Podcasts about game the art

Vitaliy Katsenelson is the CEO of IMA, award-winning writer, author of Active Value Investing, The Little Book of Sideways Markets,  his latest book, Soul in the Game: The Art of a Meaningful Life, and a student of life. Support QTR My near-daily blog, Fringe Finance. Get 40% off a subscription: https://quoththeraven.substack.com/subscribe?coupon=fa90a2a2&utm_content= Contribute a donation to the podcast via Patreon: https://www.patreon.com/QTRResearch Follow me on YouTube, and Twitter Please show love to those who support the QTR Podcast:  JM Bullion - where QTR buys gold & silver - email laura@jmbullion.com  - Twitter: @JMBullion George Gammon - Rebel Capitalist Pro - Twitter: @GeorgeGammon $10 in free bitcoin with Swan when you sign up using my link. Longest Running Supporters   Max Mulvihill - Since 2/2018  Mark Heywood - Since 3/2018 Kyle Thomas - Since 4/2018  Chris Bede - Since 5/2018  Dariusz Kordonski - Since 5/2018  Chris Gerrard - Since 5/2018 Shear Luck - Since 5/2018   Founding Members Of My "FRINGE FINANCE" Column Kashumba - Since 8/2021 Randy Carder - Since 8/2021 T Gaggiotti - Since 8/2021 Jamie - Since 8/2021 A Farmer - Since 9/2021 Harvest Moon Research - Since 9/2021 John H. H. - Since 11/2021 Mark Hutchinson - Since 11/2021 Joseph K. H. - Since 10/2021 A Farmer - Since 9/2021 Tsniezyk - Since 9/2021 Chris - Since 12/2021 All podcast content is subject to this disclaimer.    Chris is not an investment adviser. Listeners should always speak to their personal financial advisers. Please leave me alone.

In this podcast episode, Dr. Angela Schill and Dr. Jonathan H. Westover talk with Delia Gutierrez McLaughlin about changing the face of the game and the art of negotiation. Delia Gutierrez McLaughlin is nothing short of a luminary in the technology sector—a Digital Transformation Leader with over two decades of unparalleled expertise, and a STEM and DEI steadfast advocate. A first-generation college graduate, Delia's journey is a tapestry of tenacity and triumph, punctuated by a constellation of accolades that bear witness to her indomitable spirit. It is her spirit and tenacity that is captured in the chapter she co-authored: “Embracing a New Mindset: Working Smarter not Harder throughout your Career”. Check out all of the podcasts in the HCI Podcast Network! Check out the ⁠HCI Academy⁠: Courses, Micro-Credentials, and Certificates to Upskill and Reskill for the Future of Work! Check out the LinkedIn ⁠Alchemizing Human Capital⁠ Newsletter. Check out Dr. Westover's book, ⁠The Future Leader⁠. Check out Dr. Westover's book, ⁠'Bluer than Indigo' Leadership⁠. Check out Dr. Westover's book, ⁠The Alchemy of Truly Remarkable Leadership⁠. Check out the latest issue of the ⁠Human Capital Leadership magazine⁠. Each HCI Podcast episode (Program, ID No. 627454) has been approved for 0.50 HR (General) recertification credit hours toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Each HCI Podcast episode (Program ID: 24-DP529) has been approved for 0.50 HR (General) SHRM Professional Development Credits (PDCs) for SHRM-CP and SHRM-SCPHR recertification through SHRM, as part of the knowledge and competency programs related to the SHRM Body of Applied Skills and Knowledge™ (the SHRM BASK™). Human Capital Innovations has been pre-approved by the ATD Certification Institute to offer educational programs that can be used towards initial eligibility and recertification of the Certified Professional in Talent Development (CPTD) and Associate Professional in Talent Development (APTD) credentials. Each HCI Podcast episode qualifies for a maximum of 0.50 points.

To watch this as a video Download it and play it from the Downloads section in the Castbox app on your device.You need to improve your social skills… or to use a little more colorful parlance; to learn the art of seduction or game (for short). I suggest devoting about 7 hours weekly to reading and watching content on this subject…⏬ Access the three transformational resourceshttps://www.limitlessmindset.com/V-Transformation

Welcome to another incredible episode where we delve into the profound wisdom of our distinguished guest, Vitaliy Katsenelson, an established investment expert with years of experience navigating the unpredictable seas of the stock market. As a prolific writer and a firm believer in the power of the written word, Vitaliy shares how his passion for writing not only organizes his thoughts but also serves as his superpower.   Discover the key importance of mindset, philosophy, and maintaining a level-headed approach in the volatile world of investing. Vitaliy emphasizes that success is not merely the result of a high IQ; in fact, emotional intelligence plays a vital role. This episode is all about understanding and managing the extremes, and avoiding getting swept away by the market's rollercoaster of emotions.   Also, find out more about Vitaliy's latest book, "Soul in the Game: The Art of a Meaningful Life," where he delves deeper into creativity and writing. Even though the book is not about investing, the lessons it shares are universally applicable and transformative.   Don't miss out on this illuminating conversation with Vitaliy Katsenelson, filled with enriching insights and life-changing advice for entrepreneurs and investors alike. It's all about growth together!   Chapter Stamps:   [00:13:16] Introduction of Vitaliy Katsenelson [00:13:36] Vitaliy's Journey into Investing [00:14:02] The Realization of Midas Stage in Investing [00:15:26] The Importance of Mindset in Investing [00:15:55] Behavior and Emotions in Investing [00:16:15] Vitaliy's Superpower: Writing [00:17:20] The Meditative Aspect of Writing [00:17:34] Introduction of Vitaliy's Book: Soul in the Game, the Art of a Meaningful Life [00:18:03] Closing Remarks and Appreciation [00:18:28] End of Interview   Pullout Quotes:   "Success in investing comes not necessarily from your IQ, but from your EQ. It's a behavior."   "The stock market is a very humbling, it humbles everybody."   "When you go and get into investing, you need to have the right philosophy. Investment philosophy. You need to have a good process."   "My superpower is actually writing. It helps me to organize my thoughts and it's like focus thinking two hours a day."   "When you write, I find it's very meditative. It calms me down."   "Writing is a source of my superpower."   "I just wrote a book, 'Soul in the Game, the Art of a Meaningful Life.' That book has nothing to do with investing, but I do talk about creativity and writing."   "Maintaining a level head is incredibly difficult and the way to get there is through a well-defined process."   Socials:   Website: https://investor.fm/ Linkedin: https://www.linkedin.com/in/katsenelson/ Facebook: https://www.facebook.com/VitaliyNKatsenelson     ----more---- Notice to the Super Entrepreneurs community: Before we part, remember to join our Private Facebook group, 'Mindset for Business Success.' Here we share mindset wisdom to elevate your life and business, ready for a transformative journey? This group is your key to unlocking potential and achieving business growth. Don't miss out on this incredible free resource. Join us in 'Mindset for Business Success' today! Join Now!!   ----more---- Disclaimer: Please be aware that the opinions and perspectives conveyed in this podcast are solely those of our guests and do not necessarily represent the views, ideologies, or principles of Super Entrepreneurs Podcast, its associated entities, or any organizations they represent or are affiliated with. We provide a platform for discussion and exploration, and the content of each episode is understood to be independent expressions from our guests, rather than a reflection of the beliefs held by the podcast or its hosts.

Recently we discussed what we would do differently if we started all over again. But have you ever heard our origin story? A few weeks ago, Roger Short had the honor of being interviewed by Cody Askins about his entry into the life insurance sales business.     Roger shares his story of how he was able to write $137,400 in annual premium in his first four months as a life insurance agent, and how he went on to build a successful agency. The Cody Askins team has been gracious enough to let us share that conversation with you here on our channel.  In this episode, Roger Short discusses the strategies and tactics he used to achieve remarkable success in a short period of time selling life insurance.  

„Egal, welche Strategie Du anwendest, Du musst deinen eigenen Weg gehen“, sagt Jana Misar im Podcast mit Susanna. In dieser Folge werden Bücher besprochen, die aktiven Investorinnen helfen sollen, ihre Investment-Entscheidungen zu treffen. Die Empfehlungen richten sich an Anfängerinnen genauso wie an fortgeschrittene Investorinnen. Einige Bücher erklären Ansätze und Investment-Strategien, andere helfen Dir, Deinen eigenen Weg zur erfolgreichen Investorin zu finden und Emotionen zu meistern. Buchempfehlungen aus dem Podcast: Richer, Wiser and Happier – Wilhelm Green Investing for Growth: How to Make Money by Only Buying the Best Companies in the World – Terry Smith The Intelligent Investor – Benjamin Graham Ein Jahr in Wundern: Reflexionen, Gebete und Meditationen für jeden Tag – Marianne Williamson Soul in the Game: The Art of a Meaningful Life -Vitaly Katsenelson University of Berkshire Hathaway: 20 Jahre Aktionärstreffen: Die wichtigsten Lektionen von Warren Buffett und Charlie Munger Women of The Street: Why Female Money Managers Generate Higher Returns (and How You Can Too) – Meredith Jones Rich Woman: Because I Hate Being Told What To Do – Kim Kiyosaki „Investieren ist Tiefsinn pur.“ - Jana Misar ✨Wie können wir dich auf deiner Investorinnenreise unterstützen? Vereinbare hier ein persönliches Strategiegespräch, um alle Fragen zu klären✨ https://calendly.com/female_investor/academy ✨Hier geht es zur Female Investor Academy ✨ https://female-investor.com ✨Vernetze Dich mit Jana Misar ✨ Instagram von Jana Misar: https://www.instagram.com/janamisar/?hl=de LinkedIn von Jana Misar: https://www.linkedin.com/in/jana-misar-027637223/ Female Investor Facebook Gruppe: https://www.facebook.com/groups/femaleinvestor/

