The Nature of Value: How to Invest in the Adaptive Economy

Nick Gogerty

eISBN: 9780231535212

2014 (368 pages 99 figures, 10 charts)

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Download Complete Book Download
(pages 1-367)
Complete Book Download (pages 1-367)

Download Front Matter
(pages 1-7)
Front Matter (pages 1-7)

Download Table of Contents
(pages 8-11)
Table of Contents (pages 8-11)

Download Preface
(pages 12-19)
Preface (pages 12-19)

Download Part I: Value
(pages 20-21)
Part I: Value (pages 20-21)

Download 1. The Problem with Price? It’s Not Value
(pages 22-34)
1. The Problem with Price? It’s Not Value (pages 22-34)

Download 2. Value and Why It Matters
(pages 35-51)
2. Value and Why It Matters (pages 35-51)

Download 3. The Theory of Value
(pages 52-71)
3. The Theory of Value (pages 52-71)

Download Part II: Inos
(pages 72-73)
Part II: Inos (pages 72-73)

Download 4. Knowledge and Innovation
(pages 74-89)
4. Knowledge and Innovation (pages 74-89)

Download 5. How Innovative Capabilities Enable Value Creation
(pages 90-107)
5. How Innovative Capabilities Enable Value Creation (pages 90-107)

Download 6. Allocating to Firms with a Unique Capability Mix
(pages 108-117)
6. Allocating to Firms with a Unique Capability Mix (pages 108-117)

Download Part III: Clusters
(pages 118-119)
Part III: Clusters (pages 118-119)

Download 7. Birth and Growth of Clusters
(pages 120-144)
7. Birth and Growth of Clusters (pages 120-144)

Download 8. Cluster Convergence, Maturation, and Death
(pages 145-159)
8. Cluster Convergence, Maturation, and Death (pages 145-159)

Download 9. Stable and Unstable Clusters
(pages 160-185)
9. Stable and Unstable Clusters (pages 160-185)

Download Part IV: Moats
(pages 186-187)
Part IV: Moats (pages 186-187)

Download 10. The Value of Moats
(pages 188-206)
10. The Value of Moats (pages 188-206)

Download 11. How Moats Affect Cost, Competition, and Customer Forces
(pages 207-224)
11. How Moats Affect Cost, Competition, and Customer Forces (pages 207-224)

Download 12. Managing Moats, for Value Creation Today and Wealth Tomorrow
(pages 225-235)
12. Managing Moats, for Value Creation Today and Wealth Tomorrow (pages 225-235)

Download Part V: The Economy
(pages 236-237)
Part V: The Economy (pages 236-237)

Download 13. The Economy as a Macroprocessing Network
(pages 238-262)
13. The Economy as a Macroprocessing Network (pages 238-262)

Download 14. Monetary Shocks and Their Implications for the Allocator
(pages 263-317)
14. Monetary Shocks and Their Implications for the Allocator (pages 263-317)

Download Part VI: The Nature of Value
(pages 318-319)
Part VI: The Nature of Value (pages 318-319)

Download 15. The Nature of Value Allocation
(pages 320-335)
15. The Nature of Value Allocation (pages 320-335)

Download 16. Conclusion
(pages 336-337)
16. Conclusion (pages 336-337)

Download Notes
(pages 338-353)
Notes (pages 338-353)

Download Index
(pages 354-367)
Index (pages 354-367)

The Nature of Value: How to Invest in the Adaptive Economy

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.

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