The Nature of Value: How to Invest in the Adaptive Economy (Columbia Business School Publishing) - Hardcover

Gogerty, Nick

Hardcover

ISBN 10: 0231162448 ISBN 13: 9780231162449

Publisher: Columbia Business School Publishing, 2014

Synopsis

Using evolution as the template to understand growth, The Nature of Value takes a first-principles approach to explore the parallels between economic and ecological systems. Not only does Gogerty show how value is born out of tiny sparks of adaptive innovation, but he also explores the full scope of the economy as a complex network. He borrows from an array of disciplines―including anthropology, psychology, ecology, physics, sociology, and ethics―and, most revealing of all, examines how evolution's processes can help investors avoid risk and improve their allocation decisions.

Starting with a look at how innovation creates value for firms, Gogerty considers the economic niches where companies compete and explores how they can create defensive moats to enhance their ability to survive. Throughout the book, Gogerty demonstrates how this ecological understanding of the economy can help allocators improve their performance, supporting his arguments with extensive data and years of practitioner experience from scientific, social, and economic disciplines. Gogerty's practical takeaways, couched in vivid explanations and accompanied by intuitive illustrations, help investors of all backgrounds gain fresh insight into the behavior of corporations and the economy in general.

About this title

Book Description:

A new, meaningful approach to value investing that draws insights from ecology and evolutionary theory.

From the Back Cover:

P R A I S E F O R The Nature of Value

"Nick Gogerty has done a phenomenal job of developing and clarifying economic
value when it comes to equity investing. His book incorporates new
thinking about the economy as a dynamically evolving, complex, adaptive
system. Gogerty introduces new ways to apply these concepts on the granular
scale of the firm. This book will certainly enhance the reader's ability to
make good investments and is a must-read for any thoughtful investor."

--Guy Spier, Managing Partner, Aquamarine Capital,
author of The Education of a Value Investor

"In the great tradition of Charlie Munger's 'worldly wisdom,' Nick Gogerty
delivers a multidisciplinary approach to finding investment value Through
brilliant graphics and a unique lens, he educates the reader on how to discern
investment opportunities that go well beyond currently reported financial
results to gain insights into how value shifts over time. Any investor who
feels the 'value investing' paradigm is lacking in its ability to navigate
our increasingly complex world will benefit from the tools Gogerty offers."

--Paul Johnson, Columbia Business School

"The convergence of economics and biology is fertile ground that offers
a path out of the dark age of static equilibrium and efficient markets.
Nick Gogerty's illuminating book gives us a deeper and more robust
understanding of the complex dynamics that create and sustain value."

--Steve Waite, author of Quantum Investing and Boomernomics

About this edition

• Publisher: Columbia Business School Publishing
• Publication date: 2014
• ISBN 10: 0231162448
• ISBN 13: 9780231162449
• Binding: Hardcover
• Number of pages: 368