Vitaliy Katsenelson is the CEO and Chief Investment Officer of IMA and the author of three books. His most recent book is “Soul in the Game: The Art of a Meaningful Life.” Vitaliy was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. In this interview, Vitaliy contrasts his experience growing up in the Soviet Union with his experience in the United States, and how different his mindset was in each place. He also discusses how Stoic philosophy has been very helpful. He discusses how his essay about Tchaikovsky aims to help others who may be struggling with creativity. Listen in for a vibrant discussion on intention, communication, and vulnerability.   https://bit.ly/TLP-355   Key Takeaways   [1:53] Vitaliy's bio. (See at the end of the show notes.) [2:22] Vitaliy loves investing, writing, classical music, and spending time with his family, Vitaliy's father is a fantastic artist and Vitaliy has a small gallery of his work. [3:49] How Vitaliy sees the differences between Murmansk, Russia, and Denver, Colorado. Denver has lots of sunshine. In the winter, Murmansk has a few minutes of sunshine a day. When Vitaliy lived there, it was Soviet Russia. Freedom of speech and the free market did not exist in Russia. All businesses were owned by the government. Here we have an abundance of food and a lack of scarcity. [6:56] Vitaliy shares thoughts on how Russians and Americans communicate. He read How to Win Friends and Influence People when he was 18 in Russia. He hated the book and felt it was teaching him how to be fake. He read it again 20 years later and was shocked by how brilliant it is. He is re-reading it with his 17-year-old daughter and she loves it. She has an American mindset. [8:06] When Vitaliy came to the U.S. he found that  Americans are very indirect and smile all the time, contrasted with Russians who are sometimes painfully direct. Vitaly was fired from his first American job. The man firing him was smiling at him, which was a confusing signal. Vitaly fine-tuned himself to a balance between directness and indirectness. He tries not to criticize people so his message is clearly received. [9:10] If Vitaliy has a criticism, he first tries to make sure to tell the person positive things.  Then he structures the criticism as constructive feedback. He learned that from Dale Carnegie and living in the U.S. for 30 years. Vitaliy says if he had continued to communicate in the Soviet Russian style, he could not have achieved anything in the U.S. [10:43] Vitaliy's intentionality comes from the conscious choice to be mindful. To have a work/life balance you just have to be mindful about having the balance. Vitaliy knew he wanted to be a good father to his children. He made a mindful choice to spend more time with his children. He chooses to drive his children to school before going to work on a busy day. [12:38] Vitaliy has a value to be a good father. To live up to the value he has to be mindful about being with his children. If he just went on autopilot, he would just default to the easiest things to do which for him is working 10-hour and 12-hour days. To be mindful, he stops after eight hours. When he gets home and has dinner with his kids, he's not looking at his phone. He's present with them, giving them attention. [14:26] To live a meaningful life, figure out exactly what you value and spend your time according to your values. [15:32] Vitaliy sees value in simplicity. [16:50] As Vitaliy was working on the last chapter of his book, he put it on pause to study and write on Stoicism. He studied Epictetus, Marcus Aurelius, and Seneca. Epictetus taught a framework that some things are up to you and some things aren't. What is up to you are your values and how you behave. Everything else is external and is not up to you. Don't try to control what is out of your control. [19:03] Vitaliy's 17-year-old daughter just got her first job at a coffee shop. She finds a co-worker annoying. Vitaliy asked her if she expected every co-worker to be perfect. It's not up to you how other people are. Vitaliy finds this framework to be simple and elegant; if you embrace the Stoic philosophy it will reduce the volatility and negativity in your life. [20:27] When he learned Stoic philosophy, Vtaliy realized he had made choices in the past unconsciously that were aligned with Stoic philosophy. Adopting Stoic philosophy intentionally has changed his life. He wrote that section of the book as much for himself as for the reader. [21:51] Every three to four months, Vitaliy sends his clients a 30-page letter in a story-telling format. As an experiment, once he sent the letter in a condensed format of brief bullet points. Eighty percent of his clients preferred the long letter. It was easier for them to read in stories than in bullet points. [23:33] You want to be very careful on the receiving side of storytelling and people who are terrific speakers. They appeal to your emotions. Stoics break down the message to its bare bones, to the bullet points. There is a conflict between Stoics and Sophists. Vitaliy acknowledges he is a Sophist in storytelling. At the same time, his values are Stoic. Sophists hijack the message and they may not have good values. [24:56] When Vitaliy encounters terrific communicators, he is very cautious to make sure the way they communicate does not impact his decision-making. [26:17] Music is an incredibly important part of Vitaliy's life. He has written essays on the music that was important to him at any year of his life. Vitaly gets up every day at 4:30 or 5:00 and writes for two hours while listening to classical music in his headphones. Those two hours every day are very special to Vitaliy. Listening to classical music while he writes has helped his creativity tremendously. [28:07] Vitaliy's kids made him appreciate chess. It's one of the few games he likes playing with them. His daughter invited him to play after watching The Queen's Gambit. After a game, they review the moves, trying to find the solution for the best move possible at any point. It makes an intellectually honest discussion. Jan notes it's like a military after-action review (AAR). Both become better players. [30:34] Writing music is a very creative activity. When you listen to classical music, think about how difficult it was for the composer to write it. Tchaikovsky left behind many letters to his brother and his friends. His letters describe how he struggled to compose his music. Vitaliy's book came about because he had been writing an essay about one of Tchaikovsky's pieces of music. [31:45] Vitaliy read Tchaikovsky's letters and realized that the suffering the composer went through was so similar to the suffering Vitaliy goes through as a writer. He wrote an essay comparing the struggles of Tchaikovsky to the struggles a creative writer goes through. [32:11] When Vitaliy finished the essay, he realized other struggling writers could be helped by reading it. Over the years, he had written many essays that could help others. So he put them together in a book. [32:45] When you study the lives of composers, you listen to music very differently. You feel the pain they felt as they were writing. You realize that you will have some very difficult times creating, and as long as you love writing, pain is just part of the journey. The lives of the composers made Vitaliy appreciate classical music so much more. There is an incredible amount of hard work, pain, and struggle in creativity. [34:52] Vitaliy finds that parenting and leadership have parallels. But leadership mistakes don't haunt you for the rest of your life! Vitality exposes his kids to new things all the time. They watch YouTube videos on various subjects. He introduces them to new books all the time. They discuss different topics and he doesn't talk down to them. He is interested to know what they think. [35:56] As a parent and as a leader, it's important to be vulnerable. You admit that you don't have all the answers. When you communicate, spend most of the time in the scientist mode. Whatever you're looking at is a theory. You are trying to discover truth. [36:59] When you make a mistake you admit it. Then your employees will be more comfortable admitting they made mistakes as well. [37:45] Vitaliy shares a link where you can hear his podcasts and read his articles.  [38:23] Closing quote: Remember, “Do not act as if you had 10,000 years to throw away. Death stands at your elbow. Be good for something while you live and it is in your power.” — Marcus Aurelius   Quotable Quotes “If you insult a person first and then you give them a message, that message will never arrive.” “My daughter and I are reading [How to Win Friends and Influence People] together … and she loves the book!” “Being around your kids while you are reading Financial Times on your iPhone is not being around your kids. Attention is a currency of time. So it's when I give them that attention, when I'm present, that's very, very important.” “There is so much value in simplicity.”  “If you waste your energy trying to control things that are not up to you, you're going to have one miserable life. You're going to have this emotional rollercoaster of being upset.” “I would argue that if you embraced Stoic philosophy, what it does, it would just reduce the volatility; it would reduce negativity in your life. And by reducing negativity, it's going to make your life calmer; more peaceful.” “Listening to classical music when I write has helped my creativity tremendously. Studies were done on the subject. And they … showed that when you listen to music, … it forces your left brain and right brain to work at the same time. It basically increases your creativity.” “I have found that there are a lot of parallels between being a parent and being a leader … [but] I guess if you screw up as a leader those mistakes don't haunt you for the rest of your life.” “When you study the lives of composers, … you're going to start listening to music very differently. You're going to feel the pain Tchaikovsky felt when he was writing. … You're going to appreciate as a creator that at times you're going to have a very difficult time creating.”   Resources Mentioned Theleadershippodcast.com Sponsored by: Darley.com Rafti Advisors. LLC Self-Reliant Leadership. LLC Vitaliy Katsenelson Investment Management Associates Soul In the Game: The Art of a Meaningful Life The Intellectual Investor podcast Vitaliy Katsenelson Vitaliy Katsenelson on Contrarian Edge Murmansk How to Win Friends and Influence People, by Dale Carnegie Warren Buffet Stoicism Epictetus Marcus Aurelius Seneca Ryan Holiday Sophists The Queen's Gambit After Action Review Tchaikovsky   Vitaliy Katsenelson Vitaliy Katsenelson is CEO and Chief Investment Officer of IMA and the author of Soul in the Game: The Art of a Meaningful Life. Vitaliy was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. He's an award-winning writer with two books on investing and countless articles in publications such as The Financial Times and Barron's. Vitaliy lives in Denver with his wife and three kids where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and his first non-investing book.    

