Value Investing & How to Have "Soul in the Game" | Vitaliy Katsenelson

Jul 4, 2022

Vitaliy Katsenelson, CEO of Investment Management Associates and author, dives into value investing and the deeper meanings behind life in this engaging conversation. He shares his journey from childhood in Russia to financial success, exploring how contrasting economies shape perceptions of business. Vitaliy emphasizes the importance of authenticity in investing, underscoring the need for resilience in turbulent markets. He also reflects on blending passions like art and music with personal growth, promoting a holistic approach to both investing and life.

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ADVICE

Be a Student of Life

Cultivate a "student of life" attitude, constantly seeking learning opportunities.
This mindset combats arrogance and promotes open-mindedness.

ANECDOTE

The 2015 Stock Drop

In 2015, a stock in Katsenelson's portfolio dropped 80% overnight, causing him distress.
Writing a letter to his clients helped him process the situation logically and emotionally.

INSIGHT

Soul in the Game

"Soul in the game" means deep personal involvement and alignment with your work.
Katsenelson chose this title to reflect his investment philosophy.

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In Episode 256 of Hidden Forces, Demetri Kofinas speaks with the CEO of Investment Management Associates, Vitaliy Katsenelson. Vitaliy is a well-known value investor and author of several books on investing and life. His latest, "Soul in the Game," is a philosophical exploration of the sources of life's meaning told through a collection of day-to-day observations and insights about Vitaliy's early childhood in Russia, his experiences as a parent, and his love of classical music, and most importantly of art, which features prominently in their discussion.

This conversation combines two of the objectives that Demetri laid out in the introduction to a recent episode he published on the subject of courage and self-actualization, namely his desire to take a more holistic approach to exploring and analyzing the macro challenges that we are all facing as a community, but which affect each and every one of us as individuals. Vitaliy has made that very easy to do, because he writes so prolifically about both of these things, whether it is the principals of value investing, his thoughts on the macro economy, markets, stagflation, or the path of interest rates, as well as how to cultivate objectivity, the benefits of introducing randomness into your life, and learning how to separate the things that you can't control from the things you can.

You can access the full episode, transcript, and intelligence report to this week's conversation by going directly to the episode page at HiddenForces.io and clicking on "premium extras." All subscribers gain access to our premium feed, which can be easily added to your favorite podcast application.

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Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 06/28/2022