The Little Book that Beats the Market | Joel Greenblatt | Talks at Google
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- Опубликовано: 3 апр 2017
- Joel Greenblatt is a managing partner of Gotham Capital, a hedge fund that he founded in 1985 and Gotham Asset Management, a manager of hedge funds and long/short mutual funds. He is the former Chairman of the Board of Alliant Techsystems, a NYSE listed aerospace and defense company.
Since 1996, he has been a professor on the adjunct faculty of Columbia Business School where he teaches Value and Special Situation Investing. He is the author of three books, You Can Be A Stock Market Genius (1997), The Little Book That Beats The Market (2005), and The Big Secret for the Small Investor (2011).
Mr. Greenblatt is a co-founder of Success Academy Charter Schools, a network of 41 charter schools in New York City and the former Chairman of the Board of Overseers of the Graduate School of Education at the University of Pennsylvania. He holds a BS and an MBA from the Wharton School.
Brief outline of topics covered:
How to think about the Stock Market
Active vs. Passive Investing, which should you choose?
Is the market really efficient? What does that mean?
What is the opportunity for active investors, if any?
What are the opportunities for individual investors?
How should most people invest?
How should you invest?
This talk was moderated by Saurabh Madaan. 
Наука
After a terrible 2022, shell-shocked financial backers have a lot to think about and losses to recover from. An expansion report and a wealth of other data did little to alter assumptions that the Central bank would likely keep raising interest rates regardless of whether the economy slows down. This implies that portfolios will experience more losses during the first quarter of 2023. I'm currently at a crossroads deciding whether to exchange my $250k security/stock portfolio; how might the continuous market volatility work to my advantage?
Concentrate on two main objectives. First and foremost, keep yourself safe by knowing when to sell stocks to reduce losses and maximize gains. Second, prepare yourself to gain from a market turnaround. I advise you to seek the advice of a representative or financial counselor
@@MarcusFred-wn3iv In fact, ever since Coronavirus, I've been in regular communication with financial examiners. Nowadays, buying moving stocks is quite easy; the trick is knowing when to buy and when to sell. The section and leave orders for my portfolio are made by my counsel. accumulated more than $550,000 from a $150,000 savings that was initially stale.
@@harrisonjamie794 Please provide the information for your investment advisor here. I really need it now.
@@MarcusFred-wn3iv She is KRISTIN GAIL CUNNINGHAM , my consultant. Since then, she has devoted section and leave attention to safeguards that I have been keeping an eye out for. You can locate information about the chief online, on the off chance that you're interested. I made no regrets about substantially adhering to their exchange strategy.
@@harrisonjamie794 sincerely thank you I looked her up on the internet and was awestruck by how qualified she was; I contacted her since I need all the help I can get with canning. I've just scheduled a call.
I'm interested in investing, but I'm not sure where to start. Do you have any advice or contacts who can help me out?
Investing can be complex, so it's smart to get professional guidance when building your financial portfolio.
It's a great idea to have a conversation with financial advisors like Naomi Dean to reshape your portfolio.
I spread out my $25k portfolio across various markets to diversify my investments.
That's awesome! I ended up making a net profit of about $115k by investing in high dividend yield stocks, ETFs, and equity.
That woman is a genius
Single, most useful video on Value Investing on youtube at the moment.
| [ Bookmark For Me ] |
9:01 - Valuation Methodology
18:22 - Proof human is a terrible investor even at the hand of competent manager
19:08 - What top fund go through
22:03 - Buy all automatic vs Picking on a approved list.
26:48 - Best strategy’s
37:01 - Importance of Compound Interest
Thanks captain
Thank you bro
Real MVP
People that work at Google are so lucky. I would pay to attend his lectures.
You'd pay to be at google too btw xD
We're all doing it right now ;)
Well, it's available here!
Wait, you are lucky still because many other folks have yet to uncover this gem. You are still ahead in the curve.
Haha - we are lucky but to be honest, we dont get the time to go these talks all the time - we gotta work you know :-)
This is a great man - an elite investor who has shared his valuable knowledge and experience with many - an excellent teacher. Thanks to Google and Saurabh for sharing such valuable insights.
