“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.
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.
“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