The Intellectual Investorđź”’ SSL VerifiedWelcome to the detailed analysis for investor.fm. This domain is officially recognized as The Intellectual Investor by Vitaliy Katsenelson - Value Investing Blog. According to their official web presence, their primary focus is: "Value Investing, Life/Philosophy and Classical Music Explained by Vitaliy Katsenelson, The Intellectual Investor".
"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."
"The US is running a 6% budget deficit in peacetime. Peacetime is now over. Interest on our debt now costs more than defense. It crossed in 2024 and has stayed there."
"This is the second half of my letter to IMA clients, and it argues for an asset I spent most of my career politely ignoring: gold. The fact that I am writing this is a bit shocking to me. Gold falls outside my value framework. It has no cash flows. I have no idea what it is worth. What changed my mind is not something about gold, but many things about the dollar."
"The dollar’s place as the world’s reserve currency rested on three things since WWII: the largest, steadiest economy; a politically stable democracy; the best military. I walk through why all three are cracking at once. I get into the $1.5 trillion proposed defense budget, our highest debt levels since WWII, and what Fed independence looks like after the Justice Department investigated the Fed chair. I discuss the weaponized dollar after Russia’s invasion of Ukraine, the perception that the war with Iran was lost, and what that means for Taiwan. I dig into a $4 million Patriot interceptor shooting down a $20,000 drone, China’s manufacturing base, and the rare earth problem."
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