Where the Money Is
Value Investing in the Digital Age
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- 6 790 Ft
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- 6 790 Ft
Kiadói ismertető
“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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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.
