Secrets of Investment Success w/ Joel Greenblatt (RWH003)
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- Опубликовано: 16 июн 2024
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William Green speaks with Joel Greenblatt, one of the greatest hedge fund managers of all time. Greenblatt famously averaged 40% a year over 20 years. At that rate, $1 million grows into $836 million. He’s also the author of best-selling classics like “The Little Book that Beats the Market” and was a key character in William’s book, “Richer, Wiser, Happier.” In this conversation, Greenblatt shares invaluable lessons from his hugely successful career and life.
IN THIS EPISODE, YOU’LL LEARN
00:00:00 - Intro
00:00:15 - How Joel Greenblatt crushed the market by making big, bold bets on cheap stocks.
00:05:17 - How a freak investment disaster taught him never to forget that bad things happen.
00:12:59 - How he handles the emotional pain and stress of investing.
00:16:08 - Why he believes that the greatest investors tend to have “a screw loose.”
00:21:09 - Why he never bought Bitcoin-and has no regrets about it.
00:28:39 - How he made a killing by studying Warren Buffett’s purchase of Coca-Cola stock.
00:32:16 - Why he admires Buffett even more after spending time with him in person.
00:37:47 - Why Greenblatt still believes in his “magic formula” for picking cheap and good stocks.
00:49:11 - Which exceptional businesses he owns for the long term in his personal stock portfolio.
01:02:59 - Why he feels “blessed” and “lucky”-and owes it to society to share his good fortune.
01:23:13 - What career advice and investment books he’s given to his five children.
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🖊️ Access our free show notes and transcript here: www.theinvestorspodcast.com/r...
📖 BOOKS MENTIONED:
- The Little Book That Still Beats The Market by Joel Greenblatt: amzn.to/3IIs6sU
- You Can Be a Stock Market Genius by Joel Greenblatt: amzn.to/3JSf1yO
- The Big Secret for the Small Investor by Joel Greenblatt: amzn.to/3JJEY3k
- Common Sense by Joel Greenblatt: amzn.to/3iHk6xZ
- Richer, Wiser, Happier by William Green - amzn.to/3hZf53k
Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😁
▶️RELATED EPISODES
- Stig and Preston discuss Joel Greenblatt’s book You Can Be a Stock Market Genius: www.theinvestorspodcast.com/e...
- Interview w/ Howard Marks: www.theinvestorspodcast.com/r...
- Interview w/ Tony Robbins: www.theinvestorspodcast.com/r...
- Interview w/ Ray Dalio: www.theinvestorspodcast.com/e...
💡OTHER RESOURCES
- Joel Greenblatt’s mutual fund company, Gotham Funds: www.gothamfunds.com/default.aspx
- Joel Greenblatt’s Magic Formula Investing website: www.magicformulainvesting.com/
- Joel Greenblatt’s network of charter schools, Success Academy: www.successacademies.org/
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₿ If you're interested in Bitcoin, checkout our Bitcoin Fundamentals podcast show: • ⚡️ Bitcoin Fundamentals 🔑
📚Dive into value investing and learn more about billionaires with our We Study Billionaires podcast show: • 💰 We Study Billionaires 🥇
🏘 Learn the ins and outs of real estate investing with our Real Estate 101 podcast show: • 🏠 Real Estate 101 💵
💸Get introduced to the world of investing with our Millennial Investing podcast show: • 💸 Millennial Investing 🎯
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Well I just figured out what I'll be listening to on repeat tomorrow
Thank you so much for the support, Brad!
Doing the same thing. 😊
45:01 Acquirer's multiple vs Magic formula
Actually 2 legends here. Great questions and informative answers. What an entertaining discussion.... Thanks gentlemen!
Glad you enjoyed the discussion, John!
@@TheInvestorsPodcastNetwork bring more with great investor like Lee yu , Mohnish prabhai pt 5 ,. etc etc
William Green should have his own podcast channel! Excellent questions and excellent direction for the interview. Made me get a sense of how Joel was/is thinking.
Glad you found it valuable!
Thanks so much! Warm wishes, William
@@RicherWiserHappier yeah your podcast please
wow!!! what a great interview!!
I've listened to a lot of interviews Joel Greenblatt has given and this may be my favorite. Thanks!
Glad you enjoyed it!
Great interview! Thank you.
Our pleasure, Ali!
Great addition to TIP This RWH addition is just wonderful !
Thank you so much! So happy to hear that. :)
This gentleman behind the deli counter has been mentoring me for the last 2 decades. Could not be more proud to be a friend of him. You know it is like what a hurogak said in Contact Harvest, "it exists to help". That is how he is. There is no coincidence he shared his ideas freely on Yahoo. It was not because he wants a job, it was because he genuinely wants to help people and spent all the time to actually do it.
Just a beautiful soul.
Thank you for the lovely comment, Wu!
Fascinating! Would love to learn more about your mentor. Warm wishes, William
@@RicherWiserHappier glad you are here
The things said here are simply amazing amazing content thank you so much for sharing this
Glad you enjoyed it!
Joel: "I do think the best is yet to come in some of the long-short portfolios, I'm kind of excited about that." At the 01:02:50 mark. As a GENIX investor that was music to my ears.
Thanks for watching, Brad! Best of luck to you.
