Vitaliy Katsenelson

Vitaliy Katsenelson is an author and value investor. He is also a Chief Investment Officer with Investment Management Associates, Inc. He wrote articles on economics for BusinessWeek, Christian Science Monitor, ', Financial Times, TheStreet.com, MarketWatch, Forbes, and other financial publications. He is a columnist for Institutional Investor since 2010 and has published two books.
Early life
Vitaliy Katsenelson was born and raised in Murmansk, Russia. He attended the Murmansk Marine College. His father, Naum Katsenelson, taught electrical engineering at the Murmansk Marine Academy. His mother was Irene Katsenelson (deceased). In 1991 he immigrated to the US from Russia with his family. He has three brothers.
He received undergraduate and graduate degrees (cum laude) in finance from the University of Colorado at Denver in 1997 and 1999. He is a Chartered Financial Analyst.
Career
He joined Denver-based Investment Management Associates, Inc. in 1997 and was appointed the Chief Investment Officer in 2005.
His contributions on economics and finance include articles in BusinessWeek, Christian Science Monitor, Barron’s, Financial Times, TheStreet.com, MarketWatch, Forbes, and other financial publications. He has been a columnist for Institutional Investor magazine since 2010. In 2013 Katsenelson won a gold Azbee Award for regular columns contributed to Institutional Investor.
From 2001 to 2007 he taught graduate and undergraduate classes at the University of Colorado.
Forbes have called him the "new Benjamin Graham".
The Chinese and Japanese Economies
He has been a critic of Chinese economic excesses and policy errors. He discusses how the Chinese manipulate fiscal spending by controlling their banks and forcing state-owned enterprises (one-third of the economy) to borrow and to spend. Also that, because the rule of law and human and property rights are still underdeveloped in China, the government can spend infrastructure project money very quickly - if a school is in the way of a road the government wants to build, it becomes a casualty for the greater good.
In this way the Chinese have an iron grip on their economy and keep it growing at breakneck speed. Perhaps it is like the bus in the film , which would explode if it slowed down.
Similarly in Japan, their economy was fine as long as it expanded, but now Japan has an ageing population, 25% of which is over 65 and not earning, as well as one of the world’s lowest birth rates.
Stock market theories
Katsenelson is the author of Active Value Investing (Wiley), which is a treatise on the historical performance of markets and how to understand the impact of valuations on long-term stock prices. He makes the case that over the last two centuries, every time there was a long-lasting bull market, the market that followed was not a bear but a range-bound or "sideways" market. He also asserts that even with the post-Lehman Brothers correction, equity markets have been in a secular sideways phase since 2000.
The Little Book of Sideways Markets (Wiley) provides timely advice to investors that is illustrated by simple, real-life examples. The markets can be complicated, but some basic common sense can indicate the way forward.
These books have been translated into eight languages.
Personal life
He is married to Rachel Katsenelson and lives in Denver, Colorado with his three children.
Bibliography
* Active Value Investing (Wiley, 2007)
* The Little Book of Sideways Markets (Wiley, December 2010).

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