Praise

The reviews and reviewers of Vitaliy’s book ‘Active Value Investing: Making Money in Range Bound Markets’ are not nor have ever been clients of Investment Management Associates (IMA), and their comments should not be taken as testimonials of IMA’s management.

“This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized.”
—Nassim Nicholas Taleb, author of The Black Swan

“Vitaliy Katsenelson walks you through his thought processes in constructing an active value portfolio. There is not enough discussion in value investing circles about when to sell stocks, and this book advances that subject. A good balance between theoretical discussion, real anecdotes, and commonsense observations.”
—David Einhorn, Greenlight Capital

“Vitaliy has done the world a significant favor; he shows, in erudite fashion, that value investing (the one tried and tested investment approach) holds in range-bound markets. This should matter for all investors as in a world of low returns, ensuring the avoidance of permanent loss of capital is paramount. But he doesn’t stop there, Vitaliy manages to go even further and provides you with a working process for evaluating investment in such a world.”
—James Montier, Global Equity Strategist, Dresdner Kleinwort

“This is an absolute must read for stock investors.  What a delightful combination of wisdom and hard facts to make investing more profitable. …order it, not ‘today’ but right now, this is one not to miss.”
—Larry Williams, Fund Manager, Trader

“Active Value Investing clearly highlights that the stock market is not a smooth trend; rather, it has periods of surge and stall. Katsenelson explains range-bound markets and emphasizes that ‘valuation matters’—the valuation paid for stocks impacts the ultimate return. Range-bound markets especially require an unconstrained process of analysis to identify undervalued securities, and Katsenelson delivers a much-needed framework to achieve superior returns.”
—Ed Easterling, President, Crestmont Research,
author of Unexpected Returns: Understanding Secular Stock Market Cycles

“Active Value Investing provides a laconic vision of how the individual or institutional investor can successfully navigate a market that is neither a bull nor a bear. Unlike most stock market authors who automatically posit the stock market’s prospects as knowing only one way (up), Katsenelson provides a refreshingly honest and sometimes humorous approach to a less defined future.”
—Douglas A. Kass, President, Seabreeze Partners Management Inc.

“A delightfully documented and detailed deconstruction of buy-and-hold dogma. A must-read for any openminded, thinking investor—professional or individual.”
— Donald Cassidy, author of It’s When You Sell That Counts

“Active Value Investing offers a rare combination of focus on value of underlying companies with appreciation for the effect of market dynamics on portfolio performance. Investors who understand both have the flexibility to succeed in a variety of markets. Katsenelson has the gift of packaging expert financial insight in an entertaining and educational package.”
—Aaron Brown, Executive Director in Risk Methodology at Morgan Stanley
author of The Poker Face of Wall Street

“Vitaliy has crafted a valuable assimilation of the primary market metrics that will benefit the active trader and long-term investor alike.”
—Todd Harrison, founder and CEO, Minyanville Publishing & Multimedia, LLC

“Active Value Investing has the hallmarks of all great investing books—easy to read, humorous at times, and, most of all, it demonstrates Vitaliy’s investing process in terms accessible to the novice and expert alike. Despite its title, this is a book for bull, bear, or range-bound markets and will be highly recommended to our newsletter subscribers.”
—Philip Durell, advisor, The Motley Fool Inside Value

“Vitaliy’s passion for value investing and teaching others makes Active Value Investing enjoyable as well as insightful. It is required reading for the investment team at Second Curve Capital.”
—Thomas K. Brown, CEO, Second Curve Capital

“Whether a self-styled seat-of-the-pants day trader or the kind of investor who intends to buy and hold forever, you’re operating at a distinct disadvantage if you lack the skills to break a company down into its financial nuts and bolts. Vitaliy “Red” Katsenelson is one of the best on the Street at analyzing a business and putting that knowledge to work to make money. In Active Value Investing Red shares the skills and strategies that allow him to cut through the noise and build a long-term portfolio of winners. Bull and bear markets come and go, but the ‘secrets’ shared in this book are forever. This book is a must-have guide for any tape!”
—Jeff Macke, Contributor to Minyanville.com and CNBC’s Fast Money

“Vitaliy Katsenelson wears two professional hats: As a successful money manager, he has the responsibility to clear out the noise and center upon what makes a market-beating investment. As an educator, he’s honed his ability to distill complex concepts into the explainable. With Active Value Investing, he’s managed both the clarity of thought and the clarity of investment to bring to you an outstanding investment resource.”
—Bill Mann, Advisor, Hidden Gems newsletter, The Motley Fool