How would a value investor like Warren Buffett look at today's crazy markets? What stocks would he buy? And what would he say about today's much-loved or much-hated companies?
Featured in Financial Times, Fortune, Barron's, Business Insider, MarketWatch, and many others, Vitaliy Katsenelson's often contrarian articles on value investing, classical music, and life in general have already generated something of a cult following.
You can now listen to his articles (old and new) read aloud by a professional narrator. Enjoy!
How to Invest When There's Nowhere to Hide - Ep 145
It seems every year, Vitaliy believes we have finally reached the peak of crazy, only to be proven wrong the next year. The stock market and thus index funds, just like real estate, have only gone one way – up. You don’t have to be a stock market junkie to notice the pervasive feeling of euphoria. Vitaliy shares how he invests when most if not all asset classes are very expensive.
You can read this article online here: https://contrarianedge.com/how-to-invest-when-theres-nowhere-to-hide/
Why Do I Write a 27-page Letter To Clients link here: https://contrarianedge.com/why-do-i-write-a-27-page-letter-to-clients/
Part 1 from the Fall letter: https://contrarianedge.com/this-holiday-will-mr-market-eat-too-much-pi/
Build Your Network Interview
In this interview with Travis Chappell, host of the Build Your Network podcast, Vitaliy shares how he has used writing to build his network of investing peers, and also grow his firm, IMA. Along the way, Vitaliy touches on how we learned to emphasize people in investing, his evolution from analyst to CEO, and what career he would do if he were not an investor. Enjoy!
You can listen to the original interview in this link: https://redcircle.com/shows/build-your-network/episodes/66175920-ccf5-4d25-b168-6a235ad20173
30 Years in America - Ep 144
On the 30th Anniversary of his family's arrival in the United States from Soviet Russia, Vitaliy reflects on his time here. After recounting the hard early days in a new country when he was "fresh off the boat", Vitaliy offers perspective on how America has changed since he arrived. What he sees now is, in some ways, more troubling than what he found all those years ago as a new immigrant.
You can read this article online here: https://contrarianedge.com/30-years-in-america/
This Holiday, Will Mr. Market Eat Too Much Pi? - Ep 143
There is a cryptocurrency, also named Omicron, that was up 900% on the day the new COVID-19 variant was publicized. Try as he might, Vitaliy cannot figure out what would have caused this crypto to spike that day. He muses that Mr. Market must be so crazy right now, that he is bidding up the price of random tokens based merely on alphabetical order. What does this imply for stocks, if anything?
You can read this article online here: https://contrarianedge.com/this-holiday-will-mr-market-eat-too-much-pi/
Essay link: https://contrarianedge.com/why-do-i-write-a-27-page-letter-to-clients/
Vitaliy's Article Almanac 2021: https://contrarianedge.com/vitaliys-article-almanac/
Welch vs Bezos - Ep 142
During his tenure, Jack Welch built GE into an earnings estimates-beating-machine. There's just one problem with that: it leads to extreme short-termism, and ultimately the misallocation of capital. Contrast this with Jeff Bezos' approach of maximizing long-term free cash flow, disregarding the current quarter. Which business do you want to invest in?
You can read this article online here: https://contrarianedge.com/welch-vs-bezos/
Our Analysis of UBER (Updated) - Ep 141
Vitaliy re-shares and updates his analysis of Uber, and why it remains an attractive investment. He provides a mental model of how to analyze companies that may appear expensive but have yet to reach escape velocity in their cost structure and have a large market addressable market that they’ll likely dominate.
You can read this analysis online here: https://contrarianedge.com/our-analysis-of-uber-updated/
I listen to your podcasts and read your emails religiously!
Wonderful podcast for beginners too
I feel very fortunate to have stubled across this podcast. I started listening to this podcast in an attempt to gain a better understanding of (value) investing. This podcast is a great resource for that as well as an introspection into other inspiring subjects as well. This podcast has given me solid foundation for (value investing) and I think it will do the same for investors of all experience levels as well. Thanks Vitaliy!
Gem of a Podcast
It is so refreshing to hear someone of such intelligence and with such grounded values share his wisdom. The interview episodes are my favorite!