Here is what changed my mind. Not something about gold, but many things about the dollar. The US dollar is the world's reserve currency. It has had a well-deserved place since WWII, and that rested on three things: the largest, steadiest, most diverse economy; a politically stable democracy; the best military.

The post Depressing Reasons Why I Am Bullish On Gold (Part 2) – Ep 302 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

The Wedding Politburo gave me three minutes for this speech, as its members are still suffering from PTSD from my last one, which ran 50. Okay, I'll keep this one to 40.

The post My New Daughter – Ep 303 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Narrative change is a reversal of mass behavior. Economics and stock market valuation are governed by soft laws, but the reality bent by human behavior can disagree with these soft laws for much longer than rational actors would expect, or stay solvent. The change, going from euphoria to despair, is a change in narrative.

The post Narrative Change (Part 1) – Ep 301 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

As an entrepreneur, you always want to grow your business. Your current revenue and profit are never enough; they just set the bar higher for next year. We always want more. But this “more” has a hidden cost.

The post You Are Responsible for What You Have Tamed – Ep 300 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I have vague first memories of playing chess with my grandfather when my family visited my father's parents in Moscow. I was five years old.

The post Chess Nights at Red Robin – Ep 299 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I wrote in the past that the AI rollout feels a lot like déjà vu of the 1999 telecom bubble. Today's AI bubble has elements of both the 1999 overinvestment in internet infrastructure and the 2008 collapse of financial instruments that infected the banking and financial system.

The post Today’s Market = 1999 Capex + 2008 Credit – Ep 298 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

My wife and I are taking a perfectly good 25-year-old house and spending 20% of the purchase price on a sizable remodel. 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 decisions, and outright ... Read more

The post You Don’t Need to Be an Expert to Hire One. You Need a Tunaman. – Ep 297 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

I was at a conference in Switzerland. A reader came up to me and asked, "Vitaliy, I've been reading your articles for years. I'd like to write. How should I start?"

The post Most People Don’t Want to Write. They Want to Have Written. – Ep 296 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.