추가 적립 안내

“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

Chapter Page
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

“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.