The Intellectual Investor – Value Investing by Vitaliy Katsenelson
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Latest episodes
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The AI Hangover Is Coming. The Pandemic Already Showed Us How It Ends. – Ep 305
October 15, 2026We don’t have to go decades back to find an analogy. Just look back a few years, to the pandemic. We all lived through it, most of us in sweatpants. And it offers a near-perfect preview of what is about to happen in AI. The post The AI…
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Your Sophist Filter: On CEOs, Cynics, and the Voice in Your Head – Ep 304
October 1, 2026A great speaker can bend logic with emotions and exert undue influence on your decision making. The better someone speaks, the more discriminating your Sophist filter needs to be. The post Your Sophist Filter: On CEOs, Cynics, and the…
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My New Daughter – Ep 303
September 24, 2026On Jonah and Molly's wedding The post My New Daughter – Ep 303 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.
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Depressing Reasons Why I Am Bullish On Gold (Part 2) – Ep 302
September 17, 2026Here is what changed my mind. Not something about gold, but many things about the dollar. The US dollar is the world's reserve currency. It has had a well-deserved place since WWII, and that rested on three things: the largest, steadiest…
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Narrative Change (Part 1) – Ep 301
September 9, 2026Narrative change is a reversal of mass behavior. Economics and stock market valuation are governed by soft laws, but the reality bent by human behavior can disagree with these soft laws for much longer than rational actors would expect, or…
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You Are Responsible for What You Have Tamed – Ep 300
August 21, 2026As an entrepreneur, you always want to grow your business. Your current revenue and profit are never enough; they just set the bar higher for next year. We always want more. But this “more” has a hidden cost. The post You Are Responsible…
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Chess Nights at Red Robin – Ep 299
August 6, 2026I have vague first memories of playing chess with my grandfather when my family visited my father's parents in Moscow. I was five years old. The post Chess Nights at Red Robin – Ep 299 appeared first on The Intellectual Investor - Value…
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Today’s Market = 1999 Capex + 2008 Credit – Ep 298
July 31, 2026I wrote in the past that the AI rollout feels a lot like déjà vu of the 1999 telecom bubble. Today's AI bubble has elements of both the 1999 overinvestment in internet infrastructure and the 2008 collapse of financial instruments that…
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You Don’t Need to Be an Expert to Hire One. You Need a Tunaman. – Ep 297
July 23, 2026My wife and I are taking a perfectly good 25-year-old house and spending 20% of the purchase price on a sizable remodel. Parts of it are going back to the studs. I had never done a big remodel, I knew nothing about construction, and I was…
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Most People Don’t Want to Write. They Want to Have Written. – Ep 296
July 16, 2026I was at a conference in Switzerland. A reader came up to me and asked, "Vitaliy, I've been reading your articles for years. I'd like to write. How should I start?" The post Most People Don’t Want to Write. They Want to Have Written. – Ep…
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You are not as smart as you think you are – Ep 295
July 10, 2026Lately, I’ve been getting this powerful feeling that everything I touch turns to gold. Every time I buy a stock, it goes up. Did I finally figure out the stock market game? Did I find a secret way to follow Will Rogers’ advice: Buy stocks…
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Guy and I – Ep 294
June 16, 2026Reflections on friendship, mortality, and the kindness of Guy Spier, the value investor who taught me that we all live on borrowed time. The post Guy and I – Ep 294 appeared first on The Intellectual Investor - Value Investing by Vitaliy…

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