TIP465: Value Investing in the Digital Age w/ Adam Seessel
We Study Billionaires - The Investor’s Podcast Network
Rethinking Accounting for Tech Growth
This chapter critiques GAAP's application to technology companies, focusing on the immediate expensing of R&D versus the depreciation of industrial capital. It highlights the need for investors to redefine earnings assessments by examining the growth potential of tech businesses like Amazon in contrast to traditional firms.
IN THIS EPISODE, YOU’LL LEARN:
- 01:49 - Why Billionaire Bill Ackman says Adam’s new book is one of the best investing book he’s read in years.
- 10:18 - Adam’s Business, Management, and Price (or BMP) checklist.
- 14:33 - Why value investors should reconsider investing in high-growth tech companies.
- 34:23 - Why Generally Accepted Accounting Principles (or GAAP) do an injustice for tech companies.
- 38:38 - The concept of “Earnings Power” and how it changes the Net Present Value.
- 49:36 - How to assess great management.
- 56:37 - How tech companies use new ROC metrics like CAC and LTV.
- And a whole lot more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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