How Constraints Drive Success in Value Investing

Stansberry Investor Hour

Stansberry Research

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4.4 • 677 Ratings

🗓️ 20 June 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week's Stansberry Investor Hour, Dan and Corey are joined by frequent guest Vitaliy Katsenelson. He's the CEO and chief investment officer at portfolio-management company Investment Management Associates, or IMA. In his fourth appearance on the Investor Hour podcast, Vitaliy returns to discuss his approach to being a constraint investor and discovering undervalued companies for all his clients.

But first, Dan and Corey talk about the recent Federal Reserve meeting, the implications of the central bank's words and actions, and where they think the Fed will go from here. Dan and Corey both believe that in the near term, the market is telling us that we're coming to the end of the rate-hike cycle but "people just aren't buying it" yet. Since the stock market has been doing well these past couple of weeks, Dan thinks the Fed probably won't start cutting rates anytime soon. And because the unemployment rate is still near a record low, Dan and Corey argue that it's the only logical place to look when making a case for rate cuts.

Vitaliy then joins the conversation to share the origin of his vacation-style conference, VALUEx Vail... the screening process for attendees... and what Dan should expect while attending this week in Vail, Colorado. Afterward, they discuss the importance of constraints in life and how that relates to investing. Dan says...

"People are really creative when they are backed into a corner and they have a lot of constraints on them."

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Transcript

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0:00.0	Hello and welcome to the Stansberry Investor Hour. I'm Dan Ferris. I'm the editor of Extreme Value and The Ferris Report, both published by Stansberry Research.
0:10.9	And I'm Corey McLaughlin, editor of the Stansberry Daily Digest. Today we talk with Vitaly Katzen-Elson, CEO of Investment Management Associates, an author of Soul in the Game.
0:21.8	And today, of course, we will have to talk about the recent Fed meeting and the implications of their words and actions and where Corey and I think all this will go in the future.
0:31.1	And remember, if you want to ask us a question or tell us what's on your mind, email us at Feedback at InvestorHour.com.
0:38.0	That and more right now on the Stansberry Investor Hour.
0:45.6	Maybe one day we'll figure out how to talk about something else, but for now, I feel like we can't avoid the topic of the Fed,
0:53.5	especially when they've just had a meeting and just taken some action or refrain from taking action in this case.
1:00.0	I went through and I ran my little system of judging every sentence in the statement, which had 17 sentences this time, and giving each one a grade of hawkish,
1:16.0	doveish, or neutral.
1:17.9	And I came away with nine hawkish statements, two dovish and five neutral.
1:25.5	And I'm really trying not to read hawkish into the neutrals so you know
1:29.8	i'm trying to be really conservative there and not because you know i'm i'm hawkish myself right
1:35.5	i have to be careful with that but yeah i mean the first four sentences i found were hawkish
1:44.4	so it's the tone is clear for me.
1:47.4	Well, good.
1:47.8	I'm glad the tone is clear for you because it seems like not on,
1:51.0	or other people seem to just want to ignore it or not believe Jerome Powell,
1:56.3	which I don't blame people for not wanting to believe the Fed chair.
2:01.7	But to me, yeah, that last week was more of, I've seen it refer to as a hawkish pause.
2:07.8	And I would agree with that characterization just based on saying that we're pausing now to see what happens with the economy.
2:20.7	But in their projections,
2:27.0	you know, the Fed voters saying that they'll add two more rate hikes by the end of the year,
	...

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