Joel Greenblatt

Joel Greenblatt

Last Update: 2014-05-15

Number of Stocks: 994
Number of New Stocks: 229

Total Value: $6,641 Mil
Q/Q Turnover: 52%

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

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 Asset Management, LLC. 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

Performance of U.S. Value 1000 Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201341.1931.559.6
201215.715.40.3
20112.072.08-0.0
3-Year Cumulative66.7 (18.6%/year)55 (15.7%/year)11.7 (2.9%/year)

Top Ranked Articles

Answers from Joel Greenblatt are Here!
(GuruFocus, June 30, 2009) Back in early June, when we became aware of Investment Guru, Joel Greenblatt became the strategist for the money management firm FormulaTrading.com, we reached out and requested an opportunity for our users to ask Joel questions. To our delight, the good professor (Joel is also an Adjunct Professor with Columbia University) agreed. Read more...
Magic Formula’s: Do As I Say, Not As I Do?
In my last articles, “Warren Buffett’s Magic Formula in 1965?” and “Benjamin Graham’s Lost Magic Formula in 1976?”, I explored the use of and/or public endorsement of investment formulas by value investors Benjamin Graham, Warren Buffett, Joel Greenblatt, and Mohnish Pabrai. Given such credible endorsements, I wondered three things: Read more...
GuruFocus Interview with Renowned Investor Joel Greenblatt
Joel Greenblatt is a renowned investor who invented Magic Formula Investing and founded the New York Securities Auction Corporation (NYSAC). He is the founder and Co-CIO of Gotham Capital, an investment partnership that achieved 40 percent annualized returns for the 20 years after its founding in 1985, and adjunct professor at Columbia Business School. Mr. Greenblatt has written three books on investing, including his most recent, "The Big Secret for the Small Investor." Read more...
Value Ideas Contest: Dolby Labs ($DLB) Priced for Zero Growth
Investment Thesis Read more...
Interview with Pat Dorsey
Pat Dorsey is the Vice Chairman and Director of Research & Strategy at the Sanibel Captiva Trust Company, an independent trust company serving high net worth clients, based in Sanibel, Florida. Before joining SanCap, Pat was Director of Equity Research at Morningstar for over ten years, where he was responsible for the overall direction of Morningstar’s equity research, as well as for communicating Morningstar’s ideas to the media and clients. He led the development of Morningstar’s economic moat ratings as well as the methodology behind Morningstar’s framework for competitive analysis. Pat is the author of two books––The Five Rules for Successful Stock Investing : Morningstar's Guide to Building Wealth and Winning in the Market and The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments[i]––and Read more...
» More Joel Greenblatt Articles

Commentaries and Stories

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Using Growth and Value for Stock Selection David Dreman,Joel Greenblatt - Using Growth And Value For Stock Selection
Value investors come in all shapes and sizes. From the Ben Graham followers who look at book value or underlying tangible net asset worth to those who apply a value mindset to work in other ways, including earnings growth. I fall into the latter category. More...

GARP, PETER LYNCH


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Guru Stocks at 52-Week Lows: DB, ROST, CNHI, OAK, JEC
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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PRAA: Still a Place for Debt Recovery
As the American economy recovers, we might ask if there will be enough defaulted loans for the debt recovery business to maintain its momentum, and in particular, for Portfolio Recovery Associates Inc. (PRAA) to continue growing. More...

VALUE, LONG, PORTFOLIO RECOVERY ASSOCIATES, FINANCIAL, DEBT RECOVERY


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To Bite or Not To Bite: That´s Luis Suarez and Adidas´ Question
In this article, let´s look at Adidas AG (ADDYY), the German multinational corporation that designs and manufactures sports shoes, clothing and accessories based in Herzogenaurach, Bavaria, which spent approximately $70M to sponsor the FIFA World Cup Brazil 2014. More...

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Top Hedge Fund Gurus Hold IBM, Should You Too?
In this article, let´s concentrate in International Business Machines Corp. (IBM), a major player in the hardware, software and services markets and has been Oracle (ORCL) ´s database rival. This giant has evolved from being a computer hardware vendor to a system, services and software company that focuses on integrated solutions. More...

