Where the Money Is: Value Investing in the Digital Age

Where the Money Is: Value Investing in the Digital Age

  • Downloads:1330
  • Type:Epub+TxT+PDF+Mobi
  • Create Date:2022-07-03 06:52:07
  • Update Date:2025-09-06
  • Status:finish
  • Author:Adam Seessel
  • ISBN:1982185147
  • Environment:PC/Android/iPhone/iPad/Kindle

Summary

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, value-based 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 value-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 Where the Money Is, 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 StreetWhere the Money Is ushers in a new era of modern value investing。

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Reviews

Stephan

Excellent book, explaining how Value Investing works with Tech/Growth Companies。

Kevin

Excellent book for the value investor type that struggles to invest in tech stocks

Chandra Harsha

Eloquently explains how value investing evolved。

Tiesha

Written for the next generation of investors, Where the Money is provides a revised value-based framework to navigate a stock market dominated by tech enterprises。 Why? It doesn’t take long for one to realise that traditional value investing principles have inherent flaws when it comes to digital enterprises - namely around P/E ratios, R&D and ‘brick and mortar’ factors (rather a lack thereof)。 The solution? Seessel proposes a Value 3。0 framework that builds upon the knowledge of Benjamin Graham Written for the next generation of investors, Where the Money is provides a revised value-based framework to navigate a stock market dominated by tech enterprises。 Why? It doesn’t take long for one to realise that traditional value investing principles have inherent flaws when it comes to digital enterprises - namely around P/E ratios, R&D and ‘brick and mortar’ factors (rather a lack thereof)。 The solution? Seessel proposes a Value 3。0 framework that builds upon the knowledge of Benjamin Graham (Value 1。0) and Warren Buffett (Value 2。0)。 The Value 3。0 framework delivers the right mix of theoretical and practical guiding you through:-The variance of Value 3。0 from Value 1。0 and 2。0- Value 3。0 in action when reviewing company data - Business management price (BMP) checklist Takeaway: A practical Value 3。0 framework you can immediately implement。 Who is this for:- Anyone early in the process of building a portfolio with a value based investor lens - Investors seeking a value based framework to analyse tech companies- If you have read and enjoyed Benjamin Graham’s The Intelligent Investor and Peter Lynch’s One Up on Wall Street - this book is a must read。Special shout out to Avid Reader Press, Adam Seessel and Netgalley for this eARC。 。。。more

Donald

Benjamin Graham is widely considered the father of value investing。 His approach was to attempt to buy a dollar for fifty cents by purchasing shares of companies at depressed prices。 And that was okay in the early twentieth century given the times。Warren Buffett studied under Benjamin Graham and adapted value investing to include not just cheaply priced companies, but cheap companies which had great management and a durable competitive advantage which Warren called the company's moat。Those two v Benjamin Graham is widely considered the father of value investing。 His approach was to attempt to buy a dollar for fifty cents by purchasing shares of companies at depressed prices。 And that was okay in the early twentieth century given the times。Warren Buffett studied under Benjamin Graham and adapted value investing to include not just cheaply priced companies, but cheap companies which had great management and a durable competitive advantage which Warren called the company's moat。Those two value investing viewpoints which Adam Seessel has labeled Value 1。0 and Value 2。0 have naturally lead to a new paradigm he calls Value 3。0。Given that tech companies have little to depreciate in the way brick-and-mortar companies do, and that they generally have more R&D to expense on any given year's annual report, they appear more expensive as investments。 These things affect the bottom line and the valuation。 But their R&D expenses tend to be less "R" and more "D", the value of which should likely not be expensed fully in the year they are realized but rather depreciated over a time period or life for which the "D" or development weighs favorably for the company—just the way a building or piece of machinery is depreciated。 The resulting adjustments in GAAP (generally accepted accounting principals) would level the playing field for companies and their investors。 And there's more—you'll have to read the book。In my own perusal of annual reports that very question of the treatment of certain items and others like it have come to mind and this book answers those questions in a well written and quick reading manner。If you've read Benjamin Graham, Peter Lynch, Warren Buffett, Mary Buffett, Greenblat, O'Neil, etc。 then I would recommend Adam Seessel and this book to round out your investment journey。 It provides the concepts needed to compare the old world apples to the new world oranges in a way that levels the playing field。 It represents another tool for your investing tool-belt at a time when tech is finally maturing and the leaders have shown the savvy investor why they are the leaders。Thanks, Adam, for this insightful viewpoint and your BMP checklist。 。。。more