作品简介

　　技术变革正在重塑经济。10年前，世界上市值最高的10家上市公司中只有2家是数字企业，而今天，前10家中，数字企业占了8家。全世界的投资者都在努力理解数字时代，思考如何在这个时代从股市中获利。

　　本书作者亚当·西塞尔对这一点有深刻的理解。几年前，他看着自己用传统价值投资原则建立的老派投资组合在“昂贵”的科技股的冲击下收益率不断下滑。他决心扭转乾坤，寻找一种新的价值投资范式，这种范式既忠实于本杰明·格雷厄姆一个世纪前为价值投资者树立的纪律，又能反映数字时代的新现实。

　　本书聚焦数字时代的价值投资，西塞尔继本杰明·格雷厄姆提出价值投资概念（价值投资1.0）、沃伦·巴菲特进化发展价值投资（价值投资2.0）之后，提出并系统阐释了适应数字经济时代的价值投资新理念与新方法（价值投资3.0）。本书为现代投资者提供了他们亟需的理论指导，是一本基于价值的、新时代的股票市场赚钱指南。

　　在本书中，西塞尔提出了针对数字科技企业的价值分析框架——BMP选股检查清单，无论是专业投资者还是业余投资者，都可以用它来战胜数字时代的投资市场。作者认为，像所有行业一样，数字科技行业也存在发展规律，我们可以研究、了解这些规律，进行相应的投资。拥有了合适的方法，经济的剧烈变化和科技股的快速上涨就不再是令人感到恐惧或迷茫的理由，它们变得令人兴奋，我们将有机会从世界的变化中获利。

　　就像本杰明·格雷厄姆的《聪明的投资者》和彼得·林奇的《战胜华尔街》一样，《价值投资3.0》是一本千载难逢的书，它激发了投资者的乐观精神，开创了价值投资的新时代。



　　亚当·西塞尔（Adam Seessel），引力资本管理公司（Gravity Capital Management）创始人，致力于为高净值人群和机构提供资金管理服务。1995年开始华尔街职业生涯，先后供职于桑福德-伯恩斯坦公司、巴伦资本和戴维斯精选顾问公司。除了经营引力资本管理公司，西塞尔还是《巴伦周刊》和《财富》杂志的定期撰稿人。

Introduction of works

Technological change is reshaping the economy. Ten years ago, only two of the 10 most valuable public companies in the world were digital businesses; today, eight of the top 10 are digital businesses. Investors around the world are trying to make sense of the digital age and figure out how to profit from the stock market in it.

Adam Sissel, the author of this book, understands this very well. A few years ago, he watched his old-school portfolio, built on traditional value investing principles, slide under the weight of "expensive" technology stocks. He was determined to turn things around and find a new value investing paradigm that was both faithful to the discipline Benjamin Graham set for value investors a century ago and reflected the new realities of the digital age.

This book focuses on value investment in the digital age. After Benjamin Graham proposed the concept of value investment (Value investment 1.0) and Warren Buffett evolved value investment (Value Investment 2.0), Sissel proposed and systematically explained the new concept and new method of value investment in the era of digital economy (Value Investment 3.0). This book provides much-needed theoretical guidance to the modern investor and is a value-based, new-age guide to making money in the stock market.

In this book, Sissel presents a value analysis framework for digital technology companies, the BMP Stock Picking Checklist, which both professional and amateur investors can use to beat the investment market in the digital age. Like all industries, the digital technology industry has regularities that we can study, understand, and invest accordingly. With the right approach, dramatic changes in the economy and rapid gains in tech stocks are no longer reasons to be fearful or confused, they become exciting, and we will have the opportunity to profit from the changes in the world.

Like Benjamin Graham's The Intelligent Investor and Peter Lynch's Beat Wall Street, Value Investing 3.0 is a once-in-a-lifetime book that inspired investor optimism and ushered in a new era of value investing.

Adam Seessel is the founder of Gravity Capital Management, which provides money management services to high net worth individuals and institutions. He began his Wall Street career in 1995, working for Sanford & Bernstein, Barron Capital and Davis Select Advisors. In addition to running Gravity Capital Management, Sissel is a regular contributor to Barron's and Fortune magazine.