Active Value Investing: Making Money in Range-Bound Markets
Vitaliy N. Katsenelson
Portfolio Manager at Investment Management Associates and Author
February 9, 2008
For the next dozen years or so, the U.S. stock market will be a wild roller-coaster ride setting all-time highs and multi-year lows in the process. While the twists and turns of this ride are still to be written by history, the long-term, sideways "range-bound" trajectory has already been set by the eighteen-year bull market that ended in 2000. When the dust settles, only those who adapted their investment strategies to this range-bound market will have captured any meaningful profits.
Nobody understands this situation better than author, educator, and respected investment manager Vitaliy Katsenelson. And now, with Active Value Investing, he'll reveal how to achieve unparalleled success in these conditions by taking traditionally profitable and fundamentally driven strategies developed during the eighteen-year bull market and modifying them for use in range-bound markets,
VITALIY N. KATSENELSON, CFA, has been involved with the investment industry since 1994. He is a portfolio manager with Investment Management Associates, where he co-manages institutional and personal assets utilizing fundamental analysis. He is also an adjunct faculty member at the University of Colorado at Denver, Graduate School of Business. Katsenelson is a regular contributor to the Financial Times, MarketWatch from Dow Jones, and Minyanville.com. He is a CFA charter holder, member of CFA Institute, has served on the boards of the CFA Society of Colorado, and is currently on the board of the Retirement Investment Institute. Katsenelson received both his bachelor of science and his master of science in finance from the University of Colorado at Denver, where he graduated cum laude.