Author

Vitaliy Katsenelson

Vitaliy Katsenelson has 537 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".

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…

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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…

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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…

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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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