Q&A with Barron's
I was in interviewed in September 21 issue of Barron’s (see page 42).
VITALIY N. KATSENELSON SPENT HIS YOUTH in Murmansk, a city in northwest Russia perhaps best known to Westerners as a setting for The Hunt for Red October.
The Russian navy was a popular career track there. But Katsenelson, now 36, emigrated to the U.S. with his family in 1991, when he was 18. He took a keen interest in finance, earning undergraduate and graduate degrees at the University of Colorado/Denver. Since 1997, he has worked at Investment Management Associates, a Denver money manager with assets of about $60 million.
Katsenelson employs his active-value, or “buy-and-sell,” style in overseeing equity portfolios there: He’ll happily put money in cash when there aren’t enough compelling stocks around. Today, he maintains, the market is range-bound, meaning price/earnings ratios are under attack. In 2007, Katsenelson published Active Value Investing, a book that outlines his framework for portfolio management and stock-picking.
From Dec. 31, 2005, through June 30 of this year, his value strategy has earned an average annual total return of 0.64%, versus a 6.39% decline for the Standard & Poor’s 500. Barron’s spoke with him last week by phone.
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I am the CEO at Investment Management Associates, which is anything but your average investment firm. (Seriously, take a look.)
I wrote two books on investing, which were published by John Wiley & Sons and have been translated into eight languages. (Even in Polish!)
In a brief moment of senility, Forbes magazine called me “the new Benjamin Graham.” (They must have been impressed by the eloquence of the Polish translation.)
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