CIO at Investment Management Associates

I am Chief Investment Officer at Investment Management Associates, Inc (IMA), a value investment firm based in Denver, Colorado. 

I was born and raised in Murmansk, Russia (the home for Russia’s northern navy fleet, think Tom ... more


Charter Communications: Heads We Win, Tails We Don’t Lose
Charter Communications (CHTR) is a significantly undervalued stock today. But are competition, 5G, and satellite internet significant threats to its business? How does its management compare to AT&T and Verizon?
Stagflation May Be Our Next Stop, But That Is Not What Worries Me
The tailwinds of the past turn into the headwinds of the future.
War In Ukraine: Why I Was Blindsided
Being from Russia, I thought I had a firm understanding of what Putin's motivations were, and what he wanted to accomplish with his threats of an invasion, which I were a bluff. But I was wrong. Here is why...
Not So Quiet On The Eastern European Front
One must at least attempt to understand the Russian perspective. After the collapse of the Soviet Union, the US and Western allies made a promise to Russia that NATO would not expand its membership to countries that had borders with Russia.
I Kid You Not Crazy
What we learned from previous bubbles is that greed and FOMO eat people from the inside and cause them to resort to leverage. Leverage ruins people's lives, and it has never been easier to borrow money than it is today.
This Holiday, Will Mr. Market Eat Too Much Pi?
Mr. Market was less than kind to our portfolio over the last few months, and especially the last few weeks.


AAPL Apple Inc.
DIA SPDR Dow Jones Industrial Average
MSFT Microsoft Corporation
QQQ PowerShares QQQ Trust Series 1



Latest Posts
How To Invest When There’s Nowhere To Hide
I don’t know what straw will break the feeble back of this market or what will cause the music to stop. We are in an environment where there are very few good options. If you do nothing, your savings will be eaten away by inflation.
This Rocky Stock Market Requires An All-Terrain Portfolio
Invitation For VALUEx Vail 2015, June 24-26
I created VALUEx Vail after attending VALUEx Zurich / Klosters,An event where like-minded people who are truly passionate about investing get together and share ideas had a tremendous appeal to me and wanted to recreate it closer to home.

Work Experience

Chief Investment Officer
Investment Management Associates, Inc.
August 1997 - Present (25 years 4 months)
Charged with responsibility for the majority of the firm’s portfolio decisions and equity analysis.
University of Colorado at Denver
August 2001 - May 2008 (6 years 11 months)
Practical Portfolio Management.


University of Colorado at Denver
1993 / 2000


The Little Book of Sideways Markets
Vitaliy Katsenelson
With the stock market turning into a roller-coaster ride of all-time highs and stomach-churning lows, where does that leave your portfolio? Pretty much back where you started in 2000. Which may be fine for visitors to Six Flags, but for your retirement, savings, and investments, you’d like to actually get somewhere. In The Little Book of Sideways Markets, respected value investor and author Vitaliy Katsenelson shows you how to survive a stagnant market that’s neither bull nor bear but instead what he calls a cowardly lion—it displays occasional bursts of bravado but is ultimately overcome by fear. Katsenelson, known for the commonsense principles he has written frequently about in the Financial Times, Bloomberg Businessweek and elsewhere, decodes the theories and cuts to the chase with practical and timely strategies for how you can survive and thrive during a sideways market—a state of affairs, by the way, we should expect for the next decade.
Active Value Investing: Making Money in Range-Bound Markets
Vitaliy Katsenelson
For the next dozen years or so, the U.S. stock market will be a wild roller-coaster ride—setting all-time highs and multi-year lows in the process. While the twists and turns of this ride are still to be written by history, the long-term, sideways "range-bound" trajectory has already been set by the eighteen-year bull market that ended in 2000. When the dust settles, only those who adapted their investment strategies to this range-bound market will have captured any meaningful profits. This is not just another value investing book. It is a practical guide that contains innovative insights and timely techniques that will improve your investment endeavors during a time when others will be paying with their returns, and with lost time, for the valuation excesses of prior bull markets.