The Biggest Ideas from my Conversation with Vitaliy Katsenelson

In case you missed the last week's Talking Billions episode, here is a summary of the biggest ideas

In my recent conversation with value investor Vitaliy Katsenelson, we explored insights from his book "Soul in the Game: The Art of a Meaningful Life." Born in Soviet Russia before immigrating to America in 1991, Vitaliy's unique perspective offers profound lessons for both investing and life.

Alignment as the Key to Meaning

The core concept Vitaliy explores is "Soul in the Game" – essentially the alignment between why you do something and what you're doing. "We're only given one life, we're only given so many hours," he explains, "and the more time spent outside of that alignment, that's time we squandered." This principle has guided his approach to investing, writing, and family life.

From Scarcity to Abundance

Growing up in Soviet Russia gave Vitaliy a distinctive perspective on material possessions. "Socialism is an incredible equalizer of poverty," he noted, explaining how this background shaped his relationship with wealth. Drawing from stoic philosophy, he shared: "Wealth consists not in having great possessions, but in having few wants," adding the insight that "We don't own things, those things own us."

Investing as a Creative Pursuit

Unlike the factory-model of productivity that dominates corporate America, Vitaliy views investing as a creative endeavor. "How much time you spend looking at 10Ks has very little correlation with your outcome," he explains. Instead, he creates space for ideas to emerge, whether walking in the park or attending consumer electronics shows. This nonlinear approach has served him well, including his practice of "European Wednesdays" – days with his calendar completely blocked for leisure and reflection.

Time and Money

Perhaps most profound was Vitaliy's perspective on the relationship between time and money: "As I get older, I realized that instead of time buying money, money should be buying time." This philosophy guides how he structures his life, prioritizing what brings meaning over accumulation.

Learning Through Pain

Vitaliy spoke candidly about the pain of investing: "When you go through difficult times, it's an important opportunity to become anti-fragile, to become better." Market difficulties in 2015 transformed his approach, making quality an "absolute" in his investment decisions.

Success Redefined

When asked about success, Vitaliy's answer had nothing to do with finance: "To me, success is multi-dimensional. Number one, having good relationships with people... Another thing is to have control over your day."

Vitaliy's thoughtful approach reminds us that investing isn't merely about financial returns but about wisdom and personal growth. By bringing our whole selves to what we do, we create not just better investment outcomes, but more meaningful lives.

Find the Full Episode here (or anywhere you watch or listen):

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.