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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><em><span style="font-family: georgia, palatino; font-size: 16px;">If you love it, share it with all of your friends. - Vitaliy</span></em></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" style="text-align:center;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div><div><div><div style="height:415px;display:block;overflow:hidden;" class="ep-height-auto"><img src="http://content.epsrv1.net/image_gallery/uploaded/273/10513/8fbbdcfa-07d3-46c6-9bde-852116588c1e_(1).jpg" alt="" height="415" width="570" style="max-width:570px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;" class="ep-width-100-img ep-img-100"/></div></div></div></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;text-align: center;">Painting is by my father, Naum Katsenelson</div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 22px;"><a style="color:#2196F3;font-family:helvetica,arial,sans-serif;text-decoration:none;font-size: 22px;" href="http://clicks.epsrv1.net/click?s=1206|505645346&v=1iyd7ro168ree6wqist7ored7g4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yxi155c5wsyb91xe151g145j1ndb9p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzngd75eueu31szuu7oxafradthoam1fsnkpozejesosseu6eh6h4kb5qwt6raf51xj7mrdb1s69q3gx5yd7aoc7goe5b14ukffdcxrc7nz8zatkcrp1biap9fsr1rgk8gtqtd7ujkr31xj9x6yfdqqsbsbrz9ig77eq54qwwwac8qm4dkgyo3a9tta4yod3n1kfh71ingg9gtdsewt8r39eq1b53j7s578mndxtxo"><span style="color:#2196F3;font-family:helvetica,arial,sans-serif;text-decoration:none;font-size:22px;">Good Companies Don’t Always Make Good Stocks</span></a></span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">By Vitaliy Katsenelson</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">I was recently going through a new client’s portfolio and found it full of the likes of Coca-Cola, Kimberly-Clark and Campbell Soup — what I call (pseudo) bond substitutes. Each one is a stable and mature company. Your mother-in-law would be proud if you worked for any one of them. They have had a fabulous past; they’ve grown revenues and earnings for decades. They were in their glory days when most baby boomers were coming of age. But the days of growth are in the rearview mirror for these companies — their markets are mature, and the market share of competitors is high. They can innovate all day long, but consumers will not be drinking more fizzy liquids, wearing more diapers or eating more canned soup.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">If you were to look at these companies’ financial statements, you’d be seriously underimpressed. They paint a stereotypical picture of corporate old age. Their revenues haven’t grown in years and in many cases have declined. Some of them were able to squeeze slightly higher earnings from stagnating revenue through cost-cutting, but that strategy has its limits — you can only squeeze so much water out of rocks (unless someone like 3G Capital takes the company, sells its fleet of corporate jets and starts mercilessly slashing expenses like the private equity firm did at Budweiser and Heinz). These businesses will be around ten years from now, but their profitability probably won’t be very different from its current level (not much higher, but probably not much lower either).</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">However, if you study the stock charts of these companies, you won’t see any signs of arthritis; not at all — you’ll have the impression that you’re looking at veritable spring chickens, as these stocks have gone vertical over the past few years. So this is what investors see — old roosters pretending to be spring chickens.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"> </div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td height="10" valign="top" class="ep-mobile-divider" style="height:10px !important;color:#FFFFFF;font-size:10px;line-height:10px;"><img src="http://content.epsrv1.net/no_rev/assets/1px.gif" width="1" height="1" style="max-width:1px;max-height:1px;display:block;"/></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td height="10" valign="top" class="ep-mobile-divider" style="height:10px !important;color:#FFFFFF;font-size:10px;line-height:10px;"><img src="http://content.epsrv1.net/no_rev/assets/1px.gif" width="1" height="1" style="max-width:1px;max-height:1px;display:block;"/></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 22px;"><strong><span style="font-family: georgia, palatino;">Tchaikovsky’s Suicide Note?</span></strong></span></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px;"> </span></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Today I wanted to share with you Tchaikovsky’s Symphony Number 6, called “Pathetique” (which translates from Russian as “passionate”). It was Tchaikovsky’s last symphony. He conducted its premier just nine days before his death in 1893. He was 53 years old.</span></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px;"> </span></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">To understand this symphony, we have to understand the dark period in Tchaikovsky’s life.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Tchaikovsky was a master of emotions, because he was a neurotic, highly sensitive person, full of phobias (we know this from his letters). For instance, he had a phobia that his head would fall off when he was conducting. (He eventually overcame this phobia, as at times he had to earn a living as a conductor.) His music is ridden with emotions; it is manifestation of his emotions. It is his emotional confession.