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 and Founder

Mr. Conn 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. more

Prior to Investment Management Associates, Mr. Conn 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.

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


Vitaliy N. Katsenelson, CFA

CEO and Chief Investment Officer

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

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.

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.

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

He serves on the board of Arapahoe Philharmonic. 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 build hundreds of financial models while picking only a handful of investments. That’s why we have a dedicated research team to help us identify the best candidates for our portfolio.

Tyler Bentley

Tyler Bentley graduated from the University of Colorado at Boulder with Bachelors in Economics and Psychology. He is a CFA Level II Candidate.

Aziz Alhebaishi

Aziz Alhebaishi graduated with honor in finance from Western Washington University. Aziz will be graduating in November 2018 from the University of Denver with MS in finance – investment track.


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.

Theresa Lewingdon

Ms. Lewingdon joined IMA in 1997 after serving the U.S. Army as a civilian in administrative and regulatory control. She received her bachelor in Finance from the Metropolitan State University of Denver more

Ms. Lewingdon is responsible for all operational, client services, compliance and administrative functions at IMA. less

Rachel Katsenelson

Ms. Katsenelson worked in investment industry since 2006. Until 2009 she worked as director of operations at PVG Asset Management. She received her bachelor degree in marketing from University of Colorado at Denver.