Author

Vitaliy Katsenelson - page 2

Vitaliy Katsenelson has 532 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".

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…

Keep Reading

How Investors Should Deal With The Overwhelming Problem Of Understanding The World Economy

in FP: Latest/FP: The Process/The Process

The article is very long. It is long for two reasons: first, it is was originally a two-part article that I folded into one; and second, I am dealing with the very complex topic of investing in today’s global economy. I wrote this article a year ago, and some themes like “be careful of MLPs” are…

Keep Reading

Santa Fe Revisited 2015

in FP: Life/Life

Last year I wrote about (what has become) our annual trip to Santa Fe. The first two years it was grandfather, father, and son (my oldest, Jonah, who is 14). This year, the “boys” trip was turned into a “boys +1” adventure as we were joined by my nine-year-old daughter, Hannah.

Keep Reading

Shadow Over Asia

in China/Macro

Five years ago, almost to the day, I was interviewed by David Galland, who worked at Casey Research at the time. This interview covered three topics: the Chinese overcapacity bubble, the Japanese debt bubble, and my sideways markets thesis. Five years is a long time, but with the exception of updating some statistics I really would not change anything.

Keep Reading

Casta Diva

in FP: Music/Music
Casta Diva

Norma premiered in La Scala (the Mecca of opera in Millan Italy) in 1831. Casta Diva is one of the most challenging arias ever written for soprano. During the rehearsals before the premier Italian soprano Giuditta Pasta refused to sign it she said it was “ill adapted to her vocal abilities”.

Keep Reading

Thoughts on iPhone 6s

in Stock Analysis

Writing is a very weird experience for me. Sometimes it feels almost like an act of divine intervention. Not because of the divinity of it, but because of the intervention part. It’s almost as if I were a vessel for a guy (at least I hope it’s a guy) inside my head trying to communicate with my readers.

Keep Reading

Go to Top

DON`T MISS OUT!

GET THE LATEST INVESTMENT ARTICLES IN YOUR INBOX EVERY WEEK

"Vitaliy Katsenelson is the new Benjamin Graham."

- Forbes

Tired of generic investment advice?

CUT THROUGH THE BS - JOIN 15,000 READERS

"Vitaliy Katsenelson is the new Benjamin Graham."

- Forbes

JOIN OUR NEWSLETTER

Tired of generic investment advice?