When we look at the way in which we're living our lives, are our hearts and souls engaged? No seriously – are we going through the motions, checking off the boxes, but forgetting to tune into whether those activities and actions stir something inside of us? Think about a typical day – is there a joy? A passion? An deeper level of engagement to our real life field of play? Does the music on our commute speak to us? Our choice of fitness activities bring a smile? Our professional pursuits reveal who we were truly meant to be? Our evenings provide the refreshing spring after a day of productive contributions to the world? Or are we in a fog, stumbling our way through the day as we count down the hours until the next weekend?Welcome to the latest episode of the Catalyst 360 Podcast – your 360 degree source for the best in health, wellness & performance. Today's guest is Vitaliy Katsenelson, author of Soul in the Game: The Art of a Meaningful Life. That's a big claim – and we're going to dig into the realities of bringing that to life today.For more information about the Catalyst Community, earning your NBHWC-approved health & wellness coach certification, the annual Rocky Mountain Coaching Retreat & Symposium and much more, please see https://www.catalystcoachinginstitute.com/ or reach out to us Results@CatalystCoachingInstitute.comLooking for weekly tips, tricks and turbo boosts to enhance your life? Sign up for the CATALYST 5 here, a brief weekly bullet point list of 5 ideas, concepts or boosts Dr. Cooper has discovered to improve your personal and professional life! If you'd like to share the Be A Catalyst! message in your world with a cool hoodie, t-shirt, water bottle stickers and more (100% of ALL profits go to charity), please visit https://teespring.com/stores/be-a-catalyst If you are a current or future health & wellness coach, please check out our Health & Wellness Coaching Forum Group on Facebook: https://www.facebook.com/groups/278207545599218.  This is an awesome group if you are looking for encouragement, ideas, resources and more. Finally, if you enjoy the Catalyst Podcast, you might also enjoy the YouTube Coaching Channel, which provides a full library of freely available videos covering health, wellness & performance: https://www.youtube.com/c/CoachingChannelContact us: Results@CatalystCoachingInstitute.comTwitter: @Catalyst2ThriveWebsite: CatalystCoachingInstitute.com

You're listening to the Stoic Solutions Podcast - practical wisdom for everyday life inspired by the ancient tradition of Stoic Philosophy from Greece and Rome. I'm your host, Justin Vacula. Visit my website at StoicSolutionsPodcast.com. This is episode 106: Soul in the Game: The Art of a Meaningful Life. I speak with author Vitaliy Katsenelson about topics in his book, including applications of Stoic Philosophy, the benefits of a frugal life, finding fulfillment, and mindfulness. Vitaliy Katsenelson was born in Murmansk, USSR, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007, and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” Soul in the Game is a book of inspiring stories and hard-won lessons on how to live a meaningful life, crafted by investor and writer Vitaliy Katsenelson. Drawing from the lives of classical composers, ancient Stoics, and contemporary thinkers, Katsenelson weaves together a tapestry of practical wisdom that has helped him overcome his greatest challenges: in work, family, identity, health – and in dealing with success, failure, and more. Support my work through Patreon. Use referral links to various products. http://justinvacula.com/donate/ Find Justin Vacula online and listen to past content: Main website: http://www.stoicsolutionspodcast.com/ SoundCloud: http://www.soundcloud.com/justinvacula iTunes: https://itunes.apple.com/us/podcast/stoic-philosophy/id1264404483 YouTube: http://www.youtube.com/justinvacula Stitcher: http://www.stitcher.com/podcast/justin-vacula/stoic-philosophy Google Play: https://play.google.com/music/listen?authuser&u=0#/ps/I4gq7yzmfr63glwfvin2kmciifq Facebook: https://www.facebook.com/StoicSolutionsPodcast/ Twitter: https://twitter.com/StoicSolutions Instagram: http://www.instagram.com/justinvacula Justin's other podcast: https://hurdygurdytravel.com/ Music: Birds by Scandinavianz https://soundcloud.com/scandinavianz Creative Commons — Attribution 3.0 Unported — CC BY 3.0 Free Download / Stream: https://bit.ly/Birds-Scandinavianz Music promoted by Audio Library https://youtu.be/4iknKLfV2X8

In this episode of Partnering Leadership, Mahan Tavakoli speaks with Vitaliy Katsenelson about leading with soul and living a meaningful life. Vitaliy Katsenelson is the CEO of the Denver-based value investment firm IMA. He is also the author of Soul in the Game: The Art of a Meaningful Life. His recent book has received praise from leading thinkers, including Nassim Nicholas Taleb and Ret. General Stanley McChrystal. In the conversation, Vitaliy Katsenelson spoke about the impact of scarcity on our thinking, the value of creating psychologically safe work environments, and the importance of connection to building trust. Vitaliy Katsenelson shared thoughts on failure's role in achieving success and some mental models he uses for better decision-making. Finally, Vitaliy Katsenelson shared how Stoic philosophy can help us lead more fulfilling lives and why we need to have soul in the game.  Connect with Vitaliy Katsenelson:Vitaliy Katsenelsen at soulinthegame.netVitaliy Katsenelson's podcast “The Intellectual Investor”Vitaliy Katsenelsen at contrarianedge.comSoul in the Game: The Art of a Meaningful Life on AmazonConnect with Mahan Tavakoli:Mahan Tavakoli WebsiteMahan Tavakoli LinkedInMore information and resources are available at the Partnering Leadership Podcast website:https://www.partneringleadership.com/

