Where the Money Is: Value Investing in the Digital Age

by Adam Seessel Narrated by Gibson Frazier

Overview

“One of the best books I have read on investing in years.” -Bill Ackman, founder and CEO, Pershing Square Capital Management * “Should be required reading for anyone investing in the stock market, or wanting to.” -Joel Greenblatt, founder and managing principal of Gotham Asset Management and author of The Little Book That Beats the Market

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.

Editorial Reviews

Publishers Weekly

06/06/2022

Seessel, founder of Gravity Capital Management, debuts with a helpful take on playing the stock market. “The American stock market has been the best place to build wealth over the last one hundred years,” he writes, and, thus, “if you believe that the United States will continue to grow and prosper, you should own a piece of that action.” Seessel urges value investors, who he cheerily calls “notorious cheapskates who hate to pay a high price for an investment,” to focus their attention on the digital economy “not because tech is sexy... or beneficial to society, for the same reason Willie Sutton robbed banks: it’s where the money is.” He provides a brief history of value investing, from Ben Graham’s approach to that of Warren Buffett, and outlines what he deems a new period of transition as digital outpaces every other sector. He suggests newbies “look at the data and be rational” in deciding where to put their money, and emphasizes avoiding the investing “gamification” happening on such apps as Robinhood. Would-be investors struggling to understand a financial landscape in which FAANG has left GE in the dust will want to check this out. Agent: ​​Jennifer Joel, ICM. (May)

From the Publisher

One of the best books I have read on investing in years. Buying and reading this book will be one of the best investments you will ever make.” —Bill Ackman, founder and CEO, Pershing Square Capital Management

“Seessel makes Graham and Dodd proud. He acknowledges value investing’s evolution to a purer form: focusing on mispriced businesses with high-quality, growing cash flows.” —Lisa Shalett, Chief Investment Officer, Morgan Stanley Wealth Management

“Seessel puts his finger on a central tension in today’s economy and stock market: the rapid rise of software-driven businesses and the challenge/opportunity they present to many established industries. Just as importantly, he points the way toward how investors can prosper from the transition.” —Tim Stone, former chief financial officer of Amazon Web Services and Ford Motor Company

“Where the Money Is should be required reading for anyone investing in the stock market, or wanting to. It honors and updates the intellectual and practical legacy of Ben Graham and Warren Buffett to account for the dramatic economic changes that continue to unfold in the 21st century.” —Joel Greenblatt, founder and managing principal of Gotham Asset Management and author of You Can Be a Stock Market Genius and The Little Book That Beats the Market

“A helpful take on playing the stock market . . . Would-be investors struggling to understand a financial landscape in which FAANG has left GE in the dust will want to check this out.” —Publishers Weekly

Library Journal

12/01/2021

A Polk Award-winning journalist who migrated to Wall Street and eventually started his own firm, Gravity Capital Management, Seessel here argues that tech stocks are "where the money is" today. He learned the hard way, having watched his traditional portfolio stall, which prompted him to devise a new investment strategy which recognizes that technology has reshaped the economy. Here he helps other investors by offering a new understanding of what makes a business valuable and explaining how the digital economy works. With a 100,000-copy first printing.

Product Details

BN ID:	2940176380538
Publisher:	Simon & Schuster
Publication date:	05/24/2022
Edition description:	Unabridged

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