December 27, 2021

711: Vitaliy Katsenelson | Learning the "People" Side of Value Investing

31 minutes

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

Active Value Investing

Vitaliy Katsenelson YouTune Channel

You can connect with Vitaliy on Twitter and LinkedIn. For expert investment services, resources, and education visit https://contrarianedge.com/.

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