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Joel Greenblatt - book author

Joel Greenblatt is an American hedge fund manager and founder of Gotham Capital. He is also an academic and a writer. He is also an adjunct professor at the Columbia University Graduate School of Business. He is the former chairman of the board of Alliant Techsystems and founder of the New York Securities Auction Corporation.

Joel Greenblatt is the author of books: You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits, The Little Book That Beats the Market, The Little Book That Still Beats the Market, The Big Secret for the Small Investor: The Shortest Route to Long-Term Investment Success, Common Sense: The Investor's Guide to Equality, Opportunity, and Growth, Special Situation Investing Class Notes at Columbia University Business School, A Fórmula Mágica de Joel Greenblatt para Bater o Mercado de Ações, Die Börsen-Zauberformel. Wie Sie den Markt mit Leichtigkeit schlagen, 不買飆股,年均獲利40%:在股市中永保獲利,你得「不做」哪五件事?, Invista e fique rico

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Author Books

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01
A comprehensive and practical guide to the stock market from a successful fund manager—filled with case studies, important background information, and all the tools you’ll need to become a stock market genius.

Fund manager Joel Greenblatt has been beating the Dow (with returns of 50 percent a year) for more than a decade. And now, in this highly accessible guide, he’s going to show you how to do it, too. You’re about to discover investment opportunities that portfolio managers, business-school professors, and top investment experts regularly miss—uncharted areas where the individual investor has a huge advantage over the Wall Street wizards. Here is your personal treasure map to special situations in which big profits are possible, including:

· Spin-offs
· Restructurings
· Merger Securities
· Rights Offerings
· Recapitalizations
· Bankruptcies
· Risk Arbitrage
02
Two years in MBA school won't teach you how to double the market's return. Two hours with The Little Book That Beats the Market will. In The Little Book, Joel Greenblatt, Founder and Managing Partner at Gotham Capital (with average annualized returns of 40% for over 20 years), does more than simply set out the basic principles for successful stock market investing. He provides a "magic formula" that is easy to use and makes buying good companies at bargain prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. You'll learn how to use this low risk method to beat the market and professional managers by a wide margin. You'll also learn how to view the stock market, why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone "knows" it.
03
In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market--a New York Times bestseller with 300,000 copies in print--Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author's time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You'll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone "knows" it. While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step-by-step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market.

As the Wall Street Journal stated about the original edition, "Mr. Greenblatt...says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His 'Little Book' is one of the best, clearest guides to value investing out there."
04

In The Big Secret for the Small Investor, bestselling author Joel Greenblatt explains to everyday investors how to value a business, and why the small investor has an inherent edge over the big investment firms that have to show results month by month, quarter by quarter, year by year. Greenblatt then goes on to point out four to five options for small investors on how to take advantage of that edge.
05
The United States is supposed to offer economic opportunity to everyone. It shouldn't take a worldwide pandemic and nationwide protests to bring economic and racial inequality to the forefront of problems we desperately need to solve. But now that the opportunity is here, what should we do? How can we create more equality, opportunity, and growth for everyone? Not someday, but what can government and the private sector do right now to disrupt a status quo that almost everyone wants to change?

In Common Sense, the New York Times best-selling author Joel Greenblatt offers an investor's perspective on building an economy that truly works for everyone. With dry wit and engaging storytelling, he makes a lively and provocative case for disruptive new approaches--some drawn from personal experience, some from the outside looking in. How can leading corporations immediately disrupt our education establishment while creating high-paying job opportunities for those currently left behind? If we want a living wage for everyone, how can we afford it while using an existing program to get it done now? If we subsidize banks, what simple changes can we make to the way we capitalize and regulate them to help grow the economy, increase access, and create more jobs (while keeping the risks and benefits where they belong)? Greenblatt also explains how dramatically increasing immigration would be like giving every American a giant bonus and the reason Australia might be the best place to learn about saving for retirement.

Not everyone will agree with what Greenblatt has to say--but all of us can benefit from the conversations he aims to start.
06
These are notes taken by a series of MBA students in Joel Greenblatt's Special Situation Investing classes at the Columbia Business School in New York.

They can be found online (not an official document of Columbia Business School).

I really enjoyed going through these notes - it took me a very long time! I feel as though I really took Joel's class though - his class happens to be a bit more stimulating than undergraduate business classes on how to network and what to put on my resume (context, action, result!)


These notes really pound in what's going on in Joel's head, and what makes him different than everyone else.

What I take away

1 - It's not enough to just look where nobody else is looking. You want to set yourself up where the playing field isn't level already (spinoffs as a whole outperform, so looking through those and adding alpha can do you some real good)
2 - Cheap and good, cheap and good, cheap and good
3 - Wait and concentrate
4 - Think simple
5 - Use screeners to look for spinoffs, merger securities, terms like "maximize shareholder value" and "over-subscription privileges"
6 - Your job is NOT to find earnings for the next 12 months, but to estimate normalized earnings 2-3 years out (I find this a particularly enlightening suggestion. Makes my analysis seem more reasonable).

A lot of these notes are repetitive (I think taken over three years, a compilation of notes really). But I really enjoyed reading them
10
Joel Greenblatt, actualmente professor na Universidade da Columbia, fundou a Gotham Capital em 1985, com um financiamento de sete milhões de dólares. Desde então a empresa teve retornos anuais na ordem dos 40 por cento, a ponto de hoje valer perto de dois mil milhões de dólares. Esse crescimento espectacular assenta numa fórmula mágica, testada com sucesso em centenas de períodos diferentes e com milhares de cotações. É uma fórmula com riscos mínimos, funciona sempre - mesmo que toda a gente a ponha em prática - e pode ser aprendida em pouco menos de duas horas.