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Vitaliy Katsenelson Profile picture
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Jan 27 • 4 tweets • 1 min read
I am a year late to the "short ladder" party. Never knew what it was until today.

I don't understand how would anyone possibly could execute it in practice. But I am not a short seller, here is what short sellers think about it:

institutionalinvestor.com/article/b1qdq0…
Jim Chanos: “Can anyone explain to me what a ‘short ladder attack’ is? I have seriously never heard the term before this week.”
asked Citron Research’s Andrew Left about the topic via email Wednesday, his response was: “Don’t know what a short ladder attack is?” After receiving an explanation on the subject, he called the theory “stupid.”
According to Muddy Waters founder and chief investment officer Carson Block, the theory is bunk.

“Put it up there with California wildfires are started by space lasers.”

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More from @vitaliyk

Vitaliy Katsenelson Profile picture
Jan 28
Seth Klarman, we worry macro, invest micro (my summation):

"We see today’s market as characterized by stretched valuations, deep complacency, and a host of looming risks. But we also know how hard it is to make macro forecasts.
While we have significant concerns, we can also make a case that the U.S. economy will remain strong for some time, since corporate, consumer, and financial institution balance sheets are healthy.
Bonds at today’s yields provide scant returns, so equities remain the only game in town. Corporate stock buybacks continue to be a major driver of demand for equities. And pockets of the equity and private markets remain attractively priced.
Read 4 tweets
Vitaliy Katsenelson Profile picture
Jan 28
Good insights from Seth Klarman:

Market participants with less than 12 years of experience have never been burned and have no idea how hot the stove can get.
No investor under the age of 60 has lost money on a bond due to a general rise in interest rates; indeed, an entire generation has no direct familiarity with interest rate risk.
With interest rates relentlessly suppressed by policymakers since 2009, it is genuinely
difficult to think of an asset class at this time whose valuation is not elevated and whose recent market performance has not been sensational.
Read 6 tweets
Vitaliy Katsenelson Profile picture
Sep 2, 2021
A few years ago, my older kids, Jonah and Hannah, and I went snorkeling in Fort Lauderdale. We went out on a big boat that could probably carry up to 80 people, but there were only eight snorkelers (including us) on board and two crew members.

THREAD
We went about two miles off the coast. (We could still see the city skyline.) The captain dropped anchor. We put on fins and life vests. The captain told us to inflate the vests only about a third of the way, so we would still be able to put our heads in the water and snorkel.
We let other people in the group get in the water first, then in went Jonah (then 16), followed closely by Hannah (then 11). I was going to go in right after them, but my fin was loose and I had to adjust it.
Read 20 tweets
Vitaliy Katsenelson Profile picture
Aug 31, 2021
Investing in the stock market doesn’t need to resort to the binary extremes of Fool’s Gambit and Market Timer’s Gambit. There is a different game available: One Stock at a Time. That is the game we play at IMA.

THREAD
Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool.
Armed with patience, a long-term time horizon and our time-tested value investing process, we patiently look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).
Read 9 tweets
Vitaliy Katsenelson Profile picture
Aug 6, 2021
Inflation will benefit some companies, be indifferent to others, and hurt the rest. To understand what separates winners from losers, we need to understand the physics of how inflation flows through a company’s income statement and balance sheet.

THREAD
Let’s start with revenue. Higher prices across the economy are a main feature of inflation. We want to own companies that have pricing power.
Pricing power is the ability to raise prices without suffering a decline in revenue that comes from customers’ inability to afford higher prices or from the loss of customers to competitors.
Read 16 tweets
Vitaliy Katsenelson Profile picture
Jul 18, 2021
James Clear summarizes @danbharris book, 10% Happier. My favorite parts from @JamesClear summary and my thoughts:
Many people assume they must be paranoid and worry if they want to stay at the top of their game.

VK: In biz you need to be paranoid. Identify risks. Address them. BUT should not have constant anxiety. Meditation helps to identify that anxiety.
People care a lot about the bio on an author's page.

VK: Very true. I think people actually care a lot about author's picture.
Read 14 tweets

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