I agree hundred percent. Really a great guy, extremely smart. Read two of his books, very educational.
I love Joel and his clarity on the stock market. He's open minded about investing and states that there are various strategies that work for different types of investors in different stages of portfolio building.
One of my favorite talks that they've done!!!
This is one of the best presentations ever about investing.
Joel Greenblatt definitely knows his stuff. He has a deep understanding of how the stock market works. Despite the obvious "uh"s, this talk does share some truly valuable insights. Thanks!
I agree with everything except his Wallstreetism of "if everyone knew it, no one would make money on it". That seems like a fallacy to me. HFTs and daytraders have only made trends more violent and pronounced. Meaning, it's even more profitable, now.
Figure: HFT 1 wants to buy 1.011 and HFT 2 wants 1.022, then day trader 1 comes in at 1.025, day trader 2 is in at 1.03, and then it rockets up to 1.05 because of HFT action + hedge fund, candle hits 1.05. Over time, the day's high may hit 1.10.
Versus: Hedge fun buys at 1.01 and it goes up to 1.02. Candle hits 1.02. It's missing all those other players and it becomes boring and unprofitable. The channel will still form, but it will be a lot slower and less interesting. Over time, day's high may hit 1.05.
More players = better. More people knowing there's money in the pool = good.
@@manictiger That's for short-term momentum investing, which can ultimately push prices far from fundamentals and create opportunities for value investors. If everyone knew value picks then there wouldn't be value picks, if everyone would know a business is trading near below fundamentals then they wouldn't sell the stock.
I absolutely had to Thank You Guys for Uploading this Talks. Joel is simply amazing. Dropping value bombs everywhere. Lots of Gems. You rock Guys.
Joel, you share your knowledge impressively and I thank you soo much for it. I understand a general idea about it but I believe I got what you are saying. Thank you again
Probably one of the greatest talks on stocks of all time.
I guess that you don't listen talks of Pabrai, Li Lu, Munger and Buffet? :-) I'd recommend them too.
after 15 years in investing, still everytime i hear Joel I learn something. Truely great. Although he has repeated a lot of his stuff.
K
Well, he did say that he has been using the same method successfully since decades, naturally he has to repeat what he says.
If his position hasn't changed, then he's not going to say anything different.
@Sarah Lazare you are truly blessed
That is so amazing, I’m trying to get onto the investing ladder at 40. I wish at 55 I will be testifying to similar success..
Great presentation. It's ridiculous that some complain about uhms. I haven't even noticed them. But that maybe because I actually payed attention to the content.
Uhms is one of those things public speaking courses and things try to beat out of you. After a while, you can't help yourself but hear it. But nevertheless, we push through 🙂
If I got $1,000,000 everytime Joel said uhhh, I'd have as much money as he does!
It's because I was paying attention that I noticed the "ugh's". Distracting AF~
" I haven't even noticed them. But that maybe because I actually payed attention to the content."
I paid attention to the content too but the "uhms" are way over the top.
He just is not a practiced speaker or he didn't rehearse. Um is typically used to buy time when you don't know your material well enough and you have to mentally search for it. Or, less often, just a bad habit.
Looking at him specifically, other videos with him in it, not presentations but interviews, he uses "um" about 1/10th the amount of time and they are very short in duration rather than a protracted second or more "uuuuhhhhh".
It's his performance that counts...
Excellent discussion - thanks for posting
Very good talk. Thank you.
I love Mr. Greenblatt’s perspective.
This is excellent. Thank you
This is just awesome! So educating. Thank you Talks @ Google!
Amazing content thank you. It took some effort to deal with his stop words but overall very informative
Wonderful!
Great talk, the man is really good.
Thank you, Google & Greenblatt
Wonderful Talk, Very Insightful!
Awesome talk. Thanks!
Very good information, I wonder if Aaron could get him on Chat with traders.
