My thesis for buying Wal-Mart (WMT) was very simple: once it improves its store appearance and merchandise, existing customers will spend more money and new customers will start spending new money on higher margin merchandise. Same store sales will go up and everybody will be happy (except competitors like Bed Bath and Beyond (BBY), Linens and Things (LIN), etc.). Then, international growth will keep the giant growing for years to come.
So far so wrong. Same store sales dipped into negative territory – not so good. International growth? Well, exiting Germany and South Korea was not part of my plan but it actually made sense, Wal-Mart could focus on the countries where it has a competitive advantage and labor laws are less… well, socialistic.
November 27, 2006 | Posted in Stock Analysis | Read More »
I was interviewed by CFA Society of Colorado, a society I am a proud member of.
Interview with Vitaliy Katsenelson, CFA- October 10, 2006
CFA COLORADO-Vitaliy, thanks for agreeing to be our first featured member. You do it all-you’re a portfolio manager at Investment Management Associates, an instructor at CU Denver and contribute articles to The Financial Times, Minyanville and The Motley Fool. You’ve even got a book coming out next spring! Not to mention that you have a wife and 2 young kids at home. You must be very passionate about investing. How do you do it all?
VITALIY-Outside of my home, investing is my passion. I don’t see it as a job; it’s more like a hobby. And the writing comes naturally. It is an extension of my analysis, a part of the research process. To understand a company, I write about it. This makes me intellectually honest. But rather than write research reports, I write articles. Plus, I do tend to work long hours, including at home after the kids are asleep. My writing and teaching help me to become a better investor. It’s a trifecta. Each one makes the other better. I teach and write about what I’m investing in.
CFACO-Tell us about the class you teach at CU Denver.
VITALIY-I teach a graduate class in Practical Equity Analysis. Besides the enjoyment I find in teaching, it’s like a lab for my investment ideas. It helps me refine my investment process.
November 15, 2006 | Posted in Stock Analysis | Read More »
“My apologies for the silence over the last month, but I am in the final stages of completing my book and there is just not enough time in the day to juggle investing, teaching, book writing and coming up with insights worth sharing. I am trying to make up my mind about the CVS (CVS) [...]
November 3, 2006 | Posted in Stock Analysis | Read More »
