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The Values of Value Investing

This article has been in the works since last November. It started out as a speech I gave to the Swiss CFA Society. To me it is an important framework for understanding value investing. I think the rise of the consulting industry, armed with cheap computing power and an abundance of stock-specific data, has harmed… … Keep Reading

knowinf-difference-value-price
FP: Latest

For Investors, Discovering Truth Takes Time

The Roman philosopher, playwright, statesman and occasional satirist Lucius Annaeus Seneca wasn’t talking about the stock market when he wrote that “time discovers truth,” but he could have been. In the long run a stock price will reflect a company’s (true) intrinsic value. In the short run the pricing is basically random. Here are two… … Keep Reading

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santa-fe-revisited
FP: Life/Life

Santa Fe Revisited 2015

Last year I wrote about (what has become) our annual trip to Santa Fe. The first two years it was grandfather, father, and son (my oldest, Jonah, who is 14). This year, the “boys” trip was turned into a “boys +1” adventure as we were joined by my nine-year-old daughter, Hannah. … Keep Reading

thats-my-boy-article-poster
FP: Life/Life

Me, My Boy and Warren Buffett

I have a confession to make. I want my company to someday be called Katsenelson & Kids. That doesn’t have to be its official name, but I want to work with my kids. I want my kids to be value investors. I know I am supposed to want them to be doctors or nuclear physicists. … Keep Reading

keys-sunset-cut
FP: Life/Life

Homophobic Arbitrage

Last week I went to a conference in South Beach. I made reservations for our hotel a few months ago, but I did not make a reservation for the one night we needed at Key West. I did not know much about the Keys and didn’t have time to research them before the trip. … Keep Reading

Music View all

saint-saens
FP: Music/Music

Saint-Saens Piano Concertos 1-5

A few weeks ago I shared with my readers Saint-Saens’ Piano Concerto No. 1. To my surprise, I received a lot more emails about this piano concerto than any other piece of music. However, most of them said something along the lines of “I love No. 2”, or “No. 3 is the best” or “What the 1st is… … Keep Reading

Casta Diva
FP: Music/Music

Casta Diva

Norma premiered in La Scala (the Mecca of opera in Millan Italy) in 1831. Casta Diva is one of the most challenging arias ever written for soprano. During the rehearsals before the premier Italian soprano Giuditta Pasta refused to sign it she said it was “ill adapted to her vocal abilities”. … Keep Reading

beethoven-9-symphony
FP: Music/Music

Beethoven’s Symphony No. 9

I wanted to share with you Beethoven’s Symphony No. 9. It is not a traditional symphony, because it uses voices in addition to instruments; thus it is called a choral symphony. Beethoven composed it when he was completely deaf. … Keep Reading

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