Really appreciate the great video- One caveat, his method is good but it does take a lot of learning, discipline, and time. Valuing spin-offs and special situations are not easy- You have to be always reading and learning. Finally, when the opportunity comes, you can make the investment and make good profits. Again, his methods are excellent but just remember that it is not easy. You need to grind it out. Following his book, I do look for spin-offs but I am still not comfortable investing in them. But soon I will have a better understanding and higher comfort level.
Been doing it for 20 years. Love it.
Life is just to love and to be loved 💗💗 Love alone can Conquer the World.
Yes ! I am 20 years old and I am proud of myself for seeing this video!
Now where is that compound interest table!!!
21 here. I consider myself lucky encountering his book and now actually reading it.
Use the rule of 72. If it's a 6% return, divide that into 72... The result is the number of years to double your money (12)
I am 17 and clocking 20% cagr
Use a chess board
This is UHHHHHHHHHHHHHHHH..... great!
Great mind! Inspired me to build and track a Magic Formula portfolio myself. Time will tell if it works.
44:09 "I think Apple is cheap, relative to other choices right now." Apr. 2017 Apple was traded at $143 area.
Now Oct 2019 $246.58
Panda Love Now 310.
@@MichaelL.-ip2zb Now $330
In now 318
Now 252
@@nbkw48 you ruined it
This, uuuuhhh, talk was truly, truly, uuuuhhhh, truly amazing with great lessons, and uuuuhhhh, insights, really did, uuuhhhh, appreciate Joe-Joel, uuuhhhh, Greenblatt giving this amazing lecture.
This is classic
Will read his book this week.
Which one ?
Interesting INTERVIEW
Thanks!
Thank you
Too many people can't see the forest for the trees. Focus on the questions asked by the moderator and the answers given by Joel!
I love VIC!
muchas gracias!!!
the uhhhh actually gets better and he got good info in here. The uhhh....i wonder if it is a condition he has. If it is, then I think he's a brave man.
Amazing presentation from Joel Greenblatt and Its free !. I am educating my self on investing. Any books you guys suggest besides the "the little book that beats the market" ? I would appreciate. I am in process of investing on stock and crypto and would like to get as knowledge as i can .
One up on Wallstreet by peter lynch
Hi! Well it depends what kind of investing are you doing. For value investing I suggest reading Peter Lynch, Ben Graham and any books that teach you how to read financial statements and while you are learning stick to indexes just like Warren and Joel said.
Love how he started : )
So good.
Excellent talk 😑👌🏼
on point
Gosh I had a hard time following in the beginning … I need to step it up!
this was uhhhhh a really uhhhhhhhh good uhhhh video uhhh thanks for uhhhh sharing it
51:55 a good run
Amazing that this is free!
He is one tremendous fund manager.His mannerisms are just no concern.Built an excel with that formula.You wont lose money unless you are cretin.
This man is really smart... he is an underrated financial genius. I'm gonna use his books to make some 💰 💰
I use magic formula even after underperforming for last 3 years
Because it makes so much sense
so re watchable
A crash and bullish market provides equal high-yield potential, it's all about information and strategy application, I've seen folks make huge 7figure profit in a crashing market and pull it off much easily in a bull market , Unequivocally the crash is getting somebody somewhere rich
well politicians for certain are gaining off the crash, and true the average individual could profit off a crash but such high-grade investing come with equal risk which can only be managed by a proper pro or expert.
@@PhilipMurray251 Yes, the idea of a portfolio-coach used to sound generic, but new study by investopedia actually found that demand for portfolio-coaches sky-rocketed by over 41.8% since the pandemic and based on firsthand encounter, I can say for certain their skillsets are topnotch, I've raised over $700k from an initially stagnant reserve of $300K in barely 2 years.
@@marianparker7502 who is your coach if this is not too much i'm asking? I've been looking into advisors lately myself, my retirement plans are going down the drain, my 401k has particularly lost everything gained since 2019
@@Robertgriffinne I get guidance from Nicole Ann Sabin. Most likely, the internet should have her basic info..
@@marianparker7502 insightful.. I curiously looked up her name on the internet and I found her site, thanks for sharing
You are definitely a nice guy...
Hes right about apple.
