Welcome to Wisdom NOTES: A short transcript summary capturing insights from conversations on In Search of Wisdom. This edition comes from my interview with Vitaliy Katsenelson, the author of Soul in the Game.
The Art of a Meaningful Life
In this episode, my guest is Vitaliy Katsenelson the author of Soul in the Game: The Art of a Meaningful Life. Vitaliy’s book draws from the lives of classical composers, ancient Stoics, and contemporary thinkers. I found his book to be a beautiful collection of life lessons and wisdom for modern life.
Vitaliy Katsenelson was born in Murmansk, USSR, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” You can learn more about Vitaliy and the book at SoulintheGame.net.
In the conversation, Vitaliy and I discuss:
Living in challenging environments
Having an operating system for life
Stoicism and investing
The difference between art and craft
Wisdom in daily life and much more
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1. On Never Complaining
Wisdom Note #1: You wrote something in in the beginning of the book that really struck me as a parent myself, you write, “my parents never complained.” Could you talk about growing up in Russia? And share any thoughts on the perils of complaining in difficult environments?
Katsenelson: “It's very important to understand that when I was growing up in Russia. I have to provide some context for this. I'm growing up in not just in Russia, but in Soviet Russia. We lived in in the city called Murmansk, which is up Northwest above the Arctic Circle, where there is very little daylight during the winter, very cold. And my parents never complained about that. My parents rarely complained that when we went to the store, there was very little food. I grew up in this environment, they thought that was normal, because there was no contrast. And that's very important to understand a lot of times, the contrast could be a negative thing, actually, because, especially if you used to have a better life, and now it's worse. It's a lot more painful if you never experienced a better life. But my father always had that attitude, that there is no such thing as a bad weather.” […]
2. Inhaling Life
Wisdom Note #2: It seems like appreciating life, and not letting life pass you by is maybe a theme that runs throughout the book, would you say there's some truth to that?
Katesenelson: “My father always told me inhale. And let me just provide a context, we would be walking in a beautiful forest. And he would stop and just inhale and you just tried to take mental picture of the moment. And try to appreciate that, it's kind of interesting when my young son used to go to museums when he was little. My son treated going through museums the same way he treated going through the airport — just looking for exits. Now. My son who is 21. When he goes through the museum, he actually pays attention to surroundings, which is what you’re supposed to do in the museum. But I think this is how you should be going through life as well. Not just looking for the exit, not just waiting for the next day, but actually being mindful and looking around you and inhaling life.” […]
3. Student of Life
Wisdom Note #3: You are a really skilled investor, CEO of this investment firm. I'm sure when it comes to making decisions. You're taking in all sorts of information and trying to make sense of it. How does that relate to life, taking in information and maybe discerning that next decision that next step?
Katsenelson: “I have this attitude, to approach life from a student of life perspective. So I'm not afraid of being wrong. I'm not afraid to admit when I don't know the answer. I'm not afraid to admit that some, many times the answers in life are complex, and they're nuanced. When you do this, you appear to be less certain. And this is not good for marketing, by the way. But that is good for you, if you want to be an analyst, if you want to do what I do if you want to enlist companies, and build portfolios. But it's also very good if you want to learn, because the worst enemy is your ego. And to be a good investor, I would argue you have to be thoughtfully arrogant.” […]
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Thank you for listening/reading; I hope you found something useful.
If you’re interested in learning more, listen to the conversation and pick up Vitaliy’s book, Soul in the Game, wherever books are sold.
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Until next time, be wise and be well,
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