In “Where the Money Is: Value Investing in the Digital Age,” Adam Seessel draws on his early career as an award-winning journalist to bring his engaging style of writing to the world of capital markets. Intended for a wide audience beyond professional investors and analysts, Seessel focuses on value investing and how it differs from other investment styles, such as growth investing and short-term trading. He traces the history of value investing, highlighting key figures such as Benjamin Graham, Warren Buffet, and John Burr Williams, and demonstrates how the approach has evolved over time. He identifies his approach as belonging to that intellectual lineage but with revisions.
Seessel emphasizes that successful investors must remain responsive to economic realities and be willing to let go of established conventions of financial analysis and accounting that may fail to capture fundamental shifts in the social-economic landscape. He stresses the importance of hard work, discipline, and patience in investment. His focus on the technology sector serves as an example to express a more general principle about identifying market disruptions. He suggests that investors who prefer non-tech companies should focus on selecting businesses that are “tech-proof.”
While the book centers on investment, it covers several other themes, including the study of history, evaluating a business, taking calculated risks, navigating uncertainty, and the advantages of amateur investors over professionals. Seessel’s expertise in investment allows him to explore these topics in a compelling way, making the book thought-provoking and relevant to readers who may not have a particular interest in investing at present.
The book is well-written and accessible, with Seessel’s attention to detail and thoughtful analysis making it a worthwhile read. Throughout the book, Seessel also provides several book recommendations for readers interested in exploring some of the topics in more detail, including those related to the tech industry.