Episode Details

You don’t often think about culture and people when looking to invest in the stock market. In this episode, we’re going to turn that on its head.

Vitaliy N. Katsenelson, CFA is Chief Investment Officer at IMA. He is the author of The Little Book of Sideways Markets and Active Value Investing. While his primary focus is on discovering undervalued companies for his clients, he is also known for his “Uncommon-Common Sense”, and speaks frequently to investment groups around the world. He’s also been featured in articles in the Financial Times, Barron’s, Bloomberg BusinessWeek.

Let’s dive right in and learn the "people side" of value investing.

Things you will learn in this episode:

[00:01 - 03:52] Opening Segment 

• I introduce today’s guest, Vitaliy Katsenelson
• Vitaliy gives us a bit of his background
• Appreciating things now more than in the past 
• The things you value today, will not be what you value tomorrow
• Developing the passion for investing out of college
• The journey of getting his CFA
• Becoming the CIO of IMA
• Learning to appreciate the people around you more 

[03:53 - 11:35] Learning the "People" Side of Value Investing

• Vitaliy talks about the importance of culture 
• People will make the difference 
• The softer side of investing
• Numbers are easy
• Learning ‘people’ is hard 
• How to audit yourself to identify potential problems
• Have self-awareness
• You need humility 
• A quick word from our sponsors

[11:36 - 20:30] Writing, Relationships, and Marketing

• The importance of writing on personal development
• Focused form of meditation 
• Connecting the subconscious mind with the conscious mind 
• How relationships come into play in Vitaliy’s work 
• The example of not being good at sales
• You should work with people you like 
• Vitaliy talks about how he networks 
• You don’t need to go in with an agenda 
• You need people who can help you unwind as well 
• Know the specific things you want to learn from someone
• Who you know, or what you know?
• It depends on the people 
• What you know can create who you know

[20:31 - 26:21] Closing Segment 

• The RaNDom RoUnD
• How to connect with Vitaliy and his work - links below
• Final words 

Tweetable Quotes: 

“The easiest way to learn investing is figuring out the numbers… The softer side is the people.” - Vitaliy 

“A lot of thoughts live in our heads. Writing, for me, is a very focused meditation.” - Vitaliy Katsenelson

“When you invest in the Stock Market, you can be making all the right decisions and the Market just doesn’t care.” - Vitaliy Katsenelson

Resources Mentioned:

• The Softer Side of Value Investing
• The Little Book of Sideways Markets

• Listen Now