We are engaged in the unending pursuit of improving everything we do, from constantly refining our investment process to delivering incredible customer service to our clients.


Our portfolio managers have six decades of collective experience weathering the upturns and the downturns of the markets; each holds graduate degrees and CFA charters.


Michael L. Conn, CFA

Chairman Emeritus & Founder

Michael earned his BA from the University of Colorado at Boulder and his MBA from the Harvard University Graduate School of Business Administration. Michael has more than 40 years of investment experience.

Prior to Investment Management Associates, Michael was a vice-president and portfolio manager for Founders Capital Management and Founders Mutual Depositor Corporation. Earlier in his career he was a securities analyst with Financial Programs, Inc. and Wellington Management Company. more

Michael is a CFA charterholder and has served as president and director of the CFA Society of Colorado. less

Vitaliy Katsenelson

Vitaliy N. Katsenelson, CFA

CEO & Chief Investment Officer

Vitaliy joined IMA in 1997. He received both his BS and MS degrees in finance from the University of Colorado at Denver.

His two books, Active Value Investing and The Little Book of Sideways Markets, were published by John Wiley & Sons and have been translated into eight languages. His articles have appeared in Barron's, Financial Times, Forbes, Business Insider, CNBC, The Globe & Mail, and MarketWatch, among others. Vitaliy has also been a guest on CNBC, Fox Business, BNN, and Yahoo! Finance. more

Vitaliy has close to 20 years of investment experience and has taught a graduate investment class at the University of Colorado at Denver. He also speaks to investor organizations in the US and abroad.

Vitaliy is a CFA charterholder and has served on the board of the CFA Society of Colorado. Forbes magazine called him “the new Benjamin Graham”.


Max Sirous

Max Sirous, CFA

Research Analyst

Max is a research analyst at IMA. Prior to joining the firm, Max was a financial analyst at various investment companies in the UK, the US and Ukraine, where he worked on credit, public equity and venture capital investments. more

Max is a CFA charterholder and has a Master’s degree from Simon Kuznets Kharkiv National University of Economics. less


Our clients don’t just benefit from our in-depth stock analysis. We have spent several decades nurturing a wide international network of professional investors who help us find new opportunities and gain insights into our existing holdings.

With each investment decision peer-reviewed, we ensure higher quality and safety for our clients’ portfolios.

We also continue to develop this network through our annual conference, ValueX Vail

Our Investment Process


We are always there for our clients. You can get in touch by phone or email and we’ll get back to you within one business day.

Lisa Martin

Director of Operations

Lisa has over 35 years of experience in the investment industry. Most recently she was COO/CFO at Smead Capital Management. She received her bachelor's degree in Communications from Eastern Washington University.

Cyrus Pearo

Cyrus Pearo

Vice President of Operations

Cyrus has experience in multiple aspects of financial services, inclusive of financial/tax planning and investment management with Fortune 100 firms. Prior to working in finance, he raced road bicycles in professional circuits internationally.

Cyrus has a BS from the University of Denver, MS in finance from the University of Colorado at Denver and is a Certified Financial Planner and IRS Enrolled Agent.

Barbara Blachowicz

Communications Manager

Barbara manages our client and marketing communications.  She has been with IMA since 2017, working closely with the marketing and operations teams. She has degrees in Interior Design and Landscape Architecture from INTEGRAL Instituto Superior de Diseño.

Dominique Caraveo

Dominique Caraveo

Operations Associate

Dominique has experience in the world of Investment Management, Financial Planning, and Operations. In her free time she enjoys playing tennis.

Dominique attained her BA in Liberal Arts and MS in Marketing both from Regis University here in Denver.

Stanley Goldberg

Stanley Goldberg

Director of Marketing

Stanley is a digital marketing and social media marketing expert. Having managed marketing for numerous #1 NYT bestselling authors and other clients. He has a BS from Baruch College – CUNY in Economics and History.

Anton Kuratnik

Anton Kuratnik

Marketing Associate

Anton is an experienced digital marketing specialist. Prior to his marketing career, he was a colon-cancer researcher at the University of Connecticut and published a number of research papers in the field.

Dragan Gurinovic

Dragan Gurinovic

Project Manager

Dragan is a web developer and project manager at IMA, responsible for the development and maintenance of internet properties under the IMA organization. He has a degree in Informatics Engineering from Subotica Tech – College of Applied Science.

Vukosava Stojanovic

Vukosava Stojanovic

Executive Assistant

Vukosava, with a Bachelor’s degree specializing in Economics and Accounting from a reputable Business school, is dedicated to assisting with various marketing tasks. Her academic foundation and commitment make her a valuable contributor to the world of marketing.

Investment Management Associates, Inc. - A Premier Value Investing Firm