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


US And China: In The Foothills Of Cold War
The resurgence of nationalism had started to create cracks in attitudes about global trade, especially in the US, before the pandemic.
EC Letter From The Value Investing Mental Asylum, Or, How I Embraced Stoicism
This speculative phase may have been triggered by a combination of low interest rates which have resulted in low margin rates, the decline of retail trading commissions to zero, pandemic stimulus money, and/or boredom from lockdown.
Good Companies Don’t Always Make Good Stocks
If you were to look at these companies’ financial statements, you’d be seriously underimpressed. They paint a stereotypical picture of corporate old age.
The Fischer Random Chess Stock Market
Most of the mental models we as investors rely on are based on an environment that no longer exists. The only common denominator between now and then is that humans have not really changed that much.
Letter To A Young Investor
As I look at my investment role models, all them, without exception, share one quality. If you don’t have that thirst for knowledge, cut your losses and find another career or hobby.
Svenska Handelsbanken And How To Use Book Value
Svenska Handelsbanken, based in Sweden, is one of the best-run banks in the world. We wanted to own it for a long time and finally got the opportunity.


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 10 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.