By Vitaly Katsenelson CFA, author of The Little Book of Sideways MarketsActive Value Investing and Chief Investment Officer at Investment Management Associates, Inc (IMA), a value investment firm based in Denver, Colorado. Vitaliy’s website is Contrarian Edge 

With the split between the improving U.S. economy and the weakness in the rest of the world getting ever wider, even as markets rally, it’s more important than ever to position your portfolio in the right sectors. According to value investor Vitaliy Katsenelson, author of “The Little Book of Sideways Markets,” the risk facing investors is falling into “value traps” in the form of the deep cyclicals.