Where the Money Is: Value Investing in the Digital Age
“One of the best books I have read on investing in years. ” —Bill Ackman, founder and CEO, Pershing Square Capital Management

From a successful investor and a contributor to Barron’s and Fortune comes a once-in-a-lifetime book that gives modern investors what they need most: a fresh guide to making money in a stock market now dominated by tech stocks.

Technological change is reshaping the economy in a way not witnessed since Henry Ford introduced the assembly line. A little more than ten years ago, only two of the ten most valuable publicly traded companies in the world were digital enterprises—today, they comprise eight of the top ten. Investors around the world are struggling to understand the Digital Age and how they can use the stock market to profit from it.

Author Adam Seessel understands. Several years ago, he watched his old-school portfolio built using traditional value investing principles decline while the market, driven by “expensive” tech stocks, advanced. Determined to reverse course, he set off in search of a new investment paradigm, one that remained true to the discipline that Ben Graham gave us a century ago while reflecting the new realities of the Digital Age.

In this “helpful take on playing the stock market” (Publishers Weekly), Seessel introduces a refreshed value-based framework that any investor, professional or amateur, can use to beat the modern market. Like all sectors, the tech sector follows certain rules. We can study these rules, understand them, and invest accordingly. The world is changing, and we can profit from it.

Approaching tech this way, the economy’s current changes and the rapid rise of tech stocks are not reasons to be frightened or disoriented—they’re reasons to be excited. Infused with the same kind of optimism and common sense that inspired Benjamin Graham’s The Intelligent Investor and Peter Lynch’s One Up on Wall Street, Where the Money Is ushers in a new era of modern value investing.
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Where the Money Is: Value Investing in the Digital Age
“One of the best books I have read on investing in years. ” —Bill Ackman, founder and CEO, Pershing Square Capital Management

From a successful investor and a contributor to Barron’s and Fortune comes a once-in-a-lifetime book that gives modern investors what they need most: a fresh guide to making money in a stock market now dominated by tech stocks.

Technological change is reshaping the economy in a way not witnessed since Henry Ford introduced the assembly line. A little more than ten years ago, only two of the ten most valuable publicly traded companies in the world were digital enterprises—today, they comprise eight of the top ten. Investors around the world are struggling to understand the Digital Age and how they can use the stock market to profit from it.

Author Adam Seessel understands. Several years ago, he watched his old-school portfolio built using traditional value investing principles decline while the market, driven by “expensive” tech stocks, advanced. Determined to reverse course, he set off in search of a new investment paradigm, one that remained true to the discipline that Ben Graham gave us a century ago while reflecting the new realities of the Digital Age.

In this “helpful take on playing the stock market” (Publishers Weekly), Seessel introduces a refreshed value-based framework that any investor, professional or amateur, can use to beat the modern market. Like all sectors, the tech sector follows certain rules. We can study these rules, understand them, and invest accordingly. The world is changing, and we can profit from it.

Approaching tech this way, the economy’s current changes and the rapid rise of tech stocks are not reasons to be frightened or disoriented—they’re reasons to be excited. Infused with the same kind of optimism and common sense that inspired Benjamin Graham’s The Intelligent Investor and Peter Lynch’s One Up on Wall Street, Where the Money Is ushers in a new era of modern value investing.
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Where the Money Is: Value Investing in the Digital Age

Where the Money Is: Value Investing in the Digital Age

by Adam Seessel
Where the Money Is: Value Investing in the Digital Age

Where the Money Is: Value Investing in the Digital Age

by Adam Seessel

Hardcover

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Overview

“One of the best books I have read on investing in years. ” —Bill Ackman, founder and CEO, Pershing Square Capital Management

From a successful investor and a contributor to Barron’s and Fortune comes a once-in-a-lifetime book that gives modern investors what they need most: a fresh guide to making money in a stock market now dominated by tech stocks.

Technological change is reshaping the economy in a way not witnessed since Henry Ford introduced the assembly line. A little more than ten years ago, only two of the ten most valuable publicly traded companies in the world were digital enterprises—today, they comprise eight of the top ten. Investors around the world are struggling to understand the Digital Age and how they can use the stock market to profit from it.

Author Adam Seessel understands. Several years ago, he watched his old-school portfolio built using traditional value investing principles decline while the market, driven by “expensive” tech stocks, advanced. Determined to reverse course, he set off in search of a new investment paradigm, one that remained true to the discipline that Ben Graham gave us a century ago while reflecting the new realities of the Digital Age.

In this “helpful take on playing the stock market” (Publishers Weekly), Seessel introduces a refreshed value-based framework that any investor, professional or amateur, can use to beat the modern market. Like all sectors, the tech sector follows certain rules. We can study these rules, understand them, and invest accordingly. The world is changing, and we can profit from it.

Approaching tech this way, the economy’s current changes and the rapid rise of tech stocks are not reasons to be frightened or disoriented—they’re reasons to be excited. Infused with the same kind of optimism and common sense that inspired Benjamin Graham’s The Intelligent Investor and Peter Lynch’s One Up on Wall Street, Where the Money Is ushers in a new era of modern value investing.

Product Details

ISBN-13: 9781982185145
Publisher: Avid Reader Press / Simon & Schuster
Publication date: 05/24/2022
Pages: 272
Sales rank: 248,416
Product dimensions: 6.10(w) x 9.20(h) x 1.10(d)

About the Author

Adam Seessel graduated summa cum laude from Dartmouth College and began his professional career as a newspaper reporter in North Carolina. Seessel won the George Polk Award for environmental reporting in 1990 and in 1995, Seessel took his research skills to Wall Street. He worked for Sanford C. Bernstein, Baron Capital, and Davis Selected Advisers before starting his own firm, Gravity Capital Management, which manages money for high-net worth individuals and institutions.

Since beginning a record of stock-market performance while at Davis Funds in mid-2000, Seessel has beaten the S&P 500 index after fees. In addition to running Gravity, Seessel is a regular contributor for both Barron’s and Fortune magazines. Married and with one grown son who works as a software engineer, Seessel and his wife, an artist, live in Manhattan.

Table of Contents

A Note on Terminology xiii

Introduction: So Big, So Fast 1

Part I Preparing to Invest

Chapter 1 The World Has Changed 23

Chapter 2 Value 1.0: Ben Graham and the Age of Asset Values 36

Chapter 3 Value 2.0: Warren Buffett and the Brand-TV Ecosystem 50

Chapter 4 Value 3.0 and the BMP Checklist 67

Part II Tools for Picking Winners

Chapter 5 Competitive Advantage Then and Now 89

Chapter 6 Management: Some Things Never Change 106

Chapter 7 Price and the Value 3.0 Toolbox 121

Chapter 8 Earnings Power 132

Chapter 9 BMP Case Studies: Alphabet and Intuit 146

Chapter 10 Investing in Non-Tech Companies 169

Part III Putting it All Together

Chapter 11 Buy What You Know-With a Twist 181

Chapter 12 Thoughts on Process and Priorities 191

Chapter 13 Regulation, Innovation, and the Second Half of the Chessboard 207

Glossary of Terms 221

Acknowledgments 235

Index 239

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