Welcome to Episode #77 of the Fatal Conceits Podcast... In today's conversation, I'm joined by author, value investor, student of life and editor of the popular ContrarianEdge newsletter, Mr. Vitaliy Katsenelson. I've been reading Vitaliy's work, on and off, for over a decade now. In fact, we used to publish his columns and market insights occasionally in The Daily Reckoning, a publication I managed for Bill Bonner back in the 2000s, in what seems like another lifetime...Vitaliy describes himself as “Born in Russia, Made in America,” a distinction we talk about during our conversation. He's also a professor of finance, CEO of Investment Management Associates and a keen world traveler. Over the course of an hour or so, I asked Vitaliy about his insights into the beleaguered American housing market, what the Fed hath wrought for the US economy at large, the challenges facing bottom up value investors like himself and where to for stock markets over the short and medium term. We also talk about his newly published book, Soul in the Game - The Art and Meaning of Life.Please enjoy - and share! - my conversation with Vitaliy Katsenelson, below...Cheers,Joel BowmanTRANSCRIPT:Joel Bowman:All right, well, welcome back to another episode of the Fatal Conceits podcast, dear listener. If you've not already done so, please head over to our Substack page. You can find us at BonnerPrivateResearch.Substack.com, where we have hundreds of articles, research reports, and many more conversations just like this on the Fatal Conceits podcast tab at the top of the page, where we talk about everything from high finance to lowly politics and everything in between.It is my pleasure today to welcome a gentleman to the show whose work I've been reading on and off for years, and as we were just talking about before we pressed record here, our email correspondence has gone back over a decade, so it'll be great to connect again. Vitaliy Katsenelson is the author of Contrarian Edge. Head over to his website there. He's got plenty of excellent material, mostly about investing, but a few life lessons in there, some political musings, lots of travel stuff. He's also the author of two investing books, Active Value Investing, and the Little Book of Sideways Markets, and most recently, a book that I hope we get to chat about today, Soul in the Game: The Art of a Meaningful Life.So, first of all, Vitaliy, welcome to the Fatal Conceits podcast. I feel like it's long overdue.Vitaliy Katsenelson:I know, Joel, it's a pleasure. Thank you. We're looking forward to it.Joel Bowman:Outstanding. And as we were also just mentioning, if this background looks familiar, you were recently on a podcast with Anya Leonard, who runs the Classical Wisdom website. We sit about 10 feet away from each other. Being husband and wife, we share a home office, so if this is a little bit of deja vu...Vitaliy Katsenelson:Absolutely. Yeah. No, that's still there.Joel Bowman:All right, so there's lots of stuff I want to get to, Vitaliy. You covered such a wide breadth of subject matter in your musings, and again, people should head over to Contrarian Edge to check out your work there. But for readers who are just coming upon your work for the first time, I think they might be interested just in a bit of a Vitaliy origin story, because it's a very interesting one. You put it as “Born in Russia, Made in America,” which I thought was a very entertaining juxtaposition. How did you make that journey and come to that distinction?Vitaliy Katsenelson:Yeah, so today I live in Denver, and I have a wife and three kids, and I run a value investment firm, IMA, and I also write, and I wrote several books, but I write articles all the time. And by the way, we have a Substack as well, so you can just look for my name on Substack. You can subscribe to the articles.Joel Bowman:I'll put all the links to these links in the transcript.Vitaliy Katsenelson:Perfect. Yeah. But I was born in Russia and I moved, my whole family moved to the United States in December, 1991. What's interesting about this, actually, I was not living in Russia. I was living in the Soviet Union, and then literally a month later it stopped, it ceased to exist. The reason we moved to Denver, because my father's youngest sister left Moscow in 1979, and she moved to Brighton Beach. If you watch Moscow on the Hudson, that movie basically describes her life.Joel Bowman:Wow. Okay.Vitaliy Katsenelson:And then she married the Rabbi, and Rabbi had a synagogue in Cheyenne, Wyoming, out of all places, which is, I don't know if there are any Jewish people there, but yeah, that's a different conversation. But anyway, she invited us over. There was an organization that does a lot of good things, actually, not just for Jewish people, called Jewish Family Services. They were in Denver. So my aunt decided that it was better for us to move to Denver than to Cheyenne, Wyoming, and I keep thanking my aunt every day just for that decision alone.Joel Bowman:And so, I believe you were first studying and then lecturing at, was it the University of Denver?Vitaliy Katsenelson:Yeah. Yes. I studied, I got my undergraduate degree and a graduate degree at University of Colorado at Denver. And then I taught finance as an adjunct, which is a fancy word for part-time. So if you are a professor, and if you say part-time professor or part-time lecturer, it doesn't sound as interesting.Joel Bowman:It sounds a little casual. Yeah.Vitaliy Katsenelson:But adjunct, because most people have no idea what it is.Joel Bowman:Right.Vitaliy Katsenelson:And so suddenly, you sound important. So I taught finance for about seven years, and the reason I actually quit, because two reasons. Number one, I absolutely hated the part where I had to give out grades. I loved giving out As. I hated giving out Ds and Fs. And so, I hated that. But the second part is that after you teach the same class over and over again, it gets old.And I realized when I write, I can teach, because every article would teach something, but I don't have to repeat every article. I don't have to repeat this semester after semester, so I can get to learn new things all the time. And so, I quit in 2007, so I haven't taught in 15 years.Joel Bowman:And also, I guess as you mentioned with your Substack and with your Contrarian Edge page, you get to reach a much wider audience than just how many people can fit in the auditorium, right?Vitaliy Katsenelson:Oh, absolutely. Yeah. I can help a lot more people with my writings than just in a classroom. Yes.Joel Bowman:Excellent. We were back and forthing a little bit email-wise, and I'd been reading some of your work recently on the housing market, the US real estate market, and I wanted to kind of get into that, because I think that's, to use a popular phrase, “top of mind” for most people at the moment, with obviously the Fed having met recently. You and I are talking on November the 7th, for our readers' edification, here.But it's been five days since the widely expected rate hike of 75 basis points that I think most people were paying attention to, most people had kind of expected that, but they were paying more attention to the tenor of Mr. Powell's remarks afterwards. He seems to be speaking fairly directly in his remarks, saying that the job of the Fed is not done at present. We're not looking to pause. "Talk of a pause is premature," I think were his exact words.I wanted to get your take on how you think that shakes out in the housing market, because obviously there's a lot of Americans, in particular the middle class, with wealth tied up in that asset class, and you've written that you think it's quite worse than people think. Why is that?Vitaliy Katsenelson:All right. If you look at the housing prices from 1999 to today, they basically went up about 40%. In less than four years, they went up 40%. Most of that increase happened actually over a three-year period. So, the median house today in the United States is about $440,000, probably a little bit less than that, but that's what it was at the beginning of the year.The problem is, those prices were fine from an affordability perspective when interest rates were around a 30-year mortgage at 3%. But when inflation is at 7-9%, interest rates had to go up. Even if the Federal Reserve did not raise them, they would have still gone up, I would argue, because who would've wanted to buy this paper when inflation is 9% and pay 1% or 2%. So interest rates, I think, would've gone up anyway.So, today when the mortgage rate is over 7%, basically if you are a new buyer and you want to put 20% down and you want to buy a house, it's basically going to cost you almost twice as much. Let me just give you a couple numbers. If you bought a house in 2019, or even in 2021, it would've cost you roughly $420,000. Interest rate was 3%, so it would've cost you roughly about $15,000 a year in mortgage payments.When rates go up from 3% to 7.6%, as they are today, now the mortgage payment goes up to $30,000. This is, what's important to understand is that the median American household makes about $75,000 a year. $75,000 a year, or about $60,000 after tax, roughly. So in other words, when interest rates were 3%, it used to consume 25% of someone's income. Today it would consume, if you were to buy a house at today's prices, at these interest rates, would consume half of someone's income.So, housing today is unaffordable. So, what has to happen is that, for the housing market to return to the prices, to return to the affordability of 2019, of 2020, of 2021, they basically have to decline like 30 or 40%.Joel Bowman:Yeah, I saw those numbers, 30 or 40%. I've read those numbers in your write up, and I think for a lot of people that's difficult to conceptualize, because they've been living high on the hog with cheap and abundant credit for so long that they think, “Hey, it's been so good for so long, how could this possibly come to an end?” But you tap into the emotion of owning a house, how it's different from stocks, it takes a lot longer to come down, but prices can run up pretty quickly. But there's an emotional component to owning a home that counts, too...Vitaliy Katsenelson:Yeah. In the American Constitution, there is a guarantee of pursuit of happiness, but there is no guarantee of rising housing prices every year. But over the last 30 years, we are basically, because interest rates actually declined for most of our adult life, right? So therefore, we've been conditioned that housing prices only go up. But they can decline. Joel Bowman:That'll come as a shock to some people, I imagine. I'm Australian, you can probably hear from my accent, but there's a very similar macro setup in Australia, where they've had access to just an exorbitantly large amount of cheap willing credit for so long that they've been led to believe that this is just sort of par of the course.But one of the things that I read in your full letter, that I thought was very interesting, and I think it's an important point for people to grasp, is that a lot of people will sort of trot out the argument, where they'll say, “Hey, look, we already had interest rates during the Paul Volcker years, or during the '70s and '80s, when they were 14, 16, 18%. And we had a lot of other similar macro setups as well. We had high inflation, we had high unemployment, we had an oil embargo from a major producer of the world, the Nixon price shocks, all of this kind of very pessimistic, sour macro setup. But we were able to muddle through, and then we were kind of off to the races after we got through the hard part. But this time's different. I agree with you, but explain to us why, in your mind, this is not just the '70s and '80s redux.Vitaliy Katsenelson:Because in the '70s and '80s, if you look at the ratio of housing prices to median income, it was half of where it is today. In other words, yes, the interest rates went up a lot, but the housing prices were much, much cheaper in relation to what people made. By the way, we still had a recession, don't get me wrong. We still had a recession. People forget about it. But I think this time, the impact will be greater.Also, this is very important to understand. When we are in an economy that has very low interest rates for a long period of time, our behavior changes. When I say “our,” that includes individuals, corporations, and government. Let's say, let's start with the government. That's the most obvious one. We have our debt to GDP at the highest probably in the country's history. We may have to go back to the World War II era to see what it was then. It's much higher than it was in the '80s. If you look at just how we get used to finance everything. If you bought a new car, you could get 0% financing. That is gone. I mean, well, 0% financing is basically gone, and therefore what you're going to start seeing that now, everything is going to become a lot more expensive.So, what's important to understand is where we're coming from. We're coming from, it's almost like 0% interest rates to meaningfully high interest rates, and therefore the cost of everything will go up. And it's going to slip into every single corner of the economy, and it's impossible for high interest rates not to cause a recession at this point.Let me give you one other important element about the housing market. Most Americans today basically have a mortgage, a fixed rate mortgage. 90% of Americans have fixed rate mortgages, where they probably pay from two and a half to three and a half or 4%, because people refinance and the industry has declined.So, here's what happened. Let's say you bought a house for $300,000 and let's say you have a mortgage. Actually, let me give you actual numbers. The average American has a mortgage of about $260,000 if you put together the first mortgage, second mortgage, okay? So in other words, the average American as of right now has $180,000 home equity.Joel Bowman:Okay, right.Vitaliy Katsenelson:Now, let's say housing prices stay where they are. Let's say they don't decline. If you want to move, if you want to sell your house today and move into another house a few blocks away, you're going to sell your house for $440,000. Hypothetically, you take $180,000 of equity, you put it in your house. So, new house is going to cost you for $440 minus $180, so $260. Your mortgage is not going to change except one thing. Now you'll be paying, instead of 3% interest rate, you're going to pay 7.6. And so, suddenly that move where you still buy the same four walls, same picket fences, now it's going to cost you $10 to $15,000 more a year.Joel Bowman:Right.Vitaliy Katsenelson:And that's a lot of money. So therefore, I think what's going to happen, what's important in the sense is this, when the housing prices go up, when the stock prices go up, people feel wealthier, because they feel like the house is worth more, they have more home equity. People feel wealthier, and therefore, if you feel wealthier, you are more certain about the future, you go out and spend money.The opposite happens when they decline, when assets decline, from stocks to housing prices. And when that happens, when housing prices have declined, people are going to have less home equity, but also they're going to feel less wealthy and therefore they're going to spend with less confidence. And that in itself is also going to help to weaken the economy.So again, I'm not an economist. I'm a guy who analyzes, I'm a kind of bottom up guy who analyzes stocks. But I look at this. It took me about 20 minutes to go through all this data, and just to see that it's basically impossible for us not to go into recession.Joel Bowman:Yeah, and even a technical recession this time. I know in the old fashioned days, it used to be two consecutive quarters of negative GDP growth. I'm sure the government has defined that out of existence. But yeah, I think most people are expecting them to even have to admit that we are in a recessionary environment at this point.Vitaliy Katsenelson:Yeah. Let me tell you, I'm going to define recession this way here: when unemployment will start going up. The reason the government got away with saying we are not really in recession, and they could get away with it because it was supply chain issues, et cetera. A lot of one-time stuff. Fine. And we had 3.3% unemployment, so that's how they could get away with it. But when unemployment goes from 3% to 6%, it's going to be very difficult to say that we are not a recession. And I don't know where unemployment is going to go, but I'll tell you this, if you are in California, if you are in Silicon Valley, I think the recession there is going to be even more significant than in other parts of the country.Joel Bowman:Yeah. Well, let's talk about that then. You mentioned, of course, your work as a value investor, and we were just powwowing about our mutual acquaintance, Chris Mayer before. I wanted to just sort of pivot from the real estate market to the work that you do with investing, because obviously this is one of the other big asset classes, stocks, so-called risk assets, that are impacted by Fed policy.As Chris and I were just saying a couple of weeks ago, it would be lovely to live in a world where we could just do fundamental, bottom up health of a business research and due diligence and invest in the best companies, but the Fed can muddy the waters sometimes. So, explain to me and explain to our listeners how the kind of deep value investing that you're doing, that Chris is doing, which is driven more by, let's say, fundamentals than fad, or price over promise. How is that impacted now, even after we've had, with the exception of October, which I think was maybe the best month ever, we've had a very tumultuous year, to put it mildly.Vitaliy Katsenelson:Yeah. To paraphrase our ex-president, high interest rates made value investing great again.Joel Bowman:Right.Vitaliy Katsenelson:So, what is value investing in general? Basically what Chris and I are doing, we are analyzing companies as if they were, even though they're publicly traded, they don't have to be. Our analysis would not be much different if they were not publicly traded. Say I'm analyzing Apple, I'm analyzing Apple as if I was buying the whole company. I say, would I want to be in this business? Do I understand it? Do I like the management? What do I think the cash flow is going to be over the next 10 years? Okay, what do I think the company is worth? And then, once I figure this out, I say, well, how much discount do I need to its fair value for that to be an attractive investment? And you just keep doing it over and over again over different companies.And what's important to understand, is the instant liquidity that the stock market provides you, it's both a feature and a bug. It's a feature because it allows you to buy and to sell something. Like if you want to sell a house, first of all, it takes you a long time to find a buyer, and transaction costs are very high. If I want to sell a stock, like an average stock, I can sell it in seconds, and the difference between the bid and ask spread is going to be a tiny, tiny, tiny number. Okay, so that's a feature.The bug is that, because you can sell it so instantaneously, your analysis changes, and a lot of times what happens, people get tricked. Let me give you this analogy. When you go to Las Vegas to gamble...Joel Bowman:When somebody else goes to Vegas. I would never.Vitaliy Katsenelson:Yeah, let's... Yeah.Joel Bowman:You and I would never do that, Vitaliy. We're responsible adults, here.Vitaliy Katsenelson:Especially, your wife is 10 feet apart, so totally.Joel Bowman:Exactly.Vitaliy Katsenelson:Okay, when somebody else in Vegas goes, yeah, that person is not going to be thinking that he's investing or she's investing, because when you're in the main casino, you know they're gambling. And if you don't, then you have a much bigger problem.Now, because you are buying stocks and selling stocks, a lot of people get tricked that they're investing. But the thing is, what I described as value investing, when you analyze businesses, that's investing. When you buy in full stocks and you treat them basically as if you were renting them for a day and selling them, you're not investing, you're trading. Or it's both.Joel Bowman:Or speculating. Yeah.Vitaliy Katsenelson:Speculate, exactly. Gambling. Yes. I was kind of, Joel, I was on a... This is six months ago. I was on an AMC GameStop call in one of the Twitter spaces. I just wanted to understand what people are thinking. Oh, and at some point, I tried to explain to them that guys, you're all going to lose money, because this company is worth 95% less than what you're paying for it, and just went through the math. They didn't care.But there was one thing that one woman said that really stuck with me. She said... At this point, GameStop already declined maybe 20, 30%. And she said, "I bought the stock. I go to the movies all the time. I talk about the stock all the time, and it's still declining. Why is investing so difficult?" See, that person thought she was investing, but she wasn't.And so, what I do is investing because I'm treating companies as if I'm buying as businesses. And I think that's the biggest distinction. And I have a long term time horizon.Joel Bowman:I was just about to mention the time horizon too, because again, I've spoken to Chris many times about this, but the idea that if the money that you're investing in the market, you need it in five years, you need to pay for the kids' college or whatever, you may want to question whether that money should be in that particular investment. A longer time horizon, where you can insulate yourself against emotional overreactions that we all tend to have. We panic if things aren't going our way, or we get greedy at the upside, or whatever. But if you have a long enough time horizon and you do the due diligence and study the fundamentals in the beginning, even significant drawdowns or bear markets that we're seeing right now, if you've sitting on companies that you would want to own, whether they were publicly traded or not, certainly that contributes to a fitful night's rest.Vitaliy Katsenelson:Joel, let me give you this insight. If you have a