The Intellectual Investor

How would a value investor like Warren Buffett look at today's crazy markets? What stocks would he buy? And what would he say about today's much-loved or much-hated companies? Featured in FT, Fortune, Barron's, and many others, Vitaliy Katsenelson's often contrarian articles on value investing, classical music, and life in general have already generated something of a cult following. You can now listen to his articles (old & new) read aloud by a professional narrator. Enjoy!

Chess Nights at Red Robin - Ep 299 08/06/2026

Chess Nights at Red Robin - Ep 299 After my daughter Hannah watched Queen's Gambit in January 2021, she said "Dad, let's play chess." With those fateful words, our lives shifted. Just over a year later, I could no longer beat my 16-year-old daughter. Neither could her 6'3 older brother Jonah. I wrote this essay a few years ago. Hannah is off at college now, Jonah is all grown up, and Mia Sarah is no longer eight. I did not want to change a word, because everything I felt on those Thursday nights is still exactly true. Once lockdowns lifted, Hannah wanted to play against live humans, and we discovered chess meetups happening all over Denver, at restaurants, bars, coffee shops, even Whole Foods. Hannah and I settled on the Thursday night meetup at the Red Robin near my office. One evening my laptop battery died, I started playing too, and a new chapter of my life began. In this essay I introduce the cast of characters we met there. Don, the mild-mannered aerospace software engineer the single women somehow always find. Marven, an electrician of Mexican descent who has played 217,000 games and never brings the same board twice. Dan, the retired financial planner and gadget man who grew up in India. Ian, an assistant to a real estate agent who dresses like he walked off a 1930s movie set. And Hannah, known as one of the most aggressive players in the room, going straight for the jugular. I also share why, for the first time in my life, I started taking chess seriously, and what Naval Ravikant said about hobbies that stuck with me. The full essay is at investor.fm. _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/42331525

Today’s Market = 1999 Capex + 2008 Credit - Ep 298 07/31/2026

Today’s Market = 1999 Capex + 2008 Credit - Ep 298 Anthropic's revenue has grown nearly 10x a year, three years running. Its losses are accelerating with it. And here is Dario Amodei in February: "If my revenue is not 1 trillion dollars, if it's even $800 billion, there's no force on earth, there's no hedge on earth that could stop me from going bankrupt if I buy that much compute." The AI rollout has felt like déjà vu of the 1999 telecom bubble. It is starting to feel like that bubble is being supersized into something closer to what led to the 2008 financial crisis. Trillions in data centers, financed through the same opaque vehicles that broke the last cycle. I walk through the two dynamics stacked on top of each other. The 1999 side: OpenAI, Anthropic, Google, Microsoft, Meta, Amazon, xAI, and Oracle racing to build capacity, while Nvidia and Micron earn software-like margins on GPUs and memory. Customers that once generated enormous free cash flow are now issuing debt and equity for the first time in decades. Open-source and Chinese models are already delivering good-enough results at a fraction of the cost. The 2008 side: special purpose vehicles, vendor financing (Nvidia reportedly guaranteeing roughly $250 billion in lease and debt financing for an OpenAI campus in Ohio), and a Pranjal Drall and Andrew Granato paper on private credit sitting inside life insurers bought by private equity, with about 86% of any failure quietly landing on taxpayers. I also share how we are positioning: smaller positions, AI losers, software, Europe and Latin America, less financials, more cash. The full piece is at investor.fm. _________________________________________________________ 🔗 LINKS MENTIONED: Private Credit’s State Backstop Paper _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/42267585

You Don't Need to Be an Expert to Hire One. You Need a Tunaman. - Ep 297 07/23/2026

