In this episode, we speak with none other than Adam Seessel. Adam started as a journalist before venturing into finance through a job at Wall Street. He is the author of ‘Where the Money Is’ and the founder of Gravity Capital Management. Our conversation focuses on his approach to value investing, which draws upon classical concepts and updates them to fit the digital businesses of today.We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on December 12, 2022.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas(02:44) How Adam got started with investing (04:18) Why write another book on value investing? (09:01) The evolution of value investing(16:32) The metrics that are relevant in digital businesses(24:28) Skepticism towards growth and momentum investing(26:30) How to evaluate the quality of a digital company(31:34) Are network effects overrated? (34:57) Brands as the weakest competitive advantage(40:46) Business quality is the most important aspect (42:47) Why DCFs don’t work (47:11) How to allocate your time between evaluating price and quality(53:05) Why Adam started Gravity Capital Management (01:00:21) The most costly cognitive biases (01:02:19) Thoughts on books —————————————Books MentionedWhere the Money Is - Adam Seessel —————————————Companies MentionedEvolutionAmazonApple MetaYahooNetflix—————————————More on AdamLinkedIn—————————————About the PodcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————What is Investing by the Books?Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/Follow on Twitter: https://twitter.com/Investbythebook—————————————What is Redeye?Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/Follow on Twitter: https://twitter.com/Redeye_—————————————DisclaimerNotice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se