shortened time horizon, volatility becomes your risk, right? In other words, you want a stock, and it declines, and you need the money at this point in time to pay for kids' education, then you have to liquidate the stock. And now the decline that could have been temporary becomes permanent, because you had to sell, because your time horizon was small.When you have a long term time horizon, volatility is really not the risk. A lot of times in opportunity, the risk is a permanent loss of capital. So when it declines, when the company, when stock declines and fundamental reason, the value of the company has declined as well, and that's a permanent loss of capital. When the company's earnings power gets demolished, or when you bought something, like let's say you bought those dotcom stocks that just crashed 70%. I bet if you bought almost any technology company, I'm generalizing, like last October, you're probably going to have a semi-permanent loss of capital. In other words, it's going to take you 10, 15 years to get your money back.Joel Bowman:Right. It takes a lot longer to build up percentages than it does to see them back down.Vitaliy Katsenelson:Absolutely. Absolutely. Yeah. Absolutely. Absolutely. But yeah, so a long time horizon becomes extremely important.Joel Bowman:Yeah. Okay. Let's sort of step back a little bit. I've got so many questions here that I want to get your take on, Vitaliy, and it's been 10 years since we caught up, so I've got a backlog. But I wanted to run something by you that we've been writing about at Bonner Private Research of late, and it ties into what we're talking about here, and this is the end, or at least a pause in the gushing of cheap and abundant credit. This may be, for the first time in multiple decades, or the first time in many young investors' or homeowners' or stock owners' lifetimes, the first time they're seeing persistent hikes like this, which we think may remain higher for longer.But there are a couple of other drivers that have led to this, in our worldview, that have led to this moment of plenty, this age of abundance that we find ourselves in, where if we want any food delivered from any style of restaurant around the world, we can call up, it'll be on our plate in minutes. We fly around the world using cheap jet fuel and travel in a way that kings wouldn't have been able to travel just going back a hundred years. And we take this all for granted.So, along with cheap and abundant credit, which is looking a little shaky, we also have cheap and abundant labor that was essentially because half a billion Chinese entered the marketplace and provided us with cheap goods. This is maybe another one of those “one time” events. And then, of course, cheap and abundant energy to power both the manufacturing and the distribution of all of those things.But we're seeing now, because of various geopolitical concerns, that each of those drivers is, in its own way, kind of breaking down. Whether it's, some would argue, weaponization of the dollar, or let's just say higher interest rates and a contraction in the credit markets there. Maybe we can go through those other ones, and just get your general take on that.Vitaliy Katsenelson:Let me go through them in the reverse order. If you look at the energy, right before the pandemic, we started to buy – unfortunately, I did not see the pandemic coming – we started to buy energy companies. Why? Because energy prices were so low, so low for so long, that we sold the supply. There was just this disbalance between supply and demand, just because low oil prices lead to decline in supply. So, even before the pandemic, you already had a shortage of supply, long term supply.Pandemic made it a lot worse. Then the war in Russia, I'm sorry, in Ukraine, makes it even worse because, number one, the Russian gas is most likely going to be out of the market for a very, very long time.Joel Bowman:Looks like.Vitaliy Katsenelson:Yeah. Yes. And it's going to be very difficult, and it's going to take years before Russia is going to be able to get it out of Russia to other countries. It takes years to build a pipeline to China, whatever, so it's going to be a while. It's very difficult to say exactly how it's going to play out, but also most likely, the production of Russian oil will decline as well.And the problem is, number one, the Western companies left Russia. So, they didn't just provide capital, they provided the knowhow, how to get that oil out of the ground, in very difficult places. And once production declines in the cold climates, it is difficult to restart it. Again, very general statements, but I would argue that it's safe to bet that production of oil out of Russia is going to be lower. And it's the third-largest producer in the world. So, low supply before the pandemic, after pandemic at war, it's very likely the supply will be constrained.On the demand side, you could argue that recession will reduce the demand. However, historically, the demand hasn't declined. Just a tiny bit during the recession, but not a lot. Okay, so I would argue we are probably going to see that decline. Oh, and by the way, I did not even mention ESG. I promise not to make it political, and if we had a different president from a different party in the White House, and one day he said, "Oil companies have to drill," and then next day he says, "Oil companies should not drill, and if you are..."Joel Bowman:It's a disaster. And the messaging is a disaster.Vitaliy Katsenelson:But if you are Exxon or any of those companies that have been villainized for doing what people need, then do you invest billions of dollars in new field developments, if tomorrow the government comes in and says, "You know that ‘excess money' you're making in the high oil prices? Yeah, we want some of that."Joel Bowman:It's windfall tax time. It's nationalization time. Yeah.Vitaliy Katsenelson:Yeah. My point is, it makes it very, actually, those things make things even more problematic, that we're going to see low oil prices. Okay, so that's oil.You mentioned that we had a globalization over previous 20 years basically, right?Joel Bowman:Yep.Vitaliy Katsenelson:Globalization was deflationary. Today, we are going through selective deglobalization. The reason it's selective, because it's not like we are saying, let's say, if there's a factory in Mexico, we're going to take it out. No, we're going to say, we are going to now divide our trading partners in two groups, the ones that we can trust long term and the ones we can't. Ones that have a democratic political regime and the ones that don't.And so, I think what's going to be happening is that we're going to bring a lot more manufacturing from China to countries that are more politically stable, and some of that is already coming to the United States. I mean, we are investing tens of billions of dollars in building some of the data plants in the United States, and they do it for geopolitical reasons. But that means also, most likely, semiconductors will be more expensive to manufacture here than in Taiwan.So, deglobalization, selective deglobalization is inflationary. By the way, China has its own issues. China has a significant demographic problem. In addition to everything else, they have a zero Covid policy, which has been hurting them and their reputation...Joel Bowman:And their supply chains.Vitaliy Katsenelson:Exactly. Apple now is looking at China and says, “do I really want to have my factories in China, or all my factories there? Maybe I should move some of them into the United States, some between, just some move to other places.”Joel Bowman:Or do we want to have our chip manufacturers or our chip suppliers in Taiwan if Taiwan is going to become a dragon snack, to put it bluntly? I used to live in Taiwan about 12 years ago, and they were talking about it then as “not an if, but a when” proposition. And yeah, that was 12 long years ago, so it seems more of an inevitability.Vitaliy Katsenelson:Yeah, and I tell you this, very few people talk about this, but I would argue the restrictions we just put on China in the semiconductor sector, that is the first shot, a significant shot of a cold war with China. We basically told China that... actually told American and Western European companies, you cannot sell them advanced microchips. You cannot sell them equipment that helps them to manufacture those advanced microchips. And this is the interesting one. If you find yourself an employee in China, working for one of those factories that manufactures advanced semiconductor chips, you're going to lose your citizenship. So, our relationship with China is not getting better, it's just getting worse. Anyway, another reason why more and more companies will be taking out their production out of China.By the way, there is some positive here as well, because that means we're going to manufacture more in the United States, which actually helps our labor, but it's also going to make our labor more expensive as well, by the way. So, it's a more nuanced discussion, here.But anyway, you look at this, from that perspective, everything, what you and I discussed so far is inflationary. Now, if you look at the United States, at higher interest rates, and when I say higher, they don't need to be at this level, they can just be higher than they were a year ago, are incredibly inflationary for the United States. Why? We have a... Sorry, I forget how much debt we have. $31 trillion, right?Joel Bowman:$31 trillion. Just passed last month.Vitaliy Katsenelson:Yeah. So, just think about 1% increase in interest rates for the federal government. That's $310 billion. If you look about, that's how much, roughly how much we spend on education. A 2% increase, that's roughly how much we spend on defense. A 3% increase, that's roughly how much we spend on social security. So again, I promise you one thing, I'm quite sure of this, none of those things will get canceled or reduced, because that's not what politicians do. This is how you lose your job as a politician. But what's going to happen, you just going to print more money reaches inflationary.So I think, if you and I talked a couple years ago, I would've sounded a lot more wishy-washy, like inflation versus deflation, and basically I would've said, I don't know, and here's the argument for both sides, and I'm going to invest as if both are going to happen. Today, I think the probabilities have shifted more towards inflation, long-term inflation, than deflation, even though in the short term, if you go into recession, a recession is deflationary.Joel Bowman:And it's not as if we're starting from anywhere near the Fed's acceptable range of when it claims to desired inflation at, around that sort of 2% sweet spot, as if it knows what the perfect number ought to be. But I mean, we're already at whatever it is, eight-plus percent. We're going to get another read this week, I think, so we'll keep our eyes on that. But we're a long way, in real terms, in real interest rate terms, we're still a long way behind the curve, as they say. So, there's a lot of catch-up still to do, and a lot of things can break in the interim before they get to that terminal rate, as they say.Vitaliy Katsenelson:Joel, I want to, just one topic, it just really bothered me. When Ben Bernanke received Nobel Prize...Joel Bowman:Ooh!Vitaliy Katsenelson:I actually have a perfect analogy to explain it. Actually, this makes so much sense actually, if you think about it. Because you have to look for the reasons why they gave it to him. They basically said they've given it to him because he understood the relationship between the financial system and interest rates, or something.Joel Bowman:I thought it was because he had the “courage to act,” Vitaliy. Wasn't that the name of his book, right?Vitaliy Katsenelson:That's right. The Courage to Act. But then I realized, here's my analogy for this: It's almost like giving a prize to a person who starts the fire, then puts it out, and then writes a book about it.Joel Bowman:Right. And my Courage to Act, Joel "the Arsonist" Bowman.Vitaliy Katsenelson:Yeah. It's like really giving the prize to an arsonist who also put out the fire. But here's the thing, this is a very important point. What's going on today in our economy is the direct consequence of what's been happening over the last 15, 20 years, or probably longer than that. And so, yes, our economy did not go to the Stone Age in 2008, 2009, so thanks Ben Bernanke for that. But number one, you did start that fire to begin with, and then you put it out. But arguably, the fire we have today has been caused by the Federal Reserve's policy over the last many, many years, as well.Joel Bowman:Right. That's a good point to raise, too. I think a lot of people, 12 or 10 years is a long time in the memory of a 30-year-old investor or a 25-year-old investor, so we're going back into ancient history for a lot of people who are just around the traps now. But Mr. Bernanke's career was one distinguished without, I think, a single success, where he failed to call pretty much every meaningful and significant moment of his time, including the mortgage backed security crisis, which grew up underneath his nose, which brings us full tilt back to the housing market.But I realize as we're speaking just here, and we've covered a little bit of ground here, but I don't want to sound just pessimistic, that we're sort of identifying these negative things around the world. Certainly we have to be mindful of them, but I want to talk a little bit about your latest book, because in addition to investing in turbulent times and keeping abreast of the latest geopolitical fracas, such as it is, we still have to get up and put our pants on one leg at a time and enjoy our family and make the most of the day. So, tell us a little bit about why you wrote your latest, which is called Soul in the Game. I'm assuming that's somewhat influenced by Mr. Taleb's Skin in the Game. Is that?Vitaliy Katsenelson:Absolutely. Absolutely.Joel Bowman:Okay, very good.Vitaliy Katsenelson:Yeah. And he actually endorsed, actually, this book too, so it's good.Joel Bowman:I saw that. Yeah, that was a nice feather in your cap. Congratulations.Vitaliy Katsenelson:That's right. But Joel, let me, I'm going to ask you a question, but let me, I want to end the investment part on the positive note, as well.Joel Bowman:Please.Vitaliy Katsenelson:As a value investor, I've never been more excited in my life, because it's suddenly, stock picking is back again. Being a rational investor, making rational decisions. When interest rates are very low, the bigger the story... The greater part of your imagination the story can capture, the more money you're going to make as a public company. This is why you had all these companies trading these insane valuations, right? Because there were not trading fundamentals. They were, because it didn't matter, because they can say, Listen, in 2040, we're going to make this much money. And since the interest rate's at zero, it might as well be today, because of the discounted 0% interest rate.Now today, what high interest rates did, they deflated a lot of bubbles, and they brought back common sense. So as an investor today, I'm more optimistic about investing than I've been in years. So, that's from one perspective.Now, let's go to the book. I've been writing about investing for a long time, and then at some point, I had this realization that, and I'm going to quote Freddie Mercury, who said, "There must be more to life than this."Joel Bowman:Oh, I thought you were going to say, "We will rock you." Okay.Vitaliy Katsenelson:And we will rock you. No, that's my next book. That's my next book.Joel Bowman:Okay. A geology textbook. Great.Vitaliy Katsenelson:That's right. Yeah. No, and this is when I realized that, this is when I start writing about topics that are outside of investing, so to write about parenting, Stoic philosophy, classical music, which I'm a huge fan of. And over time, that became a very big part, today maybe 40% of my writing actually focuses on other topics other than investing. And it's very dear to me.So this book, let me try to put it this way. When I help clients at IMA, I just help 300-something families. So, my impact is significant on a small number of people. When I write investment articles, I help a larger group of people, but again, it's still limited to people who just care about investing.With my articles that talk about parenting or classical music... Maybe classical music is not the case here, because it's usually a much smaller segment, but my articles about parenting have a significant audience. My articles about parenting or Stoics can help a lot more people. And this is why I wanted to write this book, because I wanted to help more people. This book is a completely altruistic endeavor. I just really want people to read the book and have a net positive impact on them. That's it.Joel Bowman:And I know my wife, Anya Leonard, again at Classical Wisdom, read the book. I have it on my list here. And she was interested in the Stoic aspect of it, of course, writing about classics herself. And so, it's not hard to understand, I think, why we are enjoying this recrudescence of Stoicism, given everything that's going on around the world. But in a kind of nutshell, how have you found the philosophy, some say the art, of practicing Stoicism in your own life, especially during moments of uncertainty such as we experience?Vitaliy Katsenelson:I feel, I tell you this, I feel somewhat conflicted about what I'm about to say, and here's why. Because I'm a contrarian at nature, and I usually don't like kind of... When I find that everybody agrees with me, that I find kind of a little bit... What's a good word for this? A little bit uneasy.Joel Bowman:Unsettled. Yeah.Vitaliy Katsenelson:Unsettled, yes. But over the last three years, I picked up three different things that became like three biggest facts. I'll give you all three. Chess, pickleball, and Stoic philosophy.Joel Bowman:Okay, I don't know what pickleball is, but I'm down with the others. I think the Queen's Gambit had a lot to do with chess.Vitaliy Katsenelson:Yeah, absolutely. By the way-Joel Bowman:Philosophy's off to the races. But what is pickleball?Vitaliy Katsenelson:You don't know pickleball?Joel Bowman:I'm either terminally uncool, or just late to the game. Or both.Vitaliy Katsenelson:No, it's a huge sport in the United States now. It's, imagine if you're playing kind of, it's like a miniature version of tennis with a different ball. They play it a lot in Paris. And I go play with a buddy of mine who is about my age, and you play against people who are 70 years old and they kick our butt. So it's a very, very popular sport.Joel Bowman:Good for some humility while you're on the court.Vitaliy Katsenelson:There's a lot of humility, yes. But anyway, Stoic philosophy... what happened was, I read this quote by Epictetus, and the quote said, it talked about the dichotomy of control. And it said, "Some things are up to us. Some things aren't."Joel, this is probably the most obvious quote you're ever going to read. But then he goes to explain, what are things that are up to us? And then you find out that there are so few of them. It's basically your values and how you act. Everything else is not up to you. Nothing else is up to you. Once you realize that, that is actually incredibly liberating.So, I went back and started to read more about Stoic philosophy, and I was blown away by that. Why? Well, it started 2000 years ago in Greece. And what's interesting about this, is how little people have changed over the last 2000 years. It's a blink. It's a blink. You read Epictetus or Marcus Aurelius or Seneca, those are the kind of three main Stoics whose writings live through the day. You find that they're talking about things that we're talking about, debating about today.I'll give you one example, which is where Seneca has this expanse, this whole paragraph talking about how people are wasting their time, how they're constantly distracted by frivolous things, and it goes on and on and on about things like this. You would think he's talking about iPhone, Facebook, and Snapchat. Joel Bowman:This is from his piece On the Shortness of Life.Vitaliy Katsenelson:Yes, I think so. Yes. And this is when you realize that... I think if I was a marketing agent for Stoic philosophy, I would call it Stoic practice. The word philosophy, which actually means just love of wisdom, is somewhat intimidating, because we think about kind of skinny, weak white guys, old white guys with beards, who philosophized about things we don't understand, right?Joel Bowman:Sure.Vitaliy Katsenelson:But Stoic philosophy is really Stoic practice, and all it's trying to do is minimize negative emotions in your life. Just trying to bring more tranquility to your life by removing negative stuff. And so, when I realized this, I was completely smitten by that, because what happens, the way I look at it, it's basically an operating system for life.When we are born, our parents basically tell us, kind of help us to navigate through life little by little. Then our friends, then the books, then things happen to us, and we try to adjust. It's a Frankenstein kind of operating system based on now a whole bunch of random factors. Stoic philosophy is, I think, I would argue, or Stoic practice, is lot more organized. It provides a very well-structured operating system. That's what really attracted me to Stoic philosophy.Joel Bowman:Excellent. Well, Vitaliy, I think you've put enough on the table to whet people's appetite if they haven't already checked it out, both in your book, and I'll link to this again in the transcript of this podcast, but Soul in the Game is the name of the book. Vitaliy, thank you so much for spending an hour of your afternoon with me. I really appreciate it. I'm sure our listeners will appreciate it too, and we hope to have you back on again sometime soon.Vitaliy Katsenelson:Joel, thank you very much. Thank you.Thank you for reading Bonner Private Research. This post is public so feel free to share it. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit bonnerprivateresearch.substack.com/subscribe

