS I FOLLOW

AAPL Apple Inc.
DIA SPDR Dow Jones Industrial Average
MSFT Microsoft Corporation
QQQ PowerShares QQQ Trust Series 1
SPY SPDR S&P 500

TWEETS

PERSONAL BLOG

Latest Posts
This Rocky Stock Market Requires An All-Terrain Portfolio
BOAZ THIS IS JUST ANOTHER EXCERPT....PLEASE REVIEW.
Invitation For VALUEx Vail 2015, June 24-26
I created VALUEx Vail after attending VALUEx Zurich / Klosters,An event where like-minded people who are truly passionate about investing get together and share ideas had a tremendous appeal to me and wanted to recreate it closer to home.

Work Experience

Chief Investment Officer
Investment Management Associates, Inc.
August 1997 - Present (20 years 9 months)
Charged with responsibility for the majority of the firm’s portfolio decisions and equity analysis.
Lecturer
University of Colorado at Denver
August 2001 - May 2008 (6 years 11 months)
Practical Portfolio Management.

Education

University of Colorado at Denver
B.S.
1993 / 2000
Finance

Publications

The Little Book of Sideways Markets
Vitaliy Katsenelson
Wiley
12/07/2010
With the stock market turning into a roller-coaster ride of all-time highs and stomach-churning lows, where does that leave your portfolio? Pretty much back where you started in 2000. Which may be fine for visitors to Six Flags, but for your retirement, savings, and investments, you’d like to actually get somewhere. In The Little Book of Sideways Markets, respected value investor and author Vitaliy Katsenelson shows you how to survive a stagnant market that’s neither bull nor bear but instead what he calls a cowardly lion—it displays occasional bursts of bravado but is ultimately overcome by fear. Katsenelson, known for the commonsense principles he has written frequently about in the Financial Times, Bloomberg Businessweek and elsewhere, decodes the theories and cuts to the chase with practical and timely strategies for how you can survive and thrive during a sideways market—a state of affairs, by the way, we should expect for the next decade.
Active Value Investing: Making Money in Range-Bound Markets
Vitaliy Katsenelson
Wiley
09/28/2007
For the next dozen years or so, the U.S. stock market will be a wild roller-coaster ride—setting all-time highs and multi-year lows in the process. While the twists and turns of this ride are still to be written by history, the long-term, sideways "range-bound" trajectory has already been set by the eighteen-year bull market that ended in 2000. When the dust settles, only those who adapted their investment strategies to this range-bound market will have captured any meaningful profits. This is not just another value investing book. It is a practical guide that contains innovative insights and timely techniques that will improve your investment endeavors during a time when others will be paying with their returns, and with lost time, for the valuation excesses of prior bull markets.