TIP686: Big Tech Stocks w/ Adam Seessel

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 27 December 2024

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay is joined by Adam Seessel to discuss the developments of Big Tech over the past couple of years. Adam is an investor in Alphabet and Amazon, and in this discussion, he shares his updated thoughts on the two since he published his book, Where the Money Is, back in 2022. Adam began his investing career doing research for Sanford C. Bernstein, Baron Capital, and Davis Selected Advisors. After these stints, he started his own firm, Gravity Capital Management. Since beginning a track record in the mid-2000’s he’s beaten the S&P 500. He’s been a contributor for financial writing in Barron’s and Fortune. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:47 - Adam’s key realizations as a value investor over the past 20+ years. 13:36 - How the concept of intrinsic value can help anchor us in reality even though it’s just a mental model we use to evaluate businesses. 27:37 - Adam’s updated views on Alphabet and Amazon since he published his book in 2022. 47:40 - Adam’s approach to taking advantage of the AI wave without paying hefty valuations. 54:01 - Why Progressive Insurance is dominating the auto insurance space. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Adam’s Book: Where the Money Is. Follow Adam on LinkedIn. Related Episode: Listen to TIP465: Value Investing in the Digital Age w/ Adam Seessel. Join our highly vetted community of value investors here. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Fundrise 7-Eleven The Bitcoin Way Onramp Public Vanta ReMarkable Connect Invest SimpleMining Miro Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP. On today's episode, I'm joined by Adam Ziesel to discuss his updated thoughts on big tech companies.
0:08.7	Adam began his career doing research for Samford Bernstein, Barron Capital, and Davis selected advisors.
0:14.9	After these stints, he started his own firm Gravity Capital Management in 2003, and since then, he's outperformed the S&P 500.
0:22.5	But it hasn't been a straight ride up. For the first decade, he implemented the traditional
0:26.7	value-investing approach of buying cheap and unloved securities, and then in the mid-2010s, his
0:32.3	strategy started to fall out of favor and quit working. So he evolved his approach to what he
0:37.1	calls Value 3.0,
0:38.8	which is outlined extensively in his wonderful book, Where the Money is. Since transitioning to
0:43.7	the Value 3.0 framework, he's back on track to outperform the market while also owning the best
0:49.2	of the best businesses. During today's discussion, we cover Adam's key realizations as a value investor over the past
0:55.3	20-plus years, how the concept of intrinsic value can help anchor us in reality, even though
1:00.5	it's just a mental model we use to evaluate businesses.
1:04.0	Adams' updated views on Alphabet and Amazon since he published his book in 2022, his approach
1:09.0	to taking advantage of the AI wave without paying
1:11.6	these hefty valuations, why progressive insurance is dominating the auto insurance base and
1:16.9	taking share from GEICO and so much more. With that, I bring it today's episode with Adam
1:21.9	Ziesel. Since 2014 and through more than 180 million downloads,
1:30.3	we've studied the financial markets and read the books that influence self-made billionaires the most.
1:36.3	We keep you informed and prepared for the unexpected.
1:39.3	Now for your host, Playfink.
1:51.7	Welcome to the Investors podcast.
1:53.4	I'm your host, Clayfink.
	...

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