The Intellectual Investor – Value Investing by Vitaliy Katsenelson

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  Chess Nights at Red Robin – Ep 299 06.08.2026

  I have vague first memories of playing chess with my grandfather when my family visited my father's parents in Moscow. I was five years old. The post Chess Nights at Red Robin – Ep 299 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Today’s Market = 1999 Capex + 2008 Credit – Ep 298 31.07.2026

  I wrote in the past that the AI rollout feels a lot like déjà vu of the 1999 telecom bubble. Today's AI bubble has elements of both the 1999 overinvestment in internet infrastructure and the 2008 collapse of financial instruments that infected the banking and financial system. The post Today’s Market = 1999 Capex + 2008 Credit – Ep 298 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  You Don’t Need to Be an Expert to Hire One. You Need a Tunaman. – Ep 297 23.07.2026

  My wife and I are taking a perfectly good 25-year-old house and spending 20% of the purchase price on a sizable remodel. Parts of it are going back to the studs. I had never done a big remodel, I knew nothing about construction, and I was shocked by how many landmines, wrong decisions, and outright ... Read more The post You Don’t Need to Be an Expert to Hire One. You Need a Tunaman. – Ep 297 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Most People Don’t Want to Write. They Want to Have Written. – Ep 296 16.07.2026

  I was at a conference in Switzerland. A reader came up to me and asked, "Vitaliy, I've been reading your articles for years. I'd like to write. How should I start?" The post Most People Don’t Want to Write. They Want to Have Written. – Ep 296 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  You are not as smart as you think you are – Ep 295 10.07.2026

  Lately, I’ve been getting this powerful feeling that everything I touch turns to gold. Every time I buy a stock, it goes up. Did I finally figure out the stock market game? Did I find a secret way to follow Will Rogers’ advice: Buy stocks that go up, and if they don’t go up, don’t ... Read more The post You are not as smart as you think you are – Ep 295 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Guy and I – Ep 294 16.06.2026

  Reflections on friendship, mortality, and the kindness of Guy Spier, the value investor who taught me that we all live on borrowed time. The post Guy and I – Ep 294 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  This Is Your Captain Speaking – Buckle Up – Ep 293 09.06.2026

  I have been feeling very uneasy about the market and the economy. Over the last two decades our economy has been acclimated to insanely low interest rates, and reacclimation to higher and rising rates is going to be difficult. The post This Is Your Captain Speaking – Buckle Up – Ep 293 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Fiddler on the Roof and Value Investing – Ep 292 05.06.2026

  My subconscious melded Fiddler on the Roof with the lecture from a few days earlier, and I ended up writing a chapter about the Jewish farmer Tevye buying a cow, Golde (which he named after his first wife). The post Fiddler on the Roof and Value Investing – Ep 292 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  What to Do When a Stock Drops 25% – Ep 291 28.05.2026

  Stock XYZ has declined 25%. What do you think? Is your thesis broken? What you observe in stock price volatility is mostly noise. A good chunk of buyers and sellers don’t know much about what they are trading other than the ticker. The post What to Do When a Stock Drops 25% – Ep 291 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Greg Abel Takes Over Berkshire Hathaway: My Thoughts After Omaha 2026 – Ep 290 21.05.2026

  Last year I came out of the BRK annual meeting thinking that Greg Abel was not the right person to run Berkshire Hathaway. Abel lacked Buffett's charisma, warmth, and humor. Greg Abel was not Buffett, and he definitely was not Munger. I was wrong. The post Greg Abel Takes Over Berkshire Hathaway: My Thoughts After Omaha 2026 – Ep 290 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  What the Iran War Reveals About the Dollar, Gold, and the End of US Exceptionalism – Ep 289 14.05.2026

  The Iran war exposes a quiet rewriting of the rules that made the US exceptional. Why we own oil, why we hate owning gold, and why crypto still isn't for client accounts. The post What the Iran War Reveals About the Dollar, Gold, and the End of US Exceptionalism – Ep 289 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Q&A Series: On Firing Clients, Sizing Positions, and Ignoring Book Value – Ep 288 23.04.2026

  At IMA, we deal with prospective clients who have a short-term time horizon very differently. We do what I call "reverse marketing." I write articles, people read them, and when they get interested in our services, they download our brochure and reach out to us. The post Q&A Series: On Firing Clients, Sizing Positions, and Ignoring Book Value – Ep 288 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Q&A: The Antifragile Investor: Balancing Geopolitics, Identity, and the Cost of Growth – Episode 287 16.04.2026

  There is an unspoken conflict between Americans and Europeans. Europeans accuse Americans of being stuck in the rat race. Americans look at Europeans, see them sipping their espressos for two hours a day and reading newspapers, and call them lazy. The post Q&A: The Antifragile Investor: Balancing Geopolitics, Identity, and the Cost of Growth – Episode 287 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Uber and Self-Driving Cars: The Utilization Problem Nobody Talks About – Ep 286 09.04.2026

  I took a Waymo with my colleague Cyrus. We were genuinely impressed. It was a seamless experience. Uber is dead, long live Waymo? Not So Fast. The post Uber and Self-Driving Cars: The Utilization Problem Nobody Talks About – Ep 286 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  What AI, Tariffs, and Global Uncertainty Mean for Your Portfolio – Ep 285 02.04.2026

  The future feels less predictable because the range of possible outcomes has expanded. Here is my best attempt to think through that reality with humility, and why you should let me do the worrying for both of us. The post What AI, Tariffs, and Global Uncertainty Mean for Your Portfolio – Ep 285 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  When to sell a stock: The Art and Psychology of Selling – Ep 284 26.03.2026

  Investing is a lot more art than science. I bring a scientist's mindset – I approach problems with an open mind and I am willing to change my mind when data proves me wrong. The post When to sell a stock: The Art and Psychology of Selling – Ep 284 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  On AI Eating The World – Ep 283 05.03.2026

  Instead of joining the chorus of false certainty, let me offer you a crayon-level framework for thinking about it. I am going for vaguely right, not precisely wrong. The post On AI Eating The World – Ep 283 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  10 Life Lessons I Passed On to My Daughter on Her Bat Mitzvah – Ep 282 26.02.2026

  On January 11, 2026, my younger daughter, Mia Sarah, celebrated becoming an adult, at least according to Jewish tradition (she turned 12). This is what I told her The post 10 Life Lessons I Passed On to My Daughter on Her Bat Mitzvah – Ep 282 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  Q&A: From Imposter Syndrome to Authenticity – Ep 281 19.02.2026

  I let myself be me when I write. I just made it sound easy. It is not. It comes down to confidence. It took me a long time – years, to get comfortable with being me on paper. The post Q&A: From Imposter Syndrome to Authenticity – Ep 281 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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  The Church of Climate and the Law of Unintended Consequences – Ep 280 12.02.2026

  When policies are judged by intentions rather than outcomes, you get Germany closing nuclear plants only to burn more coal. The post The Church of Climate and the Law of Unintended Consequences – Ep 280 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.