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My Interview with WorldClassPerformer.Com

Listen on: iTunes | Google Podcasts | Online What book(s) have influenced your life the most? Why? Over the last few years two books have had a very significant impact on my life: The Subtle Art of Not Giving a F*ck, by Mark Manson, and The Guide to the Good Life, by William Irvine. Mark Manson’s book sent me on a […]

Go Ahead, Covet Your Neighbor’s Wife.

Listen on: iTunes | Google Podcasts | Online I had a deep, existential, meaning-of-life type of conversation with a friend of mine, another value investor. I asked him, do you want Warren Buffett’s success? He was somewhat stunned by the question, and asked: “Is that a rhetorical question?” It was not. I told him about a nugget of Jewish wisdom […]

Our Sell Discipline

Listen on: iTunes | Google Podcasts | Online A client asked whether there is a difference in our sell discipline between high- and low-growth companies. Selling is one of the hardest parts of investing. I wrote a lot on the subject in the past, but let’s zoom in on how our selling practice differs between high-growth companies with long runways […]

The Renaissance of Pipelines

Listen on: iTunes | Google Podcasts | Online This is the final excerpt from IMA’s winter letter. Pipelines are undergoing a renaissance today, but it’s not the one you think. The previous renaissance of shale oil and natural gas development was anything but a good outcome for this industry. Capital-intensive industries, contrary to common opinion, don’t benefit from increased demand […]

Girls’ Gambit

Listen on: iTunes | Google Podcasts | Online It all started after Hannah watched The Queen’s Gambit for a homework assignment. She told me I had to watch it. I did. I loved it. But then Hannah said, “Dad, let’s play chess.” Okay, I have to pause and rewind. I grew up in Russia, where chess was a spectator sport, […]

Value & Growth Demagogues

Listen on: iTunes | Google Podcasts | Online The following was excerpted from our Winter letter to IMA clients. I have a problem with both growth and value demagogues. Growth demagogues will argue that valuation is irrelevant for high-growth companies because the price you pay for growth doesn’t matter. They usually say this after a very extended move in growth […]

Don’t Be a Sophist

Listen on: iTunes | Google Podcasts | Online The market is up a lot; it is expensive. Should we be selling? This is the number one question we’ve been getting from clients. So, should we? We’ll give you several answers. We agree that the market is expensive. In fact, a few months ago we compared the euphoria and speculative mood […]

Why Do I Write a 27-page Letter To Clients

Listen on: iTunes | Google Podcasts | Online Four times a year I write letters to IMA clients. In these letters I diligently walk clients through our research on stocks we own, including those we have recently bought and sold. I cover how we value them, why we own them, etc. I update clients on our thoughts on the economy […]

A Shift in Perception Transforms Reality

Listen on: iTunes | Google Podcasts | Online “When you arise in the morning think of what a privilege it is to be alive, to think, to enjoy, to love …” -Marcus Aurelius As I look at 2020, I have very conflicting feelings. On one hand, the year was horribly tragic for many people who lost loved ones and businesses. […]

McKesson: Amazon Will Not Throw This Drug Railroad Off The Tracks

Listen on: iTunes | Google Podcasts | Online Amazon.com has been one of the most innovative and disruptive companies of this century, with incredible success in areas that lie outside of what has been historically perceived as its core business (book selling). Thus every announcement or speculation that Amazon will enter into a particular industry sends stocks of that industry […]