You Don't Need to Be an Expert to Hire One. You Need a Tunaman. - Ep 297 My wife and I are taking a perfectly good 25-year-old house and spending 20% of the purchase price on a sizable remodel. Parts of it are going back to the studs. I had never done a big remodel, I knew nothing about construction, and I was shocked by how many landmines, wrong decisions, and outright deceptions we had to avoid just to start. Strangely, the experience gave me incredible empathy for the smart, highly educated people who walk into a financial firm like mine: lawyers, doctors, engineers, businesspeople trying to decide who will manage their life savings. They feel what I felt. A mix of confusion, fear, and paralysis. So I interviewed a dozen contractors and designers the way I would interview a CEO. From the competent ones, I learned new things; from the incompetent ones, I learned what incompetence looks like. Out of that came two tests I now apply to anyone I hire, including someone who manages money. I walk through the tuna test, borrowed from Jiro Ono's tuna supplier in "Jiro Dreams of Sushi," and what it reveals about advisors, planners, brokers, and asset managers who sell a dozen things under one roof. I discuss the incentive test, Charlie Munger's line about incentives and outcomes, a story from Soviet Russia about my parents' summer house, and the difference between the suitability and fiduciary standards. And I explain how to hand an SEC Form ADV to an AI model and finally read the fine print. The full essay is at investor.fm. _________________________________________________________ 🔗 LINKS MENTIONED: ADV Form Trusting a Stranger with Your House (or Your Money) PDF _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/42171740

Most People Don't Want to Write. They Want to Have Written. - Ep 296 07/16/2026

Most People Don't Want to Write. They Want to Have Written. - Ep 296 I was at a conference in Switzerland. A reader came up to me and asked, "Vitaliy, I've been reading your articles for years. I'd like to write. How should I start?" This question spilled into a long conversation over dinner. When I told him what almost two decades of writing have taught me, his face fell. He'd tried it. He'd spent weeks staring at the computer and written complete garbage. Welcome to my world. In this piece, I work through what I told him over that dinner. Frustration and empty pages are par for the course. Quantity and quality are joined at the hip. "Writing is rewriting" is not an empty platitude, and by the 47th rewrite the pile of coal dumped onto white pages from your subconscious slowly turns into orderly diamonds. I talk about finding your voice, why I visualized my friends when I started writing for TheStreet.com (they were the first victims), and what happened when my reader brightened halfway through dinner and said, "Maybe I should hire a ghostwriter." That last question is where the conversation turned. I walk through why the answer depends entirely on your "why," what Anaïs Nin has to do with it, and the honest reason I don't paint even though I'd like to have painted. My brother Alex paints. My father paints. I tried. J. Cole gets quoted. There is a difference between wanting to write and wanting to have written, and figuring out which one you are is the whole game. The full piece is at investor.fm. _________________________________________________________ 🔗 LINKS MENTIONED: Fiddler on the Roof and Value Investing _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/42105405

You are not as smart as you think you are - Ep 295 07/10/2026

You are not as smart as you think you are - Ep 295 Lately, I've been getting this powerful feeling that everything I touch turns to gold. Every time I buy a stock, it goes up. Did I finally figure out the stock market game? Did I find a secret way to follow Will Rogers' advice: Buy stocks that go up, and if they don't go up, don't buy them? No. I didn't get much smarter. I was simply a willing participant in the latest cyclical bull market. A bull market makes you feel smarter than you are, the same way a bear market makes you feel dumber than you are. This piece is a small excerpt from my first book, Active Value Investing (2007), which I later rewrote into The Little Book of Sideways Markets. I still stand by every word, but the older, more mature Vitaliy has some additional thoughts to share at the end. I walk through why feeling smart makes you do the opposite of what you should be doing, and my favorite trick for reminding myself how dumb I am (it involves pulling out an old annual report on a stock I lost a boatload of money in). I discuss the four-letter word R-I-S-K, the "buy and forget to sell" investor a bull market quietly creates, and why every sell looks dumb in the moment. I talk about selling discipline, valuation targets, and why my objective is never to buy at the bottom or sell at the top. In the additional thoughts, I get into the discomfort of making rational decisions against the grain of the tribe, and what evolutionary programming has to do with it. The full piece is at investor.fm. _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/42016520

