TDI Podcast: Valuation Cliff (#945)
The Disciplined Investor
Andrew Horowitz and guests - Frank Curzio, Ben Hunt, Barry Ritholtz, Leo Laporte, Keith McCullough, TDI
4.4 • 705 Ratings
🗓️ 2 November 2025
⏱️ 65 minutes
🧾️ Download transcript
Summary
Swiss cheese agreements.
Overspending by big tech – could that be their downfall?
A rate cut in the dark and AI’s Impact on Future Workforce.
Guest: Vitaliy Katsenelson is discussing the basic math of the markets, including where to actually find bargains.
NEW! DOWNLOAD THIS EPISODE’S AI GENERATED SHOW NOTES (Guest Segment)
Vitaliy Katsenelson, born and raised in Murmansk, Russia (the home for Russia‘s northern navy fleet, think Tom Clancy‘s Red October). Immigrated to the US from Russia in 1991 with all his family three brothers, father, and stepmother.
His professional career is easily described in one sentence: He invest, He educates, he writes, and he could not dream of doing anything else.
He is Chief Investment Officer at Investment Management Associates, Inc (IMA), a value investment firm based in Denver, Colorado. After he received his graduate and undergraduate degrees in finance (cum laude) from the University of Colorado at Denver, and finished his CFA designation, he wanted to keep learning. He figured the best way to learn is to teach. At first he taught an undergraduate class at the University of Colorado at Denver and later a 
graduate investment class at the same university that he designed based on his day job.
He found that the university classroom was not big enough, so he started writing. He writes a monthly column for Institutional Investor Magazine and he has written articles for the Financial Times, Barron‘s, BusinessWeek, Christian Science Monitor, New York Post, and the list goes on.
He was profiled in Barron‘s, and has been interviewed by Value Investor Insight, Welling@Weeden, BusinessWeek, BNN, CNBC, and countless radio shows.
Vitaliy has authored the Little Book of Sideways Markets (Wiley, 2010) and Active Value Investing (Wiley, 2007).
Check this out and find out more at: http://www.interactivebrokers.com/
More information available on Horowitz & Company’s TDI Managed Growth Strategy
Stocks discussed this week (ORCL), AMZN), (MSFT), (DIS), (AMD), (NVDA), (NOK)
Transcript
Click on a timestamp to play from that location
| 0:00.0 | This episode is sponsored by Interactive Brokers, and are you ready to take control of your financial future? |
| 0:05.9 | Meet Portfolio Analyst from Interactive Brokers, the free all-in-one dashboard that lets you consolidate, track, and analyze all your financial accounts in one place. |
| 0:17.5 | You don't need an IBKR account to use it. |
| 0:19.7 | Just connect your accounts and see your complete |
| 0:22.1 | financial picture, your investments, performance, and allocation all on a single screen. Plus, |
| 0:29.0 | you can plan smarter with IBKR's new tax and retirement planners built around your goals and your |
| 0:34.9 | market assumptions. Get deep portfolio insights with detailed risk assessments and compare performance against more than 300 benchmarks. |
| 0:43.7 | Plus, manage with confidence thanks to GIP's verified returns. |
| 0:47.8 | Ready to get started? |
| 0:49.3 | Sign up for a portfolio analyst, which is free for everyone at IBKR.com slash freePA. |
| 0:58.7 | Interactive brokers, the best informed investors, choose IBKR, member SIPC. |
| 1:07.2 | The Disciplined Investor is all about you, your money, and the markets. |
| 1:12.0 | Sit back and get ready for this edition of The Disciplined Investor podcast. |
| 1:17.6 | This episode of The Disciplined Investor is sponsored by Horowitz & Company. |
| 1:22.6 | If you're looking for a portfolio manager, look no further. |
| 1:26.1 | Horowitz and Company from seed through harvest, cultivating financial success. |
| 1:34.2 | We got Swiss cheese agreements. |
| 1:36.9 | Overspending by Big Tech. |
| 1:38.1 | That could be their downfall. |
| 1:40.4 | A rate cut in the dark. |
| 1:42.5 | And our guest today's Vitali Katzenelson discussing hopefully some basic math of this market and find out what's going on with valuation, maybe even find some bargains, all this, and much more on episode number 945 of the Disciplined Investor podcast. |
| 2:15.7 | Hey, it's November. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Andrew Horowitz and guests - Frank Curzio, Ben Hunt, Barry Ritholtz, Leo Laporte, Keith McCullough, TDI, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Andrew Horowitz and guests - Frank Curzio, Ben Hunt, Barry Ritholtz, Leo Laporte, Keith McCullough, TDI and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.