The best Joel Greenblatt interview I’ve heard, well asked and well answered. Could we hear from Li Lu or Nick Sleep in future podcasts?
Glad you enjoyed the interview!
@@TheInvestorsPodcastNetwork yeah full support and love ❤️ from India..will be glad if u reply 😀 👍
@@sisirkshetrimayum1072 Thank you so much! We appreciate your love and support!🇮🇳💯
Delighted to share my new #RicherWiserHappier podcast interview with the legendary investor Joel Greenblatt. We talk about how he invests his own money, meeting Warren Buffett, Bitcoin, & much more. - William
We hope you enjoyed this episode as much as we did. Please let us know your thoughts in the comments section!
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A really interesting chat. Joel’s way of explaining concepts is soo entertaining and clear
So glad to hear you enjoyed the discussion, Alessandro!
@@TheInvestorsPodcastNetwork thank you for doing a fantastic interview. I already read your book but I discovered now your channel which i’m following. Thank you for sharing with us!
@@TheInvestorsPodcastNetwork lollipop I’ll ouo on it o thanks all okey I’ll lRULLllLLLLLRllollblppppoooo
Mike you
🔥
It would be awesome if you could have Joel come on and walk us through the Marriott trade step by step.
Does Joel have a trading platform
Brilliant investing mind :)
Thank you for sharing the link Ben. Worthy of listening.
@@Vivaz79 no problem :)
Thank you for the support!
Great insight in this interview! William is always a great interviewer! A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger is a good resource for new investors.
Thank you!🙌
Wowwwwww 🥳🤯
Thanks for watching, Simon!
Been waiting for the next William Green podcast. Thank you
Hope you enjoyed it!
Thanks so much! Warm wishes, William
Thank you for this, and asking my question about Burry and Lou. It bothered me how Joel has done a fair amount of interviews but they're all the same. Thank you for doing the research to ask some new thoughtful questions.
So happy to hear you enjoyed our episode!
Love it, Joel’s books are incredible!
Happy to hear you enjoyed it, Patrick!
Thanks so much for listening, Patrick. Warm wishes, William
Back then 8 mo ago was bad time for bitcoin nows a good time to DCA average into it😊
Absolutely awesome, one living legend...
Thanks so much for tuning in!
Thanks! Warm wishes, William
Always great to hear Joel Greenblatt speaking, always something new to pay attention to, and excellent interviewing by William. Thanks.
Thank you for the kind words!
Many thanks! Much appreciated. Warm wishes, William
@@RicherWiserHappier ❤️
Awesome. ...please do a session with Saurabh MUKHERJEA of marcellus investment managers
Thanks a lot for your efforts! Your book has impacted my life significantly. I literally bought it within 2 weeks of it being published after Guy Spier talked about it on Twitter. It changed the way I see my portfolio and it was a motivator to change jobs.
Wonderful! Glad you enjoyed the episode.
That's lovely to hear, Vlad. Many thanks. Warm wishes, William
You asked him what businesses he’s holding onto long term and then he proceeded to answer a totally different question. You need to press him for answers to the questions you asked because there’s a reason that question is better than the one he chose to answer.
I've listened to Joel speak and I like the ideas that he presents, but The thought in the back of my head keeps creeping in; He's underperformed the market in the past decade. Or Is it a sign his active strategy underperforms or is it just too short of a time span?
Yeah I wonder this to, same goes warren buffett… I really understand their reasoning and I believe they’re correct (reading their books currently) but I don’t understand why they are underperforming themselves, I might aswel save the effort and just by s&p 500 than.
value underperformed for the past decade, style factors come and go in cycle, give it another 10 to 20 ish years then value would outperform again
i don't think this is true. i googled his fund performance for the past 10 years and his fund is up 172%! where did you get your data from?
@@xilllllix same question
Look where no one is looking
Why is the passive buy and hold portfolio with great businesses like Google and Microsoft a full-time job?
Hi Brad -- great to see you here. Thanks a lot for listening. The way I took it was that Joel's early strategy of super-concentrated investments in special situations (like Host Marriott) was an intense, full-time job. By contrast, I think he was saying that having a few concentrated, buy-and-hold positions in great businesses like Google and Microsoft isn't that time-consuming, so he can combine that strategy easily with the diversified, long-short strategy that he now uses at Gotham Funds (which is another very time-consuming approach). I hope that helps! Warm wishes, William
@@RicherWiserHappier Thanks William, that makes a lot more sense! And congrats on this new podcast project! It's such a gift to the value investing community, myself included :)
@@BradKaellner Thanks so much -- really happy that you're enjoying these podcasts. It's a really interesting and enjoyable adventure for me. Stay well.
Little book that beats the market is how I got into investing/Finance
So happy to hear that, Chris!
Nailed it on crypto scam ! Don’t get in whatever u don’t understand. Luna / Terra UST (USD pegged crypto ) went almost zero even it “promised” the peg, now is 1UST = 0.03USD lol…
Talents come from all places, rich or poor, white or non white use 10% as example. 10% of 90 poor kids must produce more talents than 10% of 10 rich kids on same recourses… period. As humanity as one, we need more talents, not more super rich people which 1% rich already took 80% of whole global wealth .
😂
First
Woot!
DCA into BTC and any investor will do fine.
Thank you for watching, Brady!