Valuing Tech Stocks w/ Adam Seessel (TIP465)
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- Опубликовано: 5 июн 2024
- My guest today is Adam Seessel. Adam is the founder and managing member of Gravity Capital Management and also the author of a great new book titled Where the Money Is - Value Investing in the Digital Age. The traditional value investing strategies are rendered ineffective when it comes to tech companies like Amazon, Apple, Google and the like. Adam has devised a way to standardize tech companies so that value principles can be applied to these high growth companies and potentially give a new perspective on their value.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:00:23 - Why Billionaire Bill Ackman says Adam’s new book is one of the best investing book he’s read in years.”
00:10:11 - Adam’s Business, Management and Price (or BMP) checklist
00:15:36 - Why value investors should reconsider investing in high growth tech companies
00:34:15 - Why Generally Accepted Accounting Principles (or GAAP) do an injustice for tech companies
00:40:18 - The concept of “Earnings Power” and how it changes the Net Present Value
00:48:16 - How to assess great management
00:56:22 - How tech companies use new ROC metrics like CAC and LTV
Adam’s new book is very approachable and he does a masterful job at distilling down complex topics into very easy to understand examples. I thoroughly enjoyed our discussion and know you will as well, so without further ado, here’s my conversation with Adam Seessel.
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📖 BOOKS MENTIONED
- Where the Money Is by Adam Seessel: amzn.to/3o9Vd0y
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💡 OTHER RESOURCES
- Connect with Adam: / adam-seessel-89872911
- Connect with Trey: / treylockerbie
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On We Study Billionaires, I chat with Adam Seessel. We discuss his new book-Where the Money Is: Value Investing in the Digital Age. What are your thoughts on our discussion?💭- Trey
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I was actually thinking it would be awesome to have Adam Seessel on your show so great timing. His book is def on my reading list for the weekend
Awesome. Hope you enjoy!
Simple and to the point to make sense to know nothing investors like me. Thanks Adam and Trey.
Glad you enjoyed it!
i just read the book because Monsih Pabrai recommend it. Such a great book.
Thank you for bringing Adam on the show. Learned a lot :) can't wait to read his book!
Our pleasure. We hope you enjoy!
Amazing discussion! A common sense approach to investing, specifically w/ tech companies.
Glad you enjoyed the video, Rocky!
感谢提供这么好的资源
Thank you for the great interview Trey! I am definitely buying the book. I mean the important thing is the idea of course but I think he slipped up in 58:40 in that in order to have a 60% ROIC you would need to get 160 million in profit from the 300 million of revenue, if you spent/invested 100 million on advertising to get that profit.
Thank you so much for tuning in. Hope you enjoy the book!
Since nominal GDP is calculated using current prices, it does not require any adjustments for inflation.
nice
Thanks for watching!
👍🏾
LOL. Did he just call out Mary Barra as a "not to lose" CEO?😂
The real question is does he own Gravity? $grvy :D
Great interview learned a lot...
Glad you enjoyed it!
that tech companies have gone up so much has ZERO to do with interest rates seems questionable. Some of these tech companies like Square and others likely would never have gotten so high imo without them
B-M-P model
I don’t know about this. The value of a car for example. What is it worth not to take a horse to work ? I don’t know maybe $30,000 a year but that’s not the market value of a car - the same goes for technology even though it’s new it needs play under the same rules of value - what’s the market value of a Google search given the alternatives? probably zero price is pretty close to being accurate… trying to add these tech intangible values to GDP needs to be reviewed ?I’m not sure. But I am sure about is not having to ride a horse to work should not be included in GDP
Whether you capitalise Amazon R&D or expense it makes no difference because you still have to depreciate it over 3-5 yrs. Makes very little diff over 5 years and more. Amazon is spending huge amounts every yr. Its not like Coca Cola builds huge plants every year. Since Amazon R&D expenses are every year they should be expensed. This chap doesnt know basics of finance. finaance
to compare facebook to yahoo is laughable where. Tictok is not a social network in the same way as Facebook. DAU is up I think 4 percent yoy. FB is not going to unravel anytime soon lol. Its not cool but its a blue chip stock now
GAAP…. Please review how this handles intrinsic value.
I agree. Meta is much more than just FB. Besides, FB and the other global apps are all getting more entrenched in society, not less. One of the strongest cash machines in the market today, trading like it was going under. Might be the best risk/reward in the market when considering its quality.
Some people have this really strange, unexplicable hatred for Meta and Zuckerberg. I have no clue why, but it seems to awaken an anger in some people.
I've seen comments like "I dream about the day that FB crashes and burns". Like, wtf lol?
@@pandada87 I agree, however my worries are about fake active users. This could create big problems