Upcoming AAII chapte rmeeting - you do NOT want to miss this one.

From: William L.
Sent on: Monday, November 9, 2009 10:59 PM



While we have not had a stock investing subgroup meeting in a few months, we are hosting our monthly AAII chapter meeting next Monday, November 16 at 7 pm at Cobb Galleria. This is a very compelling topic that I believe will allow you to refine your trading and investing for greater profits. I have heard Vitaliy present his research on multiple occasions at the Value Investing Congress (NY in the fall, LA in the spring) and his topic is one of three key themes I would like to expose to our group in the year ahead (the other two are liquidity theory and behavioral finance – both of which for which I hope to line up compelling speakers). I have been trying to get Vitaliy to present to the Atlanta chapter for the last year or so and was finally able to arrange the presentation. Don’t miss this topic presented by a practitioner (research director for a money management firm) that is in the investment trenches day to day.


Make time to attend this meeting – and bring a friend, family member, neighbor and/or colleague.


Please let me know if you have any questions.


Kind Regards,

Bill Lyman

Organizer, AAII Atlanta Stock Investing Subgroup





AAII Atlanta Chapter Meeting


Monday, November 16, 2009, 7pm

Cobb Galleria Convention Center, Room 104



Speaker: Vitaliy Katsenelson, CFA, Director of Research, Investment Management Associates, Inc.


Topic: “Active Value Investing: Making Money in Range-Bound Markets,”


Did you wonder why, that although Coca-Cola increased its earnings per share (EPS) from $0.98 to $2.70 (an increase of 175%) since the beginning of 1999, its stock price decreased by nearly 19% during the same 11 ? years? Or why Microsoft increased its EPS from $0.85 to $1.62 (an increase of 90%) over the same time span, yet its shares are 37% lower during that time period? Company fundamentals alone are insufficient to explain (or capture) stock returns. Welcome to the concept of range-bound markets and the effects of valuation on stock returns.


Our November speaker, Vitaliy Katsenelson, will present his compelling research on the drivers of stock returns (hint: the most important driver is NOT the economy, earnings growth, interest rates or inflation). He will discuss his QGV stock evaluation framework of quality, growth and valuation as it relates to his active value investing style; the importance of stock selection vs. asset allocation in investment success; and the notions of contrarian investing, diversification and how to [properly] measure risk.


Vitaliy will explore the expansion (increasing investor optimism) and compression (decreasing investor optimism -or- increasing investor pessimism) of valuation in the market and its impact on stock returns and examine how they play out in the three main market scenarios: bull markets, bear markets and range-bound markets (for the later, think the last 10+ years). This is a key concept to understanding and profiting from the dynamics of the stock market (and many other types of assets/investments).



Attend this meeting and learn:

  • Learn about three types of markets: bull, bear and range-bound
  • Learn the leading cause of secular bull markets and range-bound markets (hint: its not economy, earnings growth, interest rates or inflation)
  • Learn how stocks revert to – and often beyond - a mean valuation
  • Learn Vitaliy’s QVG investment evaluation framework (quality, valuation, & growth)


About Vitaliy Katsenelson, CFA

Vitaliy Katsenelson is the director of research at Investment Management Associates, Inc. (IMA), a money management firm based in Denver, Colorado. Vitaliy received his graduate and undergraduate degrees in finance from University of Colorado at Denver, cum laude, and is a CFA charter holder. Vitaliy teaches an undergraduate and graduate class at the University of Colorado at Denver. He has written articles and been interviewed by many publications. He is the author of “Active Value Investing: Making Money in Range-Bound Markets,” published by John Wiley & Sons in October 2007.



Pre-register for this event at http://aaiiatlanta.eventbrite.com at the advanced rate of $10 or pay at-the-door for $15. All attendees will be entered into a drawing to win a copy of Vitaliy’s book. If you have already own a copy of the “Active Value Investing”, bring it to the November meeting to have it signed by the author. If you win a copy of the book in the drawing at the meeting and already own it, you may select a book gift certificate for Barnes & Noble or Amazon.com instead.


Please sign-up on the Atlanta Chapter web site (http://www.aaii-atlanta.com) to stay informed about future events. We will not use/release your email for any other purpose and we have a no-spam policy.


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