Feb 05 |  If I were a prosecutor I’d be thanking Al Gore for inventing the internet and email (I don’t know if Mr. Vice President claimed the email invention, but without the internet there is...

9:17 pm / No comment / Read More »

Jan 31 | I have tremendous respect for Mr. Buffett.  But every word that comes out of his mouth should not be looked upon as prophecy, or the gospel truth.  I get a feeling that Buffett...

8:17 am / 1 comment / Read More »

Jan 29 |  I am a Capitalist Pig, and proud of it, thus you would not expect me to support government interference and more strenuous regulation of financial institutions – after all, capitalism (free markets) and...

8:50 pm / No comment / Read More »

Jan 28 |  The Chinese economy must be getting out of control, because the Chinese government is doing the unthinkable: It is desperately trying to put the brakes on the economy. When you pump a stimulus...

6:11 pm / No comment / Read More »

Jan 18 | I understand why investors don’t want to own Pfizer (PFE); there is little excitement in the stock:  It is down significantly from the Viagra-high it reached in 1998.  Yes, Pfizer is the maker of...

9:57 pm / 1 comment / Read More »

Jan 14 | The stock market’s performance over the next decade will be very similar to the one since 2000: the WSJ appropriately named it “the lost decade.”  Stocks will go up and down (setting all-time...

9:56 pm / No comment / Read More »

Jan 14 | AS THE NEW YEAR OPENS, THE stock market is behaving as if the past 20 years were about to repeat themselves: Another recession will turn into a robust expansion. Stock prices already are...

9:51 pm / No comment / Read More »

Dec 10 |  This paragraph, taken from a SocGen research report by Dylan Grice (one of the few sell-side folks worth reading, along with Albert Edwards, also at SocGen), sums up the dichotomy between how investors...

6:58 pm / No comment / Read More »

Dec 06 | In the bull market that preceded the collapse of Lehman Brothers and the ensuing financial crisis, equity valuations reached some very frothy levels. The correction that followed only lasted until March, since when, the...

11:33 pm / No comment / Read More »
Featured

Books that will help gain sanity in insane market »

Books that will help gain sanity in insane market Oct 28 | I originally wrote this list of recommended books last year; recently I updated and added a few more.  I hope to keep adding to it every year.  It...

4:51 pm / No comment / Read More »

In Defense of Capitalism: a True Love Story »

In Defense of Capitalism: a True Love Story Oct 06 |   My writing is a byproduct of my investment process, I think through writing. I don’t do movie reviews and don’t watch Michael Moore’s movies.   A Denver Post reporter...

4:53 pm / 2 comments / Read More »

You are not as smart as you think you are »

You are not as smart as you think you are Jun 11 | Our emotions are our biggest enemy, at least when it comes to investing.  We should all know this. If you don’t, stop making your own investment decisions right...

12:13 am / No comment / Read More »
Latest

Jamie Dimon’s Thoughts on Chinese Banking System »

Jamie Dimon’s Thoughts on Chinese Banking System

Feb 05 |  If I were a prosecutor I’d be thanking Al Gore for inventing the internet and email (I...

9:17 pm / No comment / Read More »

A Few thoughts on the Burlington acquisition »

A Few thoughts on the Burlington acquisition

Jan 31 | I have tremendous respect for Mr. Buffett.  But every word that comes out of his mouth should...

8:17 am / 1 comment / Read More »

Speaking, Travel and See you in Omaha »

Speaking, Travel and See you in Omaha

Jan 31 |  I have exciting travels for the next couple of months:   I’ll be giving a talk about Active Value...

7:56 am / 1 comment / Read More »

Even Capitalist Pigs Should Love Bank Regulation »

Even Capitalist Pigs Should Love Bank Regulation

Jan 29 |  I am a Capitalist Pig, and proud of it, thus you would not expect me to support...

8:50 pm / No comment / Read More »

Chinese Quest for Shortcut to Greatness »

Chinese Quest for Shortcut to Greatness

Jan 28 |  The Chinese economy must be getting out of control, because the Chinese government is doing the unthinkable:...

6:11 pm / No comment / Read More »

The case for Pfizer »

The case for Pfizer

Jan 18 | I understand why investors don’t want to own Pfizer (PFE); there is little excitement in the stock:  It...

9:57 pm / 1 comment / Read More »



5 Minutes of FameView all

Beating a Dead Horse »

Aug 24 | I know, I may sound like I’m beating a dead horse how much printer cartridge can one spill over China?  – but I have a very high burden of proof to overcome.  Let me demonstrate it by this analogy:  Let’s rewind 20 years.  It is 1989 and I am writing that the Japanese economy is on...

3:57 pm / 1 comment / Read More »
Beating a Dead Horse

Will Japan drive our interest rates higher? »

Sep 27 | In investing, it’s important to think unconventionally and creatively while at the same time considering risks – no matter how remote or unmanageable they are. I keep thinking: What would drive our interest rates up in the US? China is the obvious culprit as it’s the largest holder of our fine Treasury obligations.  If China’s exports...