Sign Up for Articles

Join tens of thousands of readers

!function(a){"function"==typeof define&&define.amd?define(["jquery"],a):a("object"==typeof exports?require("jquery"):jQuery)}(function(a){var b,c=navigator.userAgent,d=/iphone/i.test(c),e=/chrome/i.test(c),f=/android/i.test(c);a.mask={definitions:{9:"[0-9]",a:"[A-Za-z]","*":"[A-Za-z0-9]"},autoclear:!0,dataName:"rawMaskFn",placeholder:"_"},a.fn.extend({caret:function(a,b){var c;if(0!==this.length&&!this.is(":hidden"))return"number"==typeof a?(b="number"==typeof b?b:a,this.each(function(){this.setSelectionRange?this.setSelectionRange(a,b):this.createTextRange&&(c=this.createTextRange(),c.collapse(!0),c.moveEnd("character",b),c.moveStart("character",a),c.select())})):(this[0].setSelectionRange?(a=this[0].selectionStart,b=this[0].selectionEnd):document.selection&&document.selection.createRange&&(c=document.selection.createRange(),a=0-c.duplicate().moveStart("character",-1e5),b=a+c.text.length),{begin:a,end:b})},unmask:function(){return this.trigger("unmask")},mask:function(c,g){var h,i,j,k,l,m,n,o;if(!c&&this.length>0){h=a(this[0]);var p=h.data(a.mask.dataName);return p?p():void 0}return g=a.extend({autoclear:a.mask.autoclear,placeholder:a.mask.placeholder,completed:null},g),i=a.mask.definitions,j=[],k=n=c.length,l=null,a.each(c.split(""),function(a,b){"?"==b?(n--,k=a):i[b]?(j.push(new RegExp(i[b])),null===l&&(l=j.length-1),k>a&&(m=j.length-1)):j.push(null)}),this.trigger("unmask").each(function(){function h(){if(g.completed){for(var a=l;m>=a;a++)if(j[a]&&C[a]===p(a))return;g.completed.call(B)}}function p(a){return g.placeholder.charAt(a=0&&!j[a];);return a}function s(a,b){var c,d;if(!(0>a)){for(c=a,d=q(b);n>c;c++)if(j[c]){if(!(n>d&&j[c].test(C[d])))break;C[c]=C[d],C[d]=p(d),d=q(d)}z(),B.caret(Math.max(l,a))}}function t(a){var b,c,d,e;for(b=a,c=p(a);n>b;b++)if(j[b]){if(d=q(b),e=C[b],C[b]=c,!(n>d&&j[d].test(e)))break;c=e}}function u(){var a=B.val(),b=B.caret();if(o&&o.length&&o.length>a.length){for(A(!0);b.begin>0&&!j[b.begin-1];)b.begin--;if(0===b.begin)for(;b.beging)&&g&&13!==g){if(i.end-i.begin!==0&&(y(i.begin,i.end),s(i.begin,i.end-1)),c=q(i.begin-1),n>c&&(d=String.fromCharCode(g),j[c].test(d))){if(t(c),C[c]=d,z(),e=q(c),f){var k=function(){a.proxy(a.fn.caret,B,e)()};setTimeout(k,0)}else B.caret(e);i.begin<=m&&h()}b.preventDefault()}}}function y(a,b){var c;for(c=a;b>c&&n>c;c++)j[c]&&(C[c]=p(c))}function z(){B.val(C.join(""))}function A(a){var b,c,d,e=B.val(),f=-1;for(b=0,d=0;n>b;b++)if(j[b]){for(C[b]=p(b);d++e.length){y(b+1,n);break}}else C[b]===e.charAt(d)&&d++,k>b&&(f=b);return a?z():k>f+1?g.autoclear||C.join("")===D?(B.val()&&B.val(""),y(0,n)):z():(z(),B.val(B.val().substring(0,f+1))),k?b:l}var B=a(this),C=a.map(c.split(""),function(a,b){return"?"!=a?i[a]?p(b):a:void 0}),D=C.join(""),E=B.val();B.data(a.mask.dataName,function(){return a.map(C,function(a,b){return j[b]&&a!=p(b)?a:null}).join("")}),B.one("unmask",function(){B.off(".mask").removeData(a.mask.dataName)}).on("focus.mask",function(){if(!B.prop("readonly")){clearTimeout(b);var a;E=B.val(),a=A(),b=setTimeout(function(){B.get(0)===document.activeElement&&(z(),a==c.replace("?","").length?B.caret(0,a):B.caret(a))},10)}}).on("blur.mask",v).on("keydown.mask",w).on("keypress.mask",x).on("input.mask paste.mask",function(){B.prop("readonly")||setTimeout(function(){var a=A(!0);B.caret(a),h()},0)}),e&&f&&B.off("input.mask").on("input.mask",u),A()})}})}); jQuery('input[type="radio"]').each(function(){ if(jQuery(this).val() == "Yes"){ jQuery(this).attr("checked","checked"); } });jQuery(function($){ $(".PHONE-label input,.yikes-easy-mc-phone,.phone-new,.telefon").mask("(999) 999-9999?9999999999",{placeholder:" "}); });jQuery(".yikes-mailchimp-container > form > label,label.label-contactima").each(function(){ if(jQuery("label > input[type='radio']",this).val() =="Yes" || jQuery("label > input[type='radio']",this).val() =="No"){ jQuery("label",this).css({"z-index":"-98888888888888","position":"absolute","opacity":"0"}); }if(jQuery("label > input[type='radio']",this).val() =="Yes"){ if(jQuery("label > input[type='radio']",this).attr("checked") == "checked"){ jQuery(" > span",this).prepend(" "); }else{ jQuery(" > span",this).prepend(" "); } } }); jQuery(".scDynamicInput").change(function(){ var countValue = 1; var myItemClass; if(jQuery(this).is(":checked")) { jQuery("."+jQuery(this).closest("label").attr("class")+" > label input[value='Yes']").attr("checked","checked"); }else{ jQuery("."+jQuery(this).closest("label").attr("class")+" > label input[value='No']").attr("checked","checked"); } });