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Tchaikovsky wrote “Pathetique” when he was depressed and doubting his ability to compose. (He had destroyed his previous symphony because he was unsatisfied with it.)</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"> </div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0"><tr><td valign="top" style="text-align:center;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><table cellspacing="0" cellpadding="0" width="100%" border="0" style="width: 100%;"><tbody><tr><td valign="top" style="vertical-align:top; width:300px;" class="ep-mobile-col-img-with-text"><table cellspacing="0" cellpadding="0" width="100%" border="0" style="width: 100%;"><tbody><tr><td class="ep-mobile-col-table-with-padding"style="float:left; overflow:hidden; text-align:center; background-color:#FFFFFF; padding-top:15px; padding-right:15px; padding-left:15px; padding-bottom:15px; vertical-align:top;"><div class="ep-height-auto"style="height:198px;overflow:hidden;vertical-align:top;display:block;text-align:center;"><img src="http://content.epsrv1.net/image_gallery/uploaded/273/10513/vnk.png" style="max-width:234px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;"width="234" alt="" height="198" class=""/></div></td></tr></tbody></table></td><td valign="top" style="vertical-align:top; width:300px;" class="ep-mobile-col-img-with-text"><table cellspacing="0" cellpadding="0" width="100%" border="0" style="width: 100%;"><tbody><tr><td class="ep-mobile-col-table-with-padding" style="text-align:left; overflow:hidden; background-color:#FFFFFF; padding-top:15px; padding-right:15px; padding-left:15px; padding-bottom:15px; vertical-align: top;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Vitaliy N. Katsenelson, CFA, is Chief Investment Officer at <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv1.net/click?s=1206|505645346&v=1iyd7ro168ree6wqist7ored7g4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yxi155c5wsyb91xe151g145j1ndb9p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzng49kf1ayi4h1w63xecbszfwjf66xekbjfqboxqz1pniroypdffye"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">Investment Management Associates, Inc.</span></a> in Denver, Colo. He is the author of <em>Active Value Investing</em> (Wiley) and <em>The Little Book of Sideways Markets </em>(Wiley). <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv1.net/click?s=1206|505645346&v=1iyd7ro168ree6wqist7ored7g4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yxi155c5wsyb91xe151g145j1ndb9p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzng49kf1ayi4h1w63xecbszfwjf9wcse8qtjnurfjr6i5r1w3ggu4rm4x6ie5af36u5i94yyq49wiph"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">His books </span></a></span><span style="font-family: georgia, palatino; font-size: 16px;">were translated into eight languages. </span></div><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"> </div><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Forbes Magazine called him "The new Benjamin Graham". <strong>To receive Vitaliy’s future articles by email or read his articles <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv1.net/click?s=1206|505645346&v=1iyd7ro168ree6wqist7ored7g4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yxi155c5wsyb91xe151g145j1ndb9p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzng49kf1ayi4h1w63xecbszfwjf6z6nc31i6nxqtkxonk6hfa4ie9gmudijcpa84s13unnw16komuuwtxj94idxyz84xqz9eyb5m61izo"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">click here</span></a>.</strong></span></div></td></tr></tbody></table></td></tr></tbody></table></td></tr></table></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td valign="top" class="footer" style="text-align:center;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:12px;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;"><div><div>Investment Management Associates, Inc., 5690 DTC Blvd 140W, Greenwood Village Colorado 80111, United States</div></div><div class="removable"><a href="http://epsrv1.net/subscription/unsubscribe?s=1206|505645346&v=1iyd7ro168ree6wqist7ored7g4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yxepygy66epmdawsyf6cweyg85uh8x5wyhxbt4eue3soo84qoeryfa6fbf1sm48kfai4oiprrrsed5dr34obw3795zku6rbqwo1kzgasxmgsbn78s4c58bnwkj8gfdu7cndiwbx74y4nrgjrg888h9aodcta" style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;"><span style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;">unsubscribe</span></a></div></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td><img src="http://open_tracker.epsrv1.net/opened?v=1iyd7ro168ree6wqist7ored7g4urzg7jsb3rqkb6xds5k7m643nghtrbx1pzcymtajqpmqwst1yxi155c5wsyb91xe151g145j1ndb9p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzn8oukkiiimqcop3rxekhzj13c1k" width="1" height="1" style="max-width:0px;max-height:0px;display:none;"/></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td align="center"><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td style="height:40px;" align="center" valign="center" width="100%"><span style="font-size:12px;font-family:Arial,Helvetica,sans-serif;color:#4b4b4b;vertical-align:middle;">Powered by</span> <a href="http://clicks.epsrv1.net/pb"><img src="http://content.epsrv1.net/no_rev/assets/powered_by_logo.png" border="0" alt="ExpressPigeon" style="vertical-align:middle;"/></a> <a href="http://clicks.epsrv1.net/pb" style="text-decoration:none;"><span style="color:#2196F3;font-size:12px;font-family:Arial,Helvetica,sans-serif;text-decoration:none;vertical-align:middle;">ExpressPigeon</span></a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></body></html>