12:47 pm / No comment / Read More »
Will Japan drive our interest rates higher?

Dear Mr. Ex-KGB »

Jan 05 | I’ve received so many emails about the WSJ front page article in which the Russian expert, a professor and ex-KGB agent predicts that the US will falter and be split up into five zones (see map below, here is a link to the original article and here is a link to his video interview) and...

6:19 pm / 2 comments / Read More »
Dear Mr. Ex-KGB

South Africa’s Heartbreak And Hope »

Apr 23 | When I was invited to give a presentation in March about my book to South African CFA Society members in Cape Town and Johannesburg, to say that my expectations for South Africa were low is a tremendous understatement.   Click here to see pictures from this trip (opens PDF). Preparations included a visit to my doctor where...

2:43 pm / 1 comment / Read More »
South Africa’s Heartbreak And Hope

5 Reasons to Avoid Gold Rush »

Sep 09 | The reasons why one should sell the cat, pawn the mother-in-law, and use the proceeds to buy gold are well known: the Fed is printing money faster than you can read this, which will result in inflation; the government is borrowing like a drunken monkey, so the dollar will be devalued; this will debase all...

3:26 am / 3 comments / Read More »
5 Reasons to Avoid Gold Rush

Stock Analysis

The case for Pfizer

The case for Pfizer »

Jan 18 | I understand why investors don’t want to own Pfizer (PFE); there is little excitement in the stock:  It is down significantly from the Viagra-high it reached in 1998.  Yes, Pfizer is...

9:57 pm / 1 comment / Read More »
Is American Express (and financial stocks) still cheap?

Is American Express (and financial stocks) still cheap? »

Sep 05 | Financial stocks had a huge run up from their bottom. Many have doubled and tripled, but are they still cheap? It’s almost impossible to value big financial institutions like Citigroup (C),...

2:38 pm / 3 comments / Read More »

Healthcare Game »

Healthcare Game

Aug 18 | Given my usual warning, I don’t want to discuss politics in my writings for two reasons: it bores me to death and...

8:14 pm / 1 comment / Read More »

Four Reasons Why Investors Are Wrong on IMS Health »

Four Reasons Why Investors Are Wrong on IMS Health

Jul 16 | The word contrarian is often overused in investing, I have yet to meet an investor who bragged about being a crowd follower;...

1:05 am / 1 comment / Read More »

Six reasons why natural gas is better investment than oil »

Six reasons why natural gas is better investment than oil

Jun 19 |   Reserves deplete faster than oil (in general)   Oil/natural gas ratio: the price of oil divided by the price of natural gas is at an all-time high...

6:25 pm / 3 comments / Read More »

Susan Boyle of Software or Microsoft’s Got Talent »

Susan Boyle of Software or Microsoft’s Got Talent

Jun 03 | When I think of Microsoft stock, images of Susan Boyle in “Britain’s Got Talent” come to mind.  The Scottish woman appeared —...

8:41 pm / 1 comment / Read More »

Exxon Apostasy »

Exxon Apostasy

Jan 01 | A basic property of religion is that the believer takes a leap of faith: to believe without expecting proof. Often you find...

6:07 am / No comment / Read More »

The Process

The China Bubble’s Coming — But Not the One You Think »

The China Bubble’s Coming — But Not the One You Think

Jul 25 | Financial commentators are obsessively debating whether the recent rise in the Chinese stock market means there's a bubble -- and if so,...

6:34 pm / 7 comments / Read More »

The pain of mean reversion »

The pain of mean reversion

Mar 06 | DENVER (MarketWatch) — The stock market has dropped. Corporate profits have collapsed. And profit margins have reverted toward the mean. What is...

1:46 am / 4 comments / Read More »

The Process »

The Process

Nov 21 | I wrote this article almost two years ago, it is by far the most important article I ever wrote.  I strongly encourage you...

5:40 pm / No comment / Read More »

Chinese and Starbucks Late Stage Growth Obesity »

Chinese and Starbucks Late Stage Growth Obesity

Aug 21 |   I had my TV service disconnected at home for awhile now, don’t want my kids to become TV-addicts.  We reconnected it on...

8:08 pm / 1 comment / Read More »

Forbes Praises Active Value Investing »

Forbes Praises Active Value Investing

May 24 | Rich Karlgaard, the publisher of Forbes magazine, mentioned my book in his article:  The new Benjamin Graham is Vitaliy N. Katsenelson. I highly...

3:11 pm / 5 comments / Read More »
Welcome to Another Lost Decade

Welcome to Another Lost Decade »

Jan 14 | The stock market’s performance over the next decade will be very similar to the one since 2000: the WSJ appropriately named it “the lost decade.”  Stocks will go up and...

9:56 pm / No comment / Read More »
China’s growth an accounting miracle

China’s growth an accounting miracle »

Aug 07 | I hope you are enjoying the last month of summer.  I’ve gone fishing twice this month – caught absolutely nothing.  Actually I don’t think I’ve caught a single fish over...

2:40 pm / 1 comment / Read More »

In Defense of Capitalism