Guy and I - Ep 294 06/16/2026

Guy and I - Ep 294 My dear friend Guy Spier did an almost hour-long interview with CNBC's Becky Quick. It is an interview I wish had never happened, or, if it did, for a different reason. Guy has been diagnosed with glioblastoma (GBM), one of the deadliest cancers. In January, Guy returned money to his investors, closed his fund, and wrote a must-read letter. I first heard of Guy at Charlie Munger's Daily Journal meeting, when a friend pointed to his silhouette and whispered his name with a deference that made me take note. Our friendship actually began a few years later in Trani, Italy, where my brother Alex met Guy first, both of them skipping the Value Investing Seminar to wander the streets. One of the first things Guy said to me was that he envied the relationship I had with Alex. Who starts a conversation like that? Guy does. He operates on a different wavelength. In this piece I write about what I learned watching Guy in action: his inaugural VALUEx conference in Zurich, our CFA European Tour through Frankfurt and London, Bizet's Pearl Fishers at the Zurich Opera House with his wife Lori, and the small moments that made me want to be more like him. I also share what Guy's letter did to my son Jonah, who interned at Aquamarine and stayed in Guy's home, and what Guy's diagnosis has clarified for me about kindness, borrowed time, and the obituaries we are all already living. The full piece, along with links to Guy's letter and the Becky Quick interview, is at investor.fm. _________________________________________________________ 🔗 LINKS MENTIONED: Guy's interview with Becky Quick Guy's letter to his investors The pianist Maria João Pires performing Photos _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/41655420

This Is Your Captain Speaking - Buckle Up - Ep 293 06/09/2026

This Is Your Captain Speaking - Buckle Up - Ep 293 I am on the flight from Denver to San Francisco with my twelve-year-old daughter when I write this letter to IMA clients about the craziness I am seeing in the markets. The turbulence on the flight gave me the pilot analogy. The rest came from what I see in valuations. This market is starting to feel incredibly bubbly, approaching circa 1999. The similarities are eerie. Intel and Corning, darlings of 1999, are at multidecade highs at nosebleed valuations. Walmart is trading at 50 times earnings again, the same multiple that produced no returns for shareholders from 1999 to 2014. And Nvidia, the most valuable company in the world, trades at 30 times 2026 earnings while SpaceX, Anthropic, and OpenAI prepare to go public, all losing money, collectively throwing close to a trillion dollars at AI data centers. I walk through why the capital cycle in semiconductors looks like the railroads in 1800s Britain and telecom in 1999, what it means that Meta and Google have gone from buying back their own stock to issuing it, and why three IPOs plus two secondary offerings may put a bow on this year's AI rally. I share why we have been trimming positions, buying smaller, and owning businesses that march to their own drummer. I quote a line from Jean-Marie Eveillard that has stayed with me since the late 90s. And I explain why our returns are likely to underperform the neighbors for the foreseeable future, and why we are not going to do anything about it. Read the full letter at investor.fm. _________________________________________________________ 🔗 LINKS MENTIONED: What AI, Tariffs, and Global Uncertainty Mean for Your Portfolio Charts: Living and Investing with Intention Performance information _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/41577910

Fiddler on the Roof and Value Investing - Ep 292 06/05/2026

Fiddler on the Roof and Value Investing - Ep 292 It was 2006, my fifth year teaching a graduate investment class at the University of Colorado at Denver, and I had stopped preparing for lectures. One day I opened the syllabus and found discounted cash flow analysis on the menu. I started with: "Imagine you are a farmer about to buy a cow. How much would you pay for that cow?" A few days later, on a Saturday morning, I was sitting in my basement working on the valuation chapter of my first book, Active Value Investing. I was stuck. Valuation can be a very dry and boring topic. After staring at a blank screen for hours, I started listening to Barbra Streisand's "Papa, Can You Hear Me?" from Yentl on YouTube. An hour later I was deep into Fiddler on the Roof, listening to "If I Were a Rich Man." And then something happened. I walk through how my subconscious melded Tevye with that cow lecture, and how I ended up writing a chapter about a Jewish farmer buying a cow named Golde, smack in the middle of a finance book filled with seventy-five charts and tables. It became my favorite chapter by a mile. From there I get into what almost two decades of writing have taught me: why I show up for an hour or two every morning without word-count goals, why the subconscious is where the magic happens, why storytelling beats sterile facts, and why Steve Jobs was right that you can only connect the dots looking backward. Also, a quiet tribute to my Eastern European ancestors, who were not so different from Tevye. The full essay is at investor.fm. _________________________________________________________ 🔗 LINKS MENTIONED: Barbra Streisand's "Papa, Can You Hear Me?" Tevye was a Rich Man chapter _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/41547820

