MI304: Evolving The Value Investing Mold w/ Adam Seessel
The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
4.6 • 592 Ratings
🗓️ 7 November 2023
⏱️ 57 minutes
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| 0:00.0 | You're listening to TIP. My advice to value investors who avoid tech stocks on prices to sort of |
| 0:07.8 | join me in a contemplation of what's changed in the world and to join me in a contemplation |
| 0:13.6 | of how gap accounting doesn't capture what's going on in terms of tech company value creation. |
| 0:19.2 | And sort of, you know, you have to change your mindset |
| 0:21.1 | in the sense of tech is where the future is, number one, like ask yourself rhetorically, |
| 0:26.4 | Mr. Value Investor, you know, where is most of the economic value going to be created in the next |
| 0:31.7 | generation? You know, I'll give you four choices. A, healthcare, B, financials, C, industrials, D, tech. It's obvious to a 12-year-old that the answer is D. |
| 0:45.0 | So most of the growth in the economy is going to come from tech. |
| 0:51.5 | In this episode, I chat with Adam Cecil about the importance of research and development |
| 0:56.3 | spend to a business's competitive advantage. |
| 0:59.2 | Why value investors should embrace tech as a massive creator of value? |
| 1:03.4 | How following Benjamin Graham to the letter is causing some investors to hold on to outdated |
| 1:08.0 | ways of thinking? |
| 1:09.3 | Why studying network effects is so important |
| 1:11.2 | in the digital age, the importance of buying quality businesses over cheap businesses, |
| 1:16.0 | using Adam's BMP method on one of his favorite new acquisitions, Texas instruments, and a whole |
| 1:21.4 | lot more. Adam Cecil wrote a book that kept popping up for me, where the money is. |
| 1:26.5 | When I finally sat down and started |
| 1:27.9 | reading it and dog-earing the pages, I realized that I had found a truly incredible resource. |
| 1:33.0 | Adam is a value investor at heart who made adjustments to the way he looked at businesses |
| 1:36.7 | in order to capture more value from investments that would be traditionally outside of the |
| 1:41.6 | value investing realm. The book and this interview |
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