The Little Book of Sideways Markets: How to Make Money in Markets that Go Nowhere

Acknowledgments

First and foremost, I want to express my deepest gratitude to my parents, for believing in me. They always saw a greater potential in me than I believed I possessed, at every step along the way. Through their guidance and never-ending encouragement I rose to be what they saw in me, not to what I thought I could achieve. Nobody has been more surprised at my achievements than I have. I'll try to do the same for my kids.

I would like to thank: Michael Conn—my sounding board, my friend, my partner at Investment Management Associates (IMA); Barry Pasikov—I am sure our daily phone conversations spilled onto the pages of this book; Aleksandr Sheykhet—I neglected to express my extreme gratitude for his help with my first book; E. Jake Berzon, my consigliore, for putting a magnifying glass to every page; Charley Sweet, for helping make these pages shine; Michael Mauboussin for his hold-no-prisoners, constructive feedback; Jeffrey Scharf, Ed Durica, Hewitt Heiserman, and Kane Cotton for their terrific feedback; my brother Alex Katsenelson, for drawing a picture of Golde and her offsprings as Tevye would have drawn them, in the valuation chapter; my terrific editors at John Wiley & Sons, Pamela van Giessen and Emilie Herman; my wife Rachel, for taking care of the Katsenelson household, which includes two wonderful but time-consuming children, Jonah and Hannah, while I was locked up in the basement writing this and my earlier book; and to my aunt Anna Lerer for bringing my family ...