VKVitaliy Katsenelson

1. Article · Aug 14, 2026 · Vitaliy Katsenelson

   A value investor's reluctant case for gold | Fortune (opens the original)

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   The fact that I am writing this is a bit shocking to me. I have been indifferent to gold for a long time, and for a simple reason: it falls outside my value framework. It has no cash flows. I have no idea what it is worth. I can debate the value of Microsoft or Caterpillar with my value investor friends. We can stress test each other’s assumptions on revenue, margins, capital expenditures and arrive at cash flows. Gold has none of that. It is perceived as currency, as a store of value. It is a s

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2. Article · Jul 28, 2026 · Vitaliy Katsenelson

   You don't need to be an expert to hire one. You need a tunaman | Fortune (opens the original)

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   I interview corporate executives for a living. I have spent nearly three decades analyzing businesses and managing other people’s savings. And yet, when my wife and I decided to remodel our house, I felt completely naked. We are taking a perfectly good 25-year-old house and spending 20% of the purchase price on a sizable remodel. Many parts of it are going back to the studs. I had never done a big remodel. I knew nothing about construction, and I was shocked by how many landmines, wrong decision

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