Q&A with Barron’s
I was in interviewed in September 21 issue of Barron’s (see page 42).
The Russian navy was a popular career track there. But Katsenelson, now 36, emigrated to the U.S. with his family in 1991, when he was 18. He took a keen interest in finance, earning undergraduate and graduate degrees at the University of Colorado/Denver. Since 1997, he has worked at Investment Management Associates, a Denver money manager with assets of about $60 million.
Katsenelson employs his active-value, or “buy-and-sell,” style in overseeing equity portfolios there: He’ll happily put money in cash when there aren’t enough compelling stocks around. Today, he maintains, the market is range-bound, meaning price/earnings ratios are under attack. In 2007, Katsenelson published Active Value Investing, a book that outlines his framework for portfolio management and stock-picking.
From Dec. 31, 2005, through June 30 of this year, his value strategy has earned an average annual total return of 0.64%, versus a 6.39% decline for the Standard & Poor’s 500. Barron’s spoke with him last week by phone.