4.4 • 677 Ratings
🗓️ 21 June 2022
⏱️ 87 minutes
🧾️ Download transcript
We're now in a bear market... But today's Stansberry Investor Hour episode won't focus on that.
Instead, Dan has a unique guest whose rousing words will be a respite from the recent market carnage.
Vitaliy Katsenelson is the CEO of value-investing firm Investment Management Associates. He's the author of two books and an award-winning writer featured in publications like the Financial Times and Barron's. However, Vitaliy describes himself as a "student of life." And he has just released his third book, called Soul in the Game: The Art of a Meaningful Life.
As a classical-music lover, Vitaliy had a revelation when writing about the travails faced by some of his favorite composers during their own creative processes – from being compared with a former great to pioneering a piece that broke the rules. It's about learning how to push past the anxiety and forge your own path in life and investing...
In any profession, there's always going to be somebody who's considered to be the "greatest" whatever... It's so easy for us to just copy Warren Buffett. Instead, what we should be doing is we should be looking at how Warren Buffett is thinking. Also, we should not be afraid to think on our own...
You can look at the way Buffett invests, and you can actually build your own path.
The learning process can be complicated. But as Dan chimes in, "Things worth doing take time." He and Vitaliy also talk about the importance of repetition – whether it's rereading Nassim Taleb's book to unpeel its complicated layers or watching Pulp Fiction on repeat to understand the hype.
In this episode, Vitaliy also shares concepts from Soul in the Game, such as striking the right balance between art and craft in life. And he gives what might be the shortest answer ever (just two words!) to Dan's "Final Question."
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0:00.0 | Hello and welcome to the Stansberry Investor Hour. |
0:08.0 | I'm your host, Dan Ferris. |
0:09.3 | I'm also the editor of Extreme Value published by Stansberry Research. |
0:14.5 | Today we'll talk with my friend Vitelli Katzenelson. |
0:17.8 | He is the chief investment officer of Denver-based IMA, a small money management firm that's been around for decades. |
0:25.4 | In the mailbag today, not one but two calls on our listener feedback line plus questions about 401k's free cash flow and oil. |
0:34.8 | And remember, you can call our listener feedback line 800381-2357. Tell us what's |
0:41.2 | on your mind and hear your voice on the show. My opening rant this week, oh, not much on my mind. |
0:47.3 | Just the end of the world as we have known it. But, you know, that's not much, right? That and more. |
0:53.7 | Right now on the Stansberry Investor Hour. |
1:06.0 | Before I get to the end of the world as we have known it, I want to talk a little bit about Bitcoin, |
1:13.0 | just to say that I did recommend selling it in extreme value, the newsletter that I write for |
1:19.3 | Stansberry, in, well, last month. So it's been just about two months. And, you know, it was like 28 or 29 at that time, |
1:30.3 | and it spiked up into the low 30s. And then lately it's gone below 20. And it went from 20, |
1:37.3 | like right to 17 and bounced off of 17. And my point there is like, I thought 20 was an important |
1:43.9 | level. And I thought as soon as it got there, |
1:46.8 | it would kind of spike down. I thought it would spike down harder, frankly. I'm surprised that it didn't |
1:53.2 | do worse, which I guess is good if you're still holding it. I still think it's going to crash. |
1:58.9 | I still think the bottom is somewhere between three and 12, just because there's a lot of noise |
2:03.2 | in general between those levels on a longer term chart. |
2:07.3 | Anyway, just wanted to throw that out to thump my chest. |
2:12.2 | Let me get near the microphone and give it a little thump. |
... |
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