Haha such a sweet host
Great analysis on Apple. Above average company at half price of the market so most likely undervalued. Smarty guy
@@franz5255 Yes, lol.
Thanks. I have an animated video on the Greenblatt Magic Formula wink wink...
the background gives The Office
Yay!
Has anybody independently tracked the performance of the strategy from "The Little Book That Beats the Market"? I don't have access to old financial data (only from Sep 2018) and the performance is bad from then until now. I don't have the final data yet, but I estimate there will be an overall loss. Instead of the expected 20...30% profit per year, it is a pretty large discrepancy of having four years with negative returns. Perhaps in the future it will all turn around with spectacular profits to compensate for the current losses.
Damn he wrote mad books
There's a problem here. It's called survivor bias.
But I agree. You should long indices. I don't… Don't be me.
I'm not buying stock to make money, I buy to own shares of a company. Money just happens to come as a side effect.
No survivor bias in the database he used. Buy the book, he addressed that very point.
Survivor bias. You're right! Both Buffett and Munger are in their 90s.
I would recommend an MRI
I love you and your family members and friends 💞💞
Stock market is a wealth amplifier.
54:32 is what i am doing listening to Joel
when. are we getting Warren Buffett on Google Talks? 🙂🙏🙏
deemahdee When he accept their invite.
Great talk if he hadn't um'd and ah'd so much!
Did you guys actually watch at least half of the video or just complained about the "Uhhs" and close the window?
Don't let them know it's worth it. It's the last thing we need.
@36:40 👏👏
I shouldn't have read the comments first now the ughh are bothering me.
How can the state of the stock market be ascertained? How can value or the price be discovered while QE is still going on?
There are resources online for determining intrinsic company values and you can compare that to current stock evaluations
Damodaran puts out some great data on this every year through his RUclips videos
Being a stock market genius should be on every school in the country’s reading list for 10th graders, as opposed to woke or religious nonsense.
couldn't see the details of that chart... I guess I'd be kicked out of his Columbia class
I think that the VIC is overrated. It is true that is difficult to get in, but when I see posted ideas, they do not give an impression that this is something what smart investors are doing. One of 20 or less is worth of looking deeper. It's not something wort of spending much time.
"UUHHH...!" Particularly painful when using headphones...
Just take the ideas and knowledge from him. Forget about ummm AAA's
So watch the movie moneyball and do that.
S&P500 as per today has around 20 % of its value concentrated on 5 tech companies.
Also, you take a time frame of 13 years and somebody could have his money zero gain between gains and losses.
Point: not everything is a paradise. But they never talk about that
Why are value investors actually comparing themselves to the sp500? If its market cap weighted it would be kinda like a growth index. Shouldnt you compare yourself with a value etf/index if you tried to do value investing?
@@muabyt7333 that is a good question. Comparing objectively with "value" would be hard though. Those "value" indexes are based on automaticlly computed values (P/E , P/Book etc) - real value is though in how businesses produce cash flows in the future though. There is no magic metric for that.
I drank every time he said uuhhh and now I am piss drunk
Many with "Uhms" could be the greatest in their field.
Elon Musk also "uhms" a lot.
Feels like hope for me!
Modern version of Benjamin Graham
Take a shot of vodka every time he says "uhhhhhhhh"
Go to Modern Value Investor to find the Magic Formula Screener for US large, mid, small, and micro-cap stocks
He says uhhhh a lot because he’s thinking.
Bruce wayne found a very good manager for Gotham capital
Ahhhh
37:11
Sb. at Google should develop a filter for videos: filter out the 'uhhh's
Would love to hear you speak in public about something technical and probably above the head of a lot of your listeners. Don't criticize what you can't do.
@@jimludlow5675 I bet Greenblatt would agree with me.
👍🏼
I think this is a good lecture but I, uuuuuuuh... can't uhhh tell.
Hes a mix between Bill burr and jordon peterson
9 th graders in Harlem guessed 1771 beans but there really was 1776 beans. There are guys at google who believe that?
16:17
ahh...
Thank God he wrote a book instead of a course. Those uhhs were unbearable
57 dislikes from the people who hate jellybeans