Vitaliy Katsenelson

Vitaliy Katsenelson has 528 articles published.

Vitaliy N. Katsenelson, CFA, is Chief Investment Officer at Investment Management Associates in Denver, Colo. He is the author of Active Value Investing (Wiley) and The Little Book of Sideways Markets (Wiley). His books were translated into eight languages. Forbes Magazine called him "The new Benjamin Graham".

Trump Hates Them – We Love Them

in FP: Featured/FP: Stock Analysis

A few weeks after Donald Trump was elected president of the United States, he was asked about pharmaceuticals prices. With typical rhetorical gusto, he declared, “Pharmaceutical companies are getting away with murder.” Well, my firm has been increasing our allocation to those “murderers,” and despite Mr. Trump’s comments, we are very comfortable with our positions in the…

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Amgen – Biology vs. Chemistry

in FP: Latest/FP: Stock Analysis/Stock Analysis

June 22, 2016 – Excerpt from Q2 2016 letter to IMA’s clients Purchase of Amgen: First we need to explain a peculiar difference between pharmaceutical and biotechnology companies.  A simplistic explanation would point to the sciences they pursue – chemistry vs. biology.   Pharmaceutical companies work with chemical compounds (some of which are derived from…

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Life – 2017 Edition

in FP: Latest/Life

This article will be quite different from my previous ones. I am not going to talk about the stock market, particular stocks, the economy, or the new president. Instead I’ll talk about life. If the following is of no interest to you, no worries, skip this one. I promise you I’ll discuss the regular stuff in…

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Discovering Discovery

in FP: Latest/Stock Analysis

Discovery is a media company that owns some of the most popular TV channels – Discovery, TLC, Animal Planet, Opera Winfrey Network (OWN), ID (crime channel), Eurosport among others. Discovery stock has been scratching multiyear lows because of millennials.  If you are reading this and you are between 19 and 35 years old – it’s…

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Searching for Yield? Better to Look for Humility and Patience

in FP: Latest/The Process

The following is an excerpt from Investment Management Associates’ second-quarter letter to investors. The Great Recession may be over, but seven years later we can still see the deep scars and unhealed wounds it left on the global economy. [tweet_dis]In an attempt to prevent an unpleasant revisit to the Stone Age, global governments have bailed…

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Jos. A. Bank and the Folly of Quantitative Easing

in FP: Latest/Macro

A few years back I wrote an article comparing buy-one-suit-get-three-free sales by Jos. A. Bank to the Federal Reserve’s quantitative easing program. Then Jos. A. Bank’s management did something absolutely brilliant: In March 2014 it sold the company for $1.8 billion to Men’s Wearhouse, its closest competitor (and twice its outfit’s size). Earlier this month…

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"Vitaliy Katsenelson is the new Benjamin Graham."

- Forbes

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"Vitaliy Katsenelson is the new Benjamin Graham."

- Forbes


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