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


Uber: Delivering Food And My 4 Seconds Of Fame On PBS (not PBS Kids, Unfortunately)
As an Uber shareholder and Uber Eats customer, I am rooting for Uber Eats to succeed. But Uber Eats is the cherry on the cake in our thesis, which is tied to Uber’s bread and butter ridesharing business.
This Stable Value Stock Is Built To Weather Market Storms
McKesson should earn around $15 in 2020 and will IPO its technology business, which will unlock another $20-30 of value.
EC Beats & Misses, Seen & Unseen
Wall Street glorifies companies that beat quarterly estimates by arguing that the long term comprises a lot of short-terms. But beating earnings estimates for a few consecutive quarters doesn’t necessarily lead to long-term greatness.
Why We Sold Apple Stock
Here are key reasons why I sold our entire Apple stake.
Investors Have Misdiagnosed Amazon’s Push Into The Pharmacy Business
Companies everywhere, in every business, are paranoid about This sort of paranoia is healthy for the long-term well-being of our investment portfolio, as it is creating interesting buying opportunities.
Questions I'd Be Asking If I Owned Tesla Stock
If I were a Tesla investor I’d be seriously worried about the company’s balance sheet. There are some ominous signs that Tesla’s financial situation is deteriorating rapidly.


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



Latest Posts
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 (23 years 5 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.