Vitaliy Katsenelson, the CEO at IMA, a value investing firm in Denver, joins Julia on episode 30 to discuss his newest book, Soul in the Game: The Art of a Meaningful Life, which is his first non-investing book. Vitaliy shares his love of writing, family, work, music, and stoic philosophy in the book. In this episode, Vitaliy details his backstory of growing up in Soviet Russia and coming to America. He also shares his impressions of capitalism and how investing was “love at first sight.” For Vitality, writing is the most important thing that's transformed his life and career, and he spends 700 hours each year writing. Vitaliy views Stoicism as an operating system for life. He wishes he had encountered Stoicism when his mother died of brain cancer when he was 11, and that tragedy helped bring him closer to his father. Elsewhere, Vitaliy shares his views of the markets and why high-interest rates are making value investing great again. He dives into his thesis of a Dot-com Bubble 2.0, how tech stocks became overvalued thanks to abundant capital, and how eventually, that sector will be a “value investor's paradise.” He also shared his economic outlook and house the housing market is worse than you think. 0:00 Intro 0:42 Born in Russia, made in America 2:36 First impressions of capitalism 4:31 First taste of Pepsi 8:01 Finance was ‘love at first sight' 12:28 Writing journey 16:30 700 hours per year writing 19:08 Navigating a painful period through writing 22:50 Losing mother to brain cancer at age 11 25:00 Stoicism as an operating system for life 27:00 Stoicism and investing 30:12 High interest rates make value investing great again 32:33 How low rates fueled tech stocks 35:36 Thoughts on tech layoffs 36:46 Quiet quitting ends with loud firing 39:00 Dot-com bubble 2.0 44:37 Tech stocks will become a value investor's paradise 46:00 We're likely going to have a recession 46:55 Housing market is worse than you think 51:00 Where it gets worse for homeowners 52:05 A value investor's framework during a recession 53:37 America became more tribal 55:40 Student loan debt forgiveness is a slippery slope 1:02:00 A moral hazard 1:03:00 Final thoughts

