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Don’t Be a Sophist

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 of the market […]

Why Do I Write a 27-page Letter To Clients

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 and the market. […]

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. […]

One Spreadsheet at a Time

On Monday my 14-year old Hannah asked me to teach her how to use Google Sheets. She is working on the budgeting project in her entrepreneurship class. This was one of the top five moments for me in 2020. Usually when kids come to me with homework, I feel slightly terrified. I was not a […]

Jonah Doing Jonah’s Thing

Listen on: iTunes | Google Podcasts | Online My son Jonah’s dream since he was seven years old and I took him to CU Buffs games had been to get accepted to CU Boulder. However, a girl broke his heart in 11th grade; his grades suffered; and though they improved drastically in his senior year, his GPA was ruined, and […]

Santa Fe: “Remember This”

Listen on: iTunes | Google Podcasts | Online Santa Fe and my family go way back to the early 90s. It all started with my father and my stepmother. My father had his paintings exhibited in a gallery on Santa Fe’s famous Canyon Road. A few times a year, they would load up paintings in a minivan and drive them […]

De-Numb Your Mind

Listen on: iTunes | Google Podcasts | Online I was reading Ryan Holiday’s Stillness Is the Key and stumbled on this quote from the Greek philosopher Epictetus: “Most of us would be seized with fear if our bodies went numb, and would do everything possible to avoid it, yet we take no interest at all in the numbing of our […]

Rebuilding Good Habits after Lockdown

Listen on: iTunes | Google Podcasts | Online I loved spending the last two months at home. What made this time special was that I got to spend it with my whole family. In 2019 my son Jonah graduated from high school and went to Israel for a gap year. While in Israel he took classes at American Jewish University, […]

The Jet Lag Series: How do I work? When do I find time to write?

Listen on: iTunes | Google Podcasts | Online I wrote the following in early February after my trip to Europe (as part of my Jet Lag Series), which started in Switzerland and concluded in Northern Italy (Venice to be exact). How do I work? When do I find time to write? I get asked this question a lot. People wonder when […]

The Jet Lag Series: There is no “I” in Hannah (But There are Two in “Vitaliy”)

Listen on: iTunes | Google Podcasts | Online February 2020 I have to tell you, I am shocked by the maturity of my 14-year-old daughter, Hannah (and the immaturity of her father). Last summer Hannah started playing volleyball. She really fell in love with the game. She went to volleyball camp and joined a volleyball league in September. At first, […]