The Intellectual Investor

Investors love focusing on short-term results, arguing that long-term success is built out of a series of short-term successes. But is that really the best way to invest? And if a company is focused on constantly beating quarterly metrics, is it a good company to invest in? Vitaliy discusses the above questions from a value investing perspective.

Imagine that Intel released a processor that was 100 times faster than anything made previously. An amazing invention on its own, but useless without software developers who could make full use of this new technology. In the 19th century, piano manufacturing rose to a new level – and a young Hungarian virtuoso, Franz Liszt, was the one who took full advantage of the new instrument. Vitaliy tells us how this came about.

Vitaliy's firm first invested in SoftBank in 2015, but the company has suffered from a black-and-white analysis by surface-level analysts until Eric Savitz at Barron's wrote a front-page article arguing in favor of the stock. It's time to (once again) look at SoftBank, the criticisms levelled at it, and why they miss the point entirely.

A knee surgeon can't decide to operate only on right knees because he previously had a few mishaps with the left side. But investors can do just that: They can pick their battles and avoid problems they're unlikely to solve correctly. Listen to Vitaliy explain how to take advantage of this ability.

Nassim Taleb, author of "The Black Swan," also coined the concept of "the artisan" – the person who has "soul in the game" when it comes to their work. But what does being an artisan mean when it comes to investing? Vitaliy and IMA founder Michael reflect on this question in this recent letter.

Judging by how pharmacy and drug-distribution stocks have performed the last several years, you'd think they were on the edge of going out of business. But nothing is further from the truth. Hear Vitaliy explain what makes these stocks a great buy in today's market.

As marijuana is becoming legalized in more and more states, many investors have considered investing in what is projected to be a booming industry. But should you invest in marijuana stocks? Here's Vitaliy's take.

"Time discovers truth," said Seneca – and he may have been speaking about the market (if by "truth" he meant "accurate valuation"). Listen to Vitaliy explain why.

Having the second best hand in poker is dangerous: You're likely to go all in, and you may win, but you also risk losing it all. There's a lot of this going on in the investing world. Listen to Vitaliy explain the problem – and the solution.

Continuously low interest rates can create bubbles – and there's evidence that we're living through a venture capital bubble today. The problem is that when this bubble bursts, it won't just affect companies that are relying on VC funding to stay afloat, it'll affect established companies as well. Listen to Vitaliy explain how.

What's better: leaving your children with $100M after you pass away, or leaving them with fond memories of your time together? Sparked by an unexpected comment from a millionaire's son, Vitaliy ponders this question.

Value investors have underperformed over the past decade and many are starting to succumb to the allure of growth stocks. But is that because value investing is dead? Or is there another, more worrying reason?

What advice would Vitaliy give to a young, aspiring value investor today? The same advice he'd give his younger self as he was just graduating college. Hear Vitaliy say what he wishes he'd heard when he first began his career as an investor.

Market forecasting is like weather forecasting: It has a short shelf life and is therefore of little use. But there is a place for macro forecasting in investing. Listen to Vitaliy explain what that place is.

It's the 21st century, but money managers still follow an office culture straight out of Henry Ford's early-1900s assembly line days. Is this hurting how money managers choose stocks? And how could they do better? Listen to Vitaliy discuss these questions.