Joel Greenblatt

Gotham Capital

Last Update: 2013-05-15

Number of Stocks: 822
Number of New Stocks: 187

Total Value: $1,972 Mil
Q/Q Turnover: 29%

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Details: Top Buys | Top Sales | Top Holdings Embed:

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Joel Greenblatt's Profile & Performance

Profile

Known for the invention of Magic Formula Investing, and founder of the New York Securities Auction Corporation (NYSAC). Greenblatt is founder and managing partner of Gotham Capital. He is the author of two investment books, including Joel Greenblatt: The little Book that Beats the Market. He is also an Adjunct Professor with Columbia Business School.

Investing Philosophy

Greenblatt tries to find cheap and good companies. He looks for value with a catalyst, so nice things happen sooner. Greenblatt likes special situations, and thinks that they are simply different places to find cheap stocks. In his own hedge fund, Greenblatt uses the basic principals in the Magic Formula: Look for high ROC and high earnings yield. He tries to figure out what "normalized earnings" will be 3-4 years into the future. Greenblatt makes sure the stock is very cheap based on normalized earnings. He is very concentrated in investing, 5 to 8 securities can make up 80% of his portfolio. One position could be as high as 30%.

Total Holding History

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Performance of U.S. Value 1000 Fund

Year	Return (%)	S&P500 (%)	Excess Gain (%)
2012	15.7	15.4	0.3
2011	2.07	2.08	-0.0

Commentaries and Stories

Currently 0.00/5

Rating: 0.0/5 (0 votes)

'Magic Formula' Inventor Joel Greenblatt New Buys Rundown

May 24, 2013

Joel Greenblatt believes that anybody can invest like a pro and invented a famous “magic formula” to ensure – or at least enhance the probability of – success for non-professionals. The basics of his formula investing technique involve purchasing 30 companies with high earnings yield and high return on capital, and selling after a year. More...

Currently 3.71/5

Rating: 3.7/5 (14 votes)

Does the Magic Formula Really Work?

May 22, 2013

Magic. More...

Currently 3.67/5

Rating: 3.7/5 (3 votes)

Are You Looking for Higher Returns? Then Try Our NEW Screening & Valuation Tool for Free

May 21, 2013

Over $200,000.00 have been spent to enhance the capabilities of our system. The result is Guru Focus Global Membership. Finally, the potential for higher returns that are found abroad these days is now within your grasp in a well presented manner. More...

Currently 1.00/5

Rating: 1.0/5 (1 vote)

Weekly 3-Year Low Highlights: SBY, PER, OFIX, EDG

May 14, 2013

According to GuruFocus list of three-year lows; Silver Bay Realty Trust Corp, SandRidge Permian Trust, Orthofix International N.V. and Edgen Group Inc. have all reached their three-year lows. More...

WEEKLY, 3-YEAR, LOW, HIGHLIGHTS

Currently 5.00/5

Rating: 5.0/5 (1 vote)

Weekly CEO Buys Highlight: PBI, DRIV, CYS, KAMN, WLT

May 13, 2013

According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

Currently 4.25/5

Rating: 4.3/5 (4 votes)

Joel Greenblatt Says Apple, Google Are ‘Bargains’

May 10, 2013

Great Interview with Joel Greenblatt. More...

Currently 1.50/5

Rating: 1.5/5 (2 votes)

Weekly 3-Year Low Highlights: CVH, PBT, VCRA, JAKK, BELFA

May 8, 2013

According to GuruFocus' list of three-year lows, Coventry Health Care Inc., Permian Basin Royalty Trust, Vocera Communications Inc., Bel Fuse Inc. and Jakks Pacific Inc. have all reached their three-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHTS

Currently 5.00/5

Rating: 5.0/5 (1 vote)

Entropic Announces First Quarter Results and Large Insider Buys

May 6, 2013

Insider Activity On May 3, two corporate officers of Entropic Communications made insider buys as the price of the stock hit a three-year low. More...

Currently 3.17/5

Rating: 3.2/5 (6 votes)

Cheapness Is an Excellent Catalyst

May 5, 2013

I group my equity investments into three main categories: More...

SPECIAL SITUATIONS, CATALYSTS, Software Applications, Computer Systems

Currently 3.20/5

Rating: 3.2/5 (5 votes)

Hawk-Eyed Gurus on Safeway and Blackhawk

April 1, 2013

With a market cap of $6.16 billion, Safeway Inc. (SWY) is one of the largest U.S. supermarket chains and a little surprisingly, a technology leader. The company continues to increase its U.S. market share with customizable customer interfaces offered via smartphones. Safeway Inc. was among the first to convert discount coupons into deals offered through an iPhone or Android app. More than its competitors, Safeway leadership grabbed on to new technology to radically transform the grocery business: They found new ways to meet consumers glued to smartphones. According to GuruFocus research, the company had seen its market cap reduced by almost half in the past five years leading to year-end 2012, but has since seen a dramatic 40% increased year to date. More...