What to Do When a Stock Drops 25% - Ep 291 05/28/2026

What to Do When a Stock Drops 25% - Ep 291 A client emails me: stock XYZ has declined 25%, is the thesis broken? It's a fair question, and the honest answer is one I want to walk through carefully, because the same client letter brought a second question wearing different clothes: how do you tell the difference between patience and stubbornness when a position isn't working? Both questions get at something I think about constantly: how to hold a position through doubt without either flinching at noise or hardening into ego. Daily liquidity in the stock market is both a feature and a bug, and most of the job of being a long-term investor is learning to take the feature without getting hurt by the bug. I work through why I don't try to interpret daily price movements anymore, and why trying to make sense of them is like looking for deep meaning in the poetry of inmates of an insane asylum. I talk about reading the press release and listening to the earnings call before I look at the stock price, so "the market" (a computer, a day trader in his mom's basement, or a fund manager with braces to pay for) doesn't tell me what to think about a company's performance. Then I take on the harder question. I lay out what separates patience from stubbornness, why one investor is in scientist mode and the other is engulfed by ego, and why the line between hero and anti-hero is thinner than most of us want to admit. I borrow from Soul in the Game along the way. The full piece is at investor.fm. _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/41441260

Greg Abel Takes Over Berkshire Hathaway: My Thoughts After Omaha 2026 - Ep 290 05/21/2026

What the Iran War Reveals About the Dollar, Gold, and the End of US Exceptionalism - Ep 289 05/14/2026

What the Iran War Reveals About the Dollar, Gold, and the End of US Exceptionalism - Ep 289 The US dollar accounts for 58% of foreign currency reserves today, down from 70% two decades ago. The US government's freezing of roughly $300 billion of Russian central bank reserves turned the dollar into a political weapon and undermined the comfort countries (even adversaries) had in it. Central banks are now accumulating gold as if preparing for an Indian wedding. The Iran war, an unraveling of post-WWII alliances, and a US borrowing 6% more than it earns are all reacting to the same underlying shift: the assumptions behind US exceptionalism are quietly being rewritten. I walk through what that means for portfolios, and why our exceptionality was not a gift from the economic gods but partly gifted to us by Lady Luck. I work through how to think about the dollar's slow decline (not binary, but billions of incremental decisions, like Vietnam and Brazil settling trade outside it, or India buying Middle East oil in local currency). I discuss why we added to gold despite my hating the position. I explain our exposure to oil and natural gas through a Canadian, a Swedish, and a Norwegian producer, and why management matters more than geography in a cyclical industry where eternal optimists tend to buy at the top and dilute at the bottom. I also answer the crypto question. Bitcoin may have been a lottery ticket a decade ago. Today it is hardly one. The full letter, with the client questions that prompted it, is at investor.fm. _________________________________________________________ 🔗 LINKS MENTIONED: Trump’s call for a bitcoin strategic reserve is a very bad idea https://investor.fm/trumps-call-for-a-bitcoin-strategic-reserve-is-a-very-bad-idea/ _________________________________________________________ 📩 Join 100,000+ readers on Vitaliy's FREE weekly newsletter: 📚 Vitaliy's books: Soul in the Game - The Little Book of Sideways Markets - Active Value Investing - 🌐 Follow Vitaliy: X/Twitter - LinkedIn - https://www.linkedin.com/in/katsenelson/ Instagram - https://www.instagram.com/vitaliyk/ Website - _________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him "The New Benjamin Graham." His work has appeared in the Financial Times, The Wall Street Journal, Barron's, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: View IMA's regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com. /episode/index/show/intellectualinvestor/id/41294080