The Intellectual Investor

Part 1. In early November, Vitaliy sat down with Tony Greer of TG Macro for an interview to be featured on Real Vision, a widely respected financial thought leadership network. They discuss how Vitaliy constructs an all-terrain portfolio for IMA clients, and the role that the macroeconomy plays in investing.

In this episode, Vitaliy talks with Michael Covel of Trend Following Radio. Vitaliy and Michael discuss the importance of process-based goals and the role they play in creating a happy life, and the challenges of finding value in today's market. Vitaliy shares his view on how risks have built up in financial markets, how those might play out in the next few years, and how he's positioning IMA portfolios to take advantage of potential market shifts down the road.

Smoothies, family traditions, and his father's medicine box: this week's episode is a bit different as Vitaliy reflects on the year that lay ahead of him.

Humans are tribal. Our tribalism goes back to the age of cavemen. In family, sports, business, and even politics, tribalism makes a degree of sense. But when it comes to investing, tribalism might leave you broke. In this episode, Vitaliy explores the role that tribalism plays in our lives, and how it can often hurt, rather than help, investors.

"If you meet the Buddha on the road, kill him" – this old Buddhist saying implies that we need to be able to destroy our most cherished beliefs. We can grow only if we are able to reassess our belief system. Softbank has been a very successful investment for Vitaliy's firm, IMA. He thought he’d own the stock for decades. But a few weeks ago, Vitaliy sold Softbank stock. Why? Vitaliy "met the Buddha on the road, and killed him" -- at least for now.

After writing a 37-page opus on Tesla, Vitaliy is often asked what he thinks of Tesla stock. Although he is a very enthusiastic Model 3 owner, he can equally see both sides of the argument around Tesla as an investment. This makes him neither bullish nor bearish, but someone who can foresee distinctly different paths for Tesla the company and Tesla the stock.

After dropping off his son Jonah at the airport for a gap year in Israel between high school and college, Vitaliy reads a letter from Jonah and reflects on what success really means. Since we only get a limited amount of time on Planet Earth, what does true achievement look like? And what is the role of attention in spending time wisely?

The past decade has been a smooth one for the market, but the road ahead is uncertain. Listen to Vitaliy explain what kind of portfolio is needed to survive whatever the future has in store for us in the upcoming years.

“You look horrible. You have bags under your eyes; your face has no color. Are you okay?” This is what Vitaliy's stepmother told him last week when he stopped by his parents’ house after work. Vitaliy felt worse than he looked. No, dear listener, he did not have a financial crash. Here is what happened.

What do a degenerate gambler and a stock market investor have in common? Vitaliy discusses this question, using a real estate example.

In this podcast, Vitaliy further explores Tesla, electric vehicles, and the role Elon Musk plays in the company today and tomorrow. Can traditional auto companies disrupt themselves and catch up to Tesla? Is autopilot really viable? And is Elon Musk a fraudster or the next Steve Jobs? Part 2 of 2 of Vitaliy's series on Tesla, Elon Musk, and the EV Revolution.

You don't fully know a company until you buy its stock. This recently happened to Vitaliy, except he didn't buy a stock, he bought a car: a Tesla. In this episode, Vitaliy takes the listener under the hood of how electric vehicles represent a tectonic shift in the auto industry, why there will be a stock bubble in charging stations, and more. Part 1 of a two part series on Tesla, Elon Musk and the EV Revolution.

When a young Vitaliy found out that a relative of his had secretly emigrated from the USSR to the United States, his first reaction was to brand her as a traitor. But years later, Vitaliy came to the US himself and never looked back. In this episode he reflects on this transformation, his immigrant experience, and the opportunities he found in the US.

The book that has had the biggest impact on Vitaliy this past year is Mark Manson’s The Subtle Art of Not Giving a F*ck. He loved this book so much he read it twice – that was not enough. Then he listened to it twice on Audible. But to really understand it, he felt he needed to write about it - so he did. Vitaliy's review is the size of five football fields – okay, no, it’s 7,000 words, the length of five articles. Actually it is more than just a review: It has turned into a personal manifesto.

One of the best wedding gifts Vitaliy received was lunch with his friend, Mark. Vitaliy reflects on the financial advice Mark gave me then and how it could help young people like his son Jonah settle into adulthood with a lot more forward-thinking.