3240: The Market Right Now Doesn't Care How Fantastic Your Stocks Are by Vitaliy Katsenelson of Contrarian Edge

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Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 8 August 2025

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3240: Vitaliy Katsenelson explores the frustrating disconnect between stock fundamentals and short-term market behavior, offering reassurance to investors whose portfolios lag despite owning high-quality businesses. Through historical perspective and grounded investment wisdom, he reminds readers why discipline and patience often matter more than immediate performance. Read along with the original article(s) here: https://contrarianedge.com/the-market-right-now-doesnt-care-how-fantastic-your-stocks-are/ Quotes to ponder: "The market doesn’t care about your carefully constructed portfolio or how fantastic your stocks are." "The true test of an investor is not how they behave when everything is going up, but how they behave when nothing is working." "Markets are not always rational in the short run, but they are a weighing machine in the long run." Episode references: Benjamin Graham - "The Intelligent Investor": https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Howard Marks Memo - "You Can't Predict. You Can Prepare.": https://www.oaktreecapital.com/insights/memo/you-cant-predict-you-can-prepare Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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1:00.0	This is Optimal Finance Daily.
1:04.4	The market right now doesn't care how fantastic your stocks are.
1:08.5	By Vitaly Kassanelson of contrarianedge.com.
1:14.4	The Roman philosopher Seneca wasn't talking about the stock market when he wrote that time discovers truth, but he could have been. In the long run, a stock price
1:21.2	will reflect a company's true intrinsic value. In the short run, the pricing is basically random. Here are two real-life examples.
1:31.1	Let's say you had the smarts to buy Microsoft in November 1992. It would have been a brilliant
1:37.3	decision in the long run. The software giant stock has gone up manyfold since. But nine months
1:44.0	later, in August 1993, that call did not
1:47.3	look so brilliant. Microsoft shares had declined 25% in less than a year. In fact, it would have
1:54.1	taken you 18 months until May 1994 for this purchase to break even. 18 months of dumbness?
	...

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