价值投资的3.0版：紧跟数字时代介绍一本英文新书：Where t-20220603015416

价值投资的3.0版：紧跟数字时代

介绍一本英文新书：Where the Money Is：
Value Investing in the Digital Age，
By Adam Seessel。

这本刚出炉的英文新书介绍了他的投资经历：如何从传统行业华丽转身成为只看科技股。他说，不能光看企业的利润，必须看潜在的利润，也就是说赚取利润的能力、潜能。

思考问题的方式应该是：亚马逊赚取利润的潜能是它的实际利润的七倍。亚马逊比其他股票贵十倍，但是它的股价表现超过百倍。如果这样想，你就会认为亚马逊是一个必须强烈买入的股票。

价值投资的1.0版是格莱姆的买便宜货。价值投资的2.0版是巴菲特的：必须把企业的管理水平和质量放进去考虑。作者认为他的理论是价值投资的3.0版：全面综合考虑，特别是要看科技。

华尔街日报做了一个书评，我摘录两段，供大家参考。

Prop­erly valu­ing tech com­pa­nies, Value 3.0 holds, re­quires ad­just­ing your view to dis­cern what Mr. Seessel calls earn­ings power, “a digi­tal com­pa­ny’s la­tent, un­der­ly­ing abil­ity to gen­er­ate prof­its.” Jeff Be­zos is the pa­tron saint of this line of think­ing. As the au­thor points out, Ama­zon’s val­u­a­tion has av­er­aged 10 times higher than the mar­ket, but it has also out­per­formed the mar­ket by a fac­tor of 300. This is be­cause Mr. Be­zos spends all of the prof­its gen­er­ated by his com­pany on growth, ei­ther in new re­search and de­vel­op­ment or in new cus­tomer ac­qui­si­tion. These in­vest­ments have paid off hand­somely. Mr. Seessel ar­gues that Ama­zon’s earn­ings power is seven times re­ported e-com­merce prof­its, mak­ing the com­pany a “ta­ble-pound­ing buy.”