Our Active Value investment approach is crafted specifically for today`s treacherous sideways markets

If we cannot find stocks that meet our rigorous criteria, we will not just buy second-rate stocks, we will hold more cash

We patiently seek out stocks that are significantly, if not ridiculously, undervalued

Our clients are our partners, they are treated as such with complete transparency

We eat our own cooking. Our portfolio managers and their families own the same stocks as our clients


A disciplined, process-driven, value investment firm that provides custom tailored private portfolio management service to clients tired of in-the-box, cookie-cutter, buy-and-hope investment products.


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  • values-of-value-investing-vitaliy-katsenelson

    The Values of Value Investing

    This article has been in the works since last November.  It started out as a speech I gave to the Swiss CFA Society.  To me it is an important frame...

  • Jos.-A.-Bank-and-the-Folly-of-Quantitative-Easing

    Jos. A. Bank and the Folly of Quantitative Easing

    A few years back I wrote an article comparing buy-one-suit-get-three-free sales by Jos. A. Bank to the Federal Reserve’s quantitative easing program. ...

  • downhill-racing-value-investing

    Downhill Racing Meets Value Investing

    I wrote this article in May 2015. Every time it was destined to be published in the pages of Institutional Investor, it got bumped by another, more timel...

Would you like to read more of our insightful articles?


Our portfolio managers have six decades of collective experience weathering the upturns and the downturns of the markets; each holding Graduate Degrees and CFA Charters.

Michael L. Conn, CFA
President and Founder

Mr. Conn earned his B.A. from the University of Colorado at Boulder and his M.B.A. from the Harvard University Graduate School of Business Administration.

Vitaliy N. Katsenelson, CFA
Chief Investment Officer

Mr. Katsenelson joined IMA in 1997. He received both his bachelor of science and master of science degrees in finance from the University of Colorado at Denver.

Forbes Magazine called him ``The new Benjamin Graham``.



Active Value Investing

Was written for diehard professional investors like me – it had 75 tables and charts and was a fairly technical book, though I tried to soften it with some humor.


The Little Book of Sideways Market

This book is based on Active Value Investing but is a distilled and simplified version of it. It should take you about 5 hours and 17 minutes to read – we know, because there is an audible version available on Amazon.


Vitaliy Katsenelson, our CIO, has laid out his thesis on sideways markets in two books, Active Value Investing (Wiley, 2007) and The Little Book of Sideways Markets (Wiley, 2010). This article, published in November 2010 issue of Institutional Investor magazine, also gives a general overview of the sideways market thesis.

  • FAQ


    We answer questions from how we construct our portfolio to our sell discipline.

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  • What is the risk?

    What is the risk?

    Conventional wisdom views volatility as risk. We don’t. We befriend it, embrace it, and try to take advantage of it.

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  • Why we build models?

    Why we build models?

    Models help us understand businesses better and provide insights as to which metrics matter and which don’t.

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