The Dutch Investors Value investing in the digital age, earnings power & tech moats | Interview w/ Adam Seessel
Aug 14, 2025
In this engaging conversation, Adam Seessel, author of 'Where the Money Is' and founder of Gravity Capital Management, shares how his background in journalism informs his innovative approach to value investing. He discusses his 'Value 3.0' framework and the importance of adapting to the digital age. Topics include the misleading nature of Amazon's margins, assessing management effectively, and the evolving challenges posed by AI. Seessel also introduces the BMP checklist for evaluating investments and highlights the need for modern valuation methods in tech.
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From Investigative Reporter To Investor
- Adam Seessel used investigative reporting skills to transition into investing and found them highly transferable.
- He combined deep document research with human interviews to build investment insights.
Three Eras Of Value Investing
- Value investing evolved across eras: asset-based, quality-and-growth, and now digital-first economics.
- Adam credits Chris Begg for labeling the phases value 1.0, 2.0, and 3.0 and argues tech requires a new approach.
Digital Economics Are Fundamentally Different
- Digital companies have near-zero marginal costs and winner-take-most economics unlike traditional manufacturers.
- These fundamentally different unit economics justify a distinct value 3.0 framework for tech investing.
