We demonstrate time-resolved terahertz transmission ellipsometry of vertically aligned multi-walled carbon nanotubes. The angle-resolved transmission measurements reveal anisotropic characteristics of the terahertz electrodynamics in multi-walled carbon nanotubes. The anisotropy is, however, unexpectedly weak: the ratio of the tube-axis conductivity to the transverse conductivity, sigma[subscript z]/sigma[subscript xy] [similar or equal to]...