Vitaliy Katsenelson is a value inevstor and CEO of Investment Management Associates. He is also the author of Soul in the Game: The Art of a Meaningful Life. In this episode, we discuss his journey as a value investor,  how investors can practice thoughtful arrogance to make sound investing decision, the idea of being a student of life, stoicism, what having soul in the game really means, and much more.

"There are four modes of communicating: preacher, prosecutor, politician, and scientist. So those three Ps are very important modes, but if you spend all your time in these modes, you will learn very little because all of them are kind of outward-looking modes. You're trying to convince others, and you don't learn very much when you're in those modes. Now, I would argue that most of us need to spend a good chunk of our time in a scientist mode. If you are in a scientist mode, then you are doing what Seneca said, "time discovers truth."So in the scientist mode, everything you look at is a hypothesis, and then all you're trying to do is just trying to figure out if your hypothesis is right or wrong. And therefore in the debate, you're trying to understand the other person's side, not necessarily be in prosecutor mode to convince the person to change his or her mind.We want to be very careful that ideas don't become our identity because once they do, we can't change it. In fact, I would argue, we have to be very mindful and evaluate our identity because a lot of times our identity is formed through completely random experiences."Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music.https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music."There are four modes of communicating: preacher, prosecutor, politician, and scientist. So those three Ps are very important modes, but if you spend all your time in these modes, you will learn very little because all of them are kind of outward-looking modes. You're trying to convince others, and you don't learn very much when you're in those modes. Now, I would argue that most of us need to spend a good chunk of our time in a scientist mode. If you are in a scientist mode, then you are doing what Seneca said, "time discovers truth."So in the scientist mode, everything you look at is a hypothesis, and then all you're trying to do is just trying to figure out if your hypothesis is right or wrong. And therefore in the debate, you're trying to understand the other person's side, not necessarily be in prosecutor mode to convince the person to change his or her mind.We want to be very careful that ideas don't become our identity because once they do, we can't change it. In fact, I would argue, we have to be very mindful and evaluate our identity because a lot of times our identity is formed through completely random experiences."https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

"There are four modes of communicating: preacher, prosecutor, politician, and scientist. So those three Ps are very important modes, but if you spend all your time in these modes, you will learn very little because all of them are kind of outward-looking modes. You're trying to convince others, and you don't learn very much when you're in those modes. Now, I would argue that most of us need to spend a good chunk of our time in a scientist mode. If you are in a scientist mode, then you are doing what Seneca said, "time discovers truth."So in the scientist mode, everything you look at is a hypothesis, and then all you're trying to do is just trying to figure out if your hypothesis is right or wrong. And therefore in the debate, you're trying to understand the other person's side, not necessarily be in prosecutor mode to convince the person to change his or her mind.We want to be very careful that ideas don't become our identity because once they do, we can't change it. In fact, I would argue, we have to be very mindful and evaluate our identity because a lot of times our identity is formed through completely random experiences."Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music.https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music."There are four modes of communicating: preacher, prosecutor, politician, and scientist. So those three Ps are very important modes, but if you spend all your time in these modes, you will learn very little because all of them are kind of outward-looking modes. You're trying to convince others, and you don't learn very much when you're in those modes. Now, I would argue that most of us need to spend a good chunk of our time in a scientist mode. If you are in a scientist mode, then you are doing what Seneca said, "time discovers truth."So in the scientist mode, everything you look at is a hypothesis, and then all you're trying to do is just trying to figure out if your hypothesis is right or wrong. And therefore in the debate, you're trying to understand the other person's side, not necessarily be in prosecutor mode to convince the person to change his or her mind.We want to be very careful that ideas don't become our identity because once they do, we can't change it. In fact, I would argue, we have to be very mindful and evaluate our identity because a lot of times our identity is formed through completely random experiences."https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

"Creativity is one of the most important themes that you can see throughout the book. I find meditation is a very good source of mindfulness, and what meditation teaches you is to observe your own thoughts. A lot of times we suffer through self-talk, and we are not even aware of this. A lot of times this self-talk actually amplifies our pain, because in reality, the pain should not last very long. Creative pain should not last very long, but it's the self-talk that amplifies the amount of it, and the length of it. Now, meditation allows you to look at your self-talk and identify that, and by labeling and identifying it, you lessen it and reduce the duration. And that is actually incredibly important. Teach yourself to be mindful through meditation.”Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music.https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music."Creativity is one of the most important themes that you can see throughout the book. I find meditation is a very good source of mindfulness, and what meditation teaches you is to observe your own thoughts. A lot of times we suffer through self-talk, and we are not even aware of this. A lot of times this self-talk actually amplifies our pain, because in reality, the pain should not last very long. Creative pain should not last very long, but it's the self-talk that amplifies the amount of it, and the length of it. Now, meditation allows you to look at your self-talk and identify that, and by labeling and identifying it, you lessen it and reduce the duration. And that is actually incredibly important. Teach yourself to be mindful through meditation.”https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

"There are four modes of communicating: preacher, prosecutor, politician, and scientist. So those three Ps are very important modes, but if you spend all your time in these modes, you will learn very little because all of them are kind of outward-looking modes. You're trying to convince others, and you don't learn very much when you're in those modes. Now, I would argue that most of us need to spend a good chunk of our time in a scientist mode. If you are in a scientist mode, then you are doing what Seneca said, "time discovers truth."So in the scientist mode, everything you look at is a hypothesis, and then all you're trying to do is just trying to figure out if your hypothesis is right or wrong. And therefore in the debate, you're trying to understand the other person's side, not necessarily be in prosecutor mode to convince the person to change his or her mind.We want to be very careful that ideas don't become our identity because once they do, we can't change it. In fact, I would argue, we have to be very mindful and evaluate our identity because a lot of times our identity is formed through completely random experiences."Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music.https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music."I look at Stoicism as this operating system that is very accessible, that helps us to enhance our life, enhance positives in life, and diminish negatives in our life. So what happens to us when we are born: we are given this hardware and software. The software is kind of our operating system, and the operating system is fairly blank at first, and then our parents help us to write this operating system, and then our friends influence this operating system. Then life, things that happen to you, contribute to your operating system. And how you react to things is really driven by all these factors that were somewhat random in the beginning. To me, Stoicism gives me this guide or operating system – how to go through life and minimize pain in your life, negative emotions, which also helps you to maximize positive emotions."https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

"I look at Stoicism as this operating system that is very accessible, that helps us to enhance our life, enhance positives in life, and diminish negatives in our life. So what happens to us when we are born: we are given this hardware and software. The software is kind of our operating system, and the operating system is fairly blank at first, and then our parents help us to write this operating system, and then our friends influence this operating system. Then life, things that happen to you, contribute to your operating system. And how you react to things is really driven by all these factors that were somewhat random in the beginning. To me, Stoicism gives me this guide or operating system – how to go through life and minimize pain in your life, negative emotions, which also helps you to maximize positive emotions."Vitaliy Katsenelson was born in Murmansk, Russia and immigrated to the United States with his family in 1991. He is the author of Soul in the Game, The Art of a Meaningful Life. He is the CEO of Denver-based value investment firm IMA. Vitaliy has also written two books on investing. Forbes Magazine called him “The New Benjamin Graham.” He's written for the Financial Times, Barron's, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three children, where he loves to read, listen to classical music, play chess, and write about life, investing, and music.https://soulinthegame.nethttps://contrarianedge.comhttps://imausa.comwww.creativeprocess.infowww.oneplanetpodcast.org

Welcome to the Investing for Beginners podcast. In today's show, we chat with Vitaliy Katsenelson about his new book, Soul in the Game: The Art of a Meaningful Life We ask Vitaliy if he is an investor who writes or a writer who invests. What drove him to write this new book? Why everyone should […] The post Vitaliy Katsenelson Discusses Having Soul in the Game and the Importance of Habits appeared first on Investing for Beginners 101.

