Vitaliy Katsenelson | TalkMarkets | Page 2
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 Clancy’s Red October). ...more

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I Kid You Not Crazy
What we learned from previous bubbles is that greed and FOMO eat people from the inside and cause them to resort to leverage. Leverage ruins people's lives, and it has never been easier to borrow money than it is today.
This Holiday, Will Mr. Market Eat Too Much Pi?
Mr. Market was less than kind to our portfolio over the last few months, and especially the last few weeks.
Inflation Update: Not Transitory Yet!
Today we are experiencing a perfect storm of inflation. Here are the risks I see on the horizon in the next few quarters...
Stock Analysis: UBER (Updated)
People spend trillions of dollars on cars and transportation globally, and ridesharing is roughly a $100 billion industry today, so we still have a long way to grow.
Investment Lessons Learned From The Poker Table
“I don’t know.” These three words don’t inspire a lot of confidence in the messenger and probably will not get me invited onto CNBC, but that is exactly what I think about the topic under discussion.
Sideways Market
Sideways markets happen not because the stock market gods play an unkind joke on gullible humans but because of human emotions.
How We Invest In Inflation
We need to recognize that inflation in the long term is a probability but not a certainty. The economy is an incredibly complex and unpredictable system. 
Inflation Is Here. But For How Long?
In the long term, a true inflationary risk comes from growing government borrowing and budget deficits, which will bring higher interest rates and a weaker dollar, which will only make inflation worse and will also deflate away a lot of assets.
The Renaissance Of Pipelines And Our Sell Discipline
Pipelines are undergoing a renaissance today, but it’s not the one you think.
Value & Growth Demagogues
Growth demagogues argue that valuation is irrelevant for high-growth companies because the price you pay for growth doesn’t matter. Value demagogues think that all they need to do is buy statistically cheap stocks. I have a problem with both.
US And China: In The Foothills Of Cold War
The resurgence of nationalism had started to create cracks in attitudes about global trade, especially in the US, before the pandemic.
Letter From The Value Investing Mental Asylum, Or, How I Embraced Stoicism
This speculative phase may have been triggered by a combination of low interest rates which have resulted in low margin rates, the decline of retail trading commissions to zero, pandemic stimulus money, and/or boredom from lockdown.
Good Companies Don’t Always Make Good Stocks
If you were to look at these companies’ financial statements, you’d be seriously underimpressed. They paint a stereotypical picture of corporate old age.
The Fischer Random Chess Stock Market
Most of the mental models we as investors rely on are based on an environment that no longer exists. The only common denominator between now and then is that humans have not really changed that much.
Letter To A Young Investor
As I look at my investment role models, all them, without exception, share one quality. If you don’t have that thirst for knowledge, cut your losses and find another career or hobby.
Svenska Handelsbanken And How To Use Book Value
Svenska Handelsbanken, based in Sweden, is one of the best-run banks in the world. We wanted to own it for a long time and finally got the opportunity.
17 to 32 of 54 Posts