RETAIL GROCERY, GIFT CARDS

Currently 3.00/5

Rating: 3.0/5 (7 votes)

Carl Icahn Adds HLF as Herbalife War Erupts

March 14, 2013

In his sixth add of Herbalife Ltd. (HLF) since his buy on Feb. 4, 2013, Guru Carl Icahn again increased his stake by 2.01% on March 8, 2013, for a total current shares of 16,355,131. Icahn is listed as 10% owner of Herbalife Ltd. The current price of HLF is $40.38, with a change from average down 3%. Founded in 1980, Herbalife Ltd. is a leading provider of weight management and nutritional supplements operating in 72 countries through a network of 2 million independent distributors. More...

NUTRITIONAL SUPPLEMENTS

Currently 2.33/5

Rating: 2.3/5 (3 votes)

Markets Get a Lift from ADP Numbers and J.C. Penney's Stock Makes New Lows

March 6, 2013

U.S. markets are now making new highs with the Dow closing at a new record. The S&P 500 is not too far behind. Markets will get a chance to make new intraday highs after employment firm ADP said the private sector added 198,000 in February. Economists polled by Reuters were expecting 170,000 new jobs. Official numbers from the Labor Department will be released on Friday. More...

Currently 3.83/5

Rating: 3.8/5 (6 votes)

Value Betting with Special Situations: Lessons from the World of Gambling

March 5, 2013

Put a value investor and a professional gambler together at a dinner party, and chances are they will have a hard time finding things to talk about. The risk-averse value investor often finds it difficult to relate to traders, let alone bottom-feeding sports bettors. The conversation would be awkward, with plenty of unspoken judging, and the two would likely do their best to politely end the encounter. But they would be missing out on some great conversation — especially the value investor — because the two disciplines employ strategies that are often complementary. (Even Warren Buffett spent a good part of his youth handicapping horse races.) More...

WARREN BUFFETT, JOEL GREENBLATT, MOHNISH PABRAI, SPECIAL SITUATIONS, SPINOFFS, BANKRUPTCIES

Currently 1.71/5

Rating: 1.7/5 (7 votes)

J.C. Penney's Turnaround Not Quite Turning

February 28, 2013

U.S. market continued their climb on Wednesday and are now close to all time highs. We will see if the sequester and recent economic data will put an end to that. Prior to the opening bell, reports showed the U.S. economy barely grew 0.1% in the fourth quarter. The growth rate was the slowest since the first quarter of 2011 amid lower military spending which is expected to reverse in the first quarter. More...

Currently 2.00/5

Rating: 2.0/5 (2 votes)

Hewlett-Packard's Turnaround Starts to Gain Traction, Darden and Abercrombie Guide Lower

February 22, 2013

U.S. equity markets are trying to rebound after yesterday’s pullback with earnings continuing to come in. Keep an eye out for commentary on the consumer and the effect of higher gas prices. Consumers are already starting to have an effect on consumer spending habits and that might put a wrench on the economy. With that in mind, several consumer discretionary stocks reported earnings and provided some insight into the “state” of the consumer. More...

Currently 0.00/5

Rating: 0.0/5 (0 votes)

Early Movers for Tuesday Feb. 19, 2013

February 19, 2013

After the long weekend, markets look for their eighth consecutive week of gains. Earnings report will continue to make headlines, but M&A activity is starting to pick up. Over the weekend, it was reported that Office Depot (ODP) and Office Max (OMX) are in “advanced” merger talks and an announcement is expected to be announced sometime this week. Both office supply retailers are up more than 25% in early trading. More...

Currently 2.67/5

Rating: 2.7/5 (3 votes)

Magic Formula Formulator Joel Greenblatt’s Top 5 New Stock Picks

February 14, 2013

Joel Greenblatt is author of the Magic Formula, professor at Columbia Business School and investor at Gotham Capital. He also just reported his fourth quarter 2012 portfolio. Updates include 184 new stock buys, for a 34% quarter-over-quarter turnover rate. Greenblatt’s largest new buys of the quarter art: Computer Sciences Corp. (CSC), Hillshire Brands Co. (HSH), Cubist Pharmaceuticals Inc. (CBST), Micros Systems (MCRS) and Cardinal Health Inc. (CAH). More...

Currently 3.00/5

Rating: 3.0/5 (2 votes)

Weekly CEO Buys Highlight: AKAM, BYI, CPSI, UVSP, AINV

February 12, 2013

According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

Currently 0.00/5

Rating: 0.0/5 (0 votes)

Weekly Guru Bargains Highlights: SPR, AMD, IAG, HMY, PGH

February 4, 2013

According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

Currently 3.25/5

Rating: 3.3/5 (4 votes)

Dr. Pepper - Just What the Doctor Ordered

December 31, 2012

While the beverage industry is diverse with a breadth of choices, only a few large companies dominate the field. The competition in this industry is particularly fierce, with legions of loyal fans swearing fealty to their favorite beverage of choice. One juggernaut in particular, the Dr. Pepper Snapple Group (DPS), was a spinoff of Cadbury Schweppes with its IPO in 2008. A interesting tidbit about this company is that it's central base of operation is only a few miles away from GuruFocus! Based upon current conditions, a investment in the Dr. Pepper Snapple Group is recommended due to the company's growth prospects and the rather large margin of safety that exists due to its deviation from its intrinsic value. More...

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