Today's guest is Vitaliy Katsenelson. He's an investor, writer and author of the new book ‘Soul in the Game : The Art of a Meaningful Life'. Nassim Nicholas Taleb, the author of The Black Swan calls the book deep, insightful, inquisitive and civilized, which is a pretty good description of Vitaliy himself.  In this episode we discuss what it was like growing up in Russia, north of the Arctic Circle, how America did and did not fit with his expectations, which were set by all the American movies he had seen before he arrived at age 18. Whether rich people are actually happier, what we can learn about careers in comparison from Franz Schubert and Beethoven, what it means to be a student of life, and what may or may not happen in Ukraine. We recorded this conversation in June (2022). This is coming out in July, so I can't say what has or hasn't happened in the meantime. Just so you know. 

Vitaliy Katsenelson is the CEO of the investment management services company IMA and published author of several books, most notably the just released Soul In the Game: The Art of a Meaningful Life.This is a somewhat special episode in that the insights and lessons it conveys can be invaluable for anybody who wants to improve their life, not exclusively in a leadership and/or technology context.We discuss how digitalization has been changing society, the value of Stoicism and the importance of aligning what you say with what you do, and Vitaliy spices up the discussion with a lot of fascinating stories and concrete examples from Soul In the Game.Links & mentions:amazon.com/Soul-Game-Art-Meaningful-Lifesoulinthegame.netinvestor.fmcontrarianedge.comcontrarianedge.com/sitting-on-the-tarmac-in-the-land-of-stoicism

Noted value investor Vitaliy Katsenelson, chief investment officer of Investment Management Associates -- who was on Tuesday's show discussing his new book, “Soul in the Game: The Art of a Meaningful Life” -- returns to the show for a discussion of current market conditions and notes that investors in bull markets see their time horizons lengthen, but that time becomes shorter when investors are facing a downturn and see their assets shrinking. He warns against allowing the current market troubles and the market's short-term gyrations to influence long-term plans. Also on the show, Ted Rossman discusses the latest CreditCards.com survey showing some surprising trends in how consumers are tipping in the post-pandemic environment, Ed Slott of IRAhelp.com is back to help Chuck answer a listener's question about setting up a tax-advantaged savings account for a newborn grandchild, and Jordan Kahn, chief investment officer of the ACM Funds -- manager of the ACM Dynamic Opportunity Fund -- makes his debut talking stocks in the Market Call.

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."

Ben Hunt, chief investment officer at Second Foundation Partners and the publisher of Epsilon Theory, says investors need to reduce their debts and balance sheet and to "reconnect with the real economy wherever you can" in order to ride out the coming storm that he sees playing out while the stock market digests interest-rate hikes and measures designed to curtail inflation. While Hunt says he is rooting for the scenario where there's a quick recovery after "a nasty recession," he says investors need to prepare for something that's longer-lasting and worse. Also on the show, money-manager Vitaliy Katsenelson discusses his new book “Soul in the Game: The Art of a Meaningful Life”, and Jason Browne of Alexis Investment Partners discusses ETF investing in the Market Call. 

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."

Soul in the Game: The Art of a Meaningful Life (Harriman House, 2022) is a book of inspiring stories and hard-won lessons on how to live a meaningful life, crafted by investor and writer Vitaliy Katsenelson. Drawing from the lives of classical composers, ancient Stoics, and contemporary thinkers, Katsenelson weaves together a tapestry of practical wisdom that has helped him overcome his greatest challenges: in work, family, identity, health--and in dealing with success, failure, and more. Part autobiography, part philosophy, part creativity manual, Soul in the Game is a unique and vulnerable exploration of what works, and what doesn't, in the attempt to shape a fulfilling and happy life. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Soul in the Game: The Art of a Meaningful Life (Harriman House, 2022) is a book of inspiring stories and hard-won lessons on how to live a meaningful life, crafted by investor and writer Vitaliy Katsenelson. Drawing from the lives of classical composers, ancient Stoics, and contemporary thinkers, Katsenelson weaves together a tapestry of practical wisdom that has helped him overcome his greatest challenges: in work, family, identity, health--and in dealing with success, failure, and more. Part autobiography, part philosophy, part creativity manual, Soul in the Game is a unique and vulnerable exploration of what works, and what doesn't, in the attempt to shape a fulfilling and happy life. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/psychology

When Vitaliy first started talking about writing another book several years ago, he couldn't have predicted where that journey would take him. The book that he took time off in 2017 to write is still unfinished, waiting for its moment in the sun. But the new book, Soul in the Game, is very real. It's being published and released on June 21, 2022. Pre-order in this link: https://soulinthegame.net/ You can read this special episode online here: https://contrarianedge.com/soul-in-the-game-the-art-of-a-meaningful-life/  

When Vitaliy first started talking about writing another book several years ago, he couldn't have predicted where that journey would take him. The book that he took time off in 2017 to write is still unfinished, waiting for its moment in the sun.... The post Soul in the Game – The Art of a Meaningful Life appeared first on The Intellectual Investor.

Vitaliy is hosting an intimate gathering for friends, readers, and fellow value investors from 8–10:30 AM on Friday, April 29, 2022, at Lula B's in Omaha. Stop by and enjoy some delicious breakfast. If you show up early enough, you might even get a free signed copy of his new book, Soul in the Game: The Art of a Meaningful Life. Omaha's registration link: https://contrarianedge.com/breakfast-in-omaha/ Guy Spier's registration link: https://www.guyspier.com/meet-greet-omaha/ You can read this article online here: https://contrarianedge.com/a-value-investor-gathering-in-omaha/

Soviet-raised investor and author Vitaliy Katsenelson (Soul in the Game: The Art of a Meaningful Life) on the dire economic consequences of Russia's invasion of Ukraine. Natasha Bertrand, CNN national security and White House reporter, called in from Europe with her observations from NATO.

How do you improve your memory?A lot of people think they don't have a good memory. That's not true. Memory is not a personality trait. Often poor memory is a result of leaving the process to chance. If you don't know the seven methods of encoding or how sensory, short-term, and long-term memory works, you probably won't have a good memory. How, then, do we remember stuff? And why do we forget things? Do you want to learn more effectively? Do you want to get better at storing information and retaining details and remembering names? This episode explores the memory game: Memory, storytelling, and meaning-making Sensory memory Short-term memory Long-term memory Explicit and implicit memory Encoding failure (storage decay and interference) Encoding methods

On today's episode we had a special guest DC Glenn. Whether you are in the entertainment/music industry professional, aspiring C-Corp owner or marketer, aspiring DJ or Voice Over Artist "The Brain Supreme" DC Glenn has got you covered on this episode. Tag Team is an American hip hop/pop rap duo from Atlanta, Georgia. They are best known for their 1993 single "Whoomp! (There It Is)", which has been featured in a number of advertisements, films, and TV shows. "Whoomp! (There it is)" has stood the test of time, and made Tag Team multi-platinum recording artists. One half of the legendary group, DC "The Brain Supreme" Glenn joined us on Life on a Mission Podcast to discuss how the pandemic was impactful for him both in life and business, how artist make money from music, how artist get ripped off by signing with major record labels, the breakdown of royalties and publishing, how he got his start in his career as a DJ and acting, how he landed the popular Geico Insurance Commercial and much more. The conversation transformed into a close to 3 hour master class on HUSTLING. From humble beginnings, DC has managed throughout his career to hustle his way into DJ'ing and several other roles for the top clubs in the U.S. (Magic City), land voice over work, land acting roles (to include the beloved GEICO "Sprinkles" commercial), learn to use technology as a means to enhance his business, building skillset to become a search engine optimization expert and much more. Make sure to contact us in the inbox info@loampod.com or on social media with any question or comments. You can find and follow him using the below information. Follow DC Glenn on Instagram and Twitter @dcglennatl Follow us on Instagram and Twitter @loampod for more information feel free to reach out below as well. Steph: Instagram @misterbottles and Twitter @GEDSuccessStory Fonz: Instagram @fonz_onamission27 and Twitter @onamission_27 DISCLAIMER Fonz & Steph are NOT certified financial advisors, nor lawyers, nor economists, nor CPA's. We are two certified IT professionals that take ownership of the task of being financially competent for ourselves and our last name. The contents on this podcast are for informational and entertainment purposes only and does not constitute financial, accounting, or legal advice

After catching the Tail end of Leaving Neverland, I wanted to discuss prey, predators and those who fit the description of predatory prey... I won't be speaking on if anyone had sexual encounters with anyone, but I believe it's vital to speak on how people can be played for the sake of trying to take advantage of an opportunity at fame, abnormal friendships or in some cases (especially nowadays) looking for a payout.  Speaking Freedom will be addressing the issues presented consistently through all similar instances, to include people who seek out celebrities or the successful to take advantage of, the price of power, what people will do to obtain power, what people do once they get power, How not to be a victim of your own success, how to value yourself enough to not get played, The Art of the Pump Fake, Techniques of The spin move and stiff arm when dealing with people, and MORE...  In this new social media world, where everyone has a phone out it's prevalent to begin to discuss topics that anyone can be a victim of no matter how old or young, but based on their mind. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/speakingfreedomradio/support