TIP686: Big Tech Stocks w/ Adam Seessel
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You're listening to TIP. On today's episode, I'm joined by Adam Cecil to discuss his updated thoughts on big tech companies. Adam began his career doing research for Sanford Bernstein, Barron Capital, and Davis selected advisors. After these stints, he started his own firm, Gravity Capital Management, in 2003. And since then, he's outperformed the S<unk>P 500.
But it hasn't been a straight write-up. For the first decade, he implemented the traditional value investing approach of buying cheap and unloved securities, and then in the mid-2010s, his strategy started to fall out of favor and quit working. So he evolved his approach to what he calls value 3.0. which is outlined extensively in his wonderful book, Where the Money Is. Since transitioning to the Value 3.0 framework, he's back on track to outperform the market while also owning the best of the best businesses.
During today's discussion, we cover Adam's key realizations as a value investor over the past 20 plus years, 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. Adam's updated views on Alphabet and Amazon since he published his book in 2022, his approach to taking advantage of the AI way without paying these hefty valuations, why progressive insurance is dominating the auto insurance space and taking share from Geico, and so much more. With that, I bring you today's episode with Adam Ziesel. Since 2014 and through more than 180 million downloads, we've studied the financial markets and read the books that influence self-made billionaires the most.
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