Author

Vitaliy Katsenelson

Vitaliy Katsenelson has 541 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".

The double trap for Tesla investors predicting the future

in FP: Latest/Stock Analysis

The iPhone was an enormous gamble, as its pushed the limits of then-available technology – the microprocessor, screen, battery, and wireless capability were beyond what seemed possible in 2007. Undoubtably, if Apple hadn’t created the iPhone, someone else would have created a similar device later. But when? There is no way to know, but the…

Keep Reading

Creative Process

in FP: Life/Life

I am back from CA and from my sabbatical. About the sabbatical. Two thirds of the new book is complete, and this two thirds came from my downloading thoughts that already resided in my subconscious mind. However, the last third of the book explores a topic that is new to me. I’ve been reading a lot…

Keep Reading

Why Amazon Will Not Kill This Business

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

Tesco is a great example of how one should be very careful judging a company’s fundamental performance by looking solely at the performance of its stock. The company reported another great quarter with a lot of “increases”: total sales increased 4.3%; same stores increased 0.9%; store traffic increased (it has been increasing for many quarters…

Keep Reading

It’s not just Amazon’s fault

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

Retail stocks have been annihilated recently, despite the economy eking out growth. The fundamentals of the retail business look horrible: Sales are stagnating and profitability is getting worse with every passing quarter. Jeff Bezos and Amazon get most of the credit, but this credit is misplaced. Today, online sales represent only 8.5 percent of total…

Keep Reading

Trump Hates Them – We Love Them

in 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…

Keep Reading

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…

Keep Reading

1 2 3 28
Go to Top

JOIN OUR NEWSLETTER

Tired of generic investment advice?