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5-year lows: Sears Hometown & Outlet Stores Inc, Landauer Inc, EarthLink Holdings Corp, and Vocera Communications Inc
According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Sears Hometown & Outlet Stores Inc, Landauer Inc, EarthLink Holdings Corp, and Vocera Communications Inc More...

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Whirlpool Continues to Be an Attractive Investment
In this article let's take a look at Whirlpool Corp. (WHR), the leading manufacturer and marketer of home appliances. More...

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5-year lows: Rentech Nitrogen Partners, Francesca’s Holdings, American Residential Properties , Silver Bay Realty Trust, and Western Asset Mortgage Capital
According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Rentech Nitrogen Partners LP, Francesca’s Holdings Corp, American Residential Properties Inc, Silver Bay Realty Trust Corp, and Western Asset Mortgage Capital Corp More...

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Philip Morris Is a Leading Tobacco Maker in an Incredible Profitable Industry Jean-Marie Eveillard,Joel Greenblatt - Philip Morris Is A Leading Tobacco Maker In An Incredible Profitable Industry
In this article let's take a look at Philip Morris International Inc. (PM), the global tobacco giant that sells cigarettes in over 200 countries, which manufactures and markets the number one cigarette brand: Marlboro. More...

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Greenblatt Discloses Three of His Short Holdings Joel Greenblatt - Greenblatt Discloses Three Of His Short Holdings
In an interview on CNBC last Thursday, Joel Greenblatt (Trades, Portfolio), Columbia professor and CIO of Gotham Asset Management, briefly discussed his strategy. Many people are aware of his Magic Formula strategy from his book, “The Little Book that Beats the Market.” The Magic Formula is designed to give the retail investor a simple investing strategy to follow. It is based on buying companies with high returns on capital (ROC) and earnings yields and rebalancing once a year. For the three long/short funds that he manages at Gotham Asset Management, he has a higher level of scrutiny in his investments. According to an interview with Morningstar in October, it took his team six to seven years to research all of the largest companies and be able to update them on a quarterly basis as new information comes out. His research involves going through every balance sheet, income statement, and cash flow statement and making adjustments from what the companies More...

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Joel Greenblatt’s Forgotten Original Magic Formula Joel Greenblatt - Joel Greenblatt’s Forgotten Original Magic Formula
Did you know that long before Magic Formula investing went mainstream, Joel Greenblatt (Trades, Portfolio) was developing and testing an even more powerful investment technique? More...

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Weekly Three-Year Low Highlights: LULU, BLOX, RNF, BEBE
According to GuruFocus list of three-year lows, Lululemon Athletica Inc., Infoblox Inc., Rentech Nitrogen Partners LP, and bebe Stores Inc. have all reached their three-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHTS


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Weekly 3-Year Low Highlights: KN, MGNX, MIXT, EDMC
According to GuruFocus list of three-year lows, Knowles Corporation, Macrogenics Inc., MiX Telematics Ltd. and Education Management Corp have all reached their three-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHT


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Weekly CEO Buys Highlight: CLR, TRUE, ARP, MGLN, CLMS
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...

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NEW SITE FEATURE: 10-Year Median Scans Joel Greenblatt - NEW SITE FEATURE: 10-Year Median Scans
GuruFocus has always delievered the most vast offering of equity research tools available on the market. Last year we introduced the All-In-One Guru Screener. It has been met with immensely positive feedback and has quickly become the go-to scanner for sophisticated investors. More...

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Rating: 4.8/5 (15 votes)

Importance of ROIC Part 1: Compounders and Cheap Stocks Joel Greenblatt - Importance Of ROIC Part 1: Compounders And Cheap Stocks
A while back, I posted a couple articles on return on invested capital (ROIC) along with some comments on Joel Greenblatt (Trades, Portfolio)’s Magic Formula. These posts attracted a lot of comments and email questions, so I wanted to post some more thoughts on the topic of compounding generally, and maybe ROIC more specifically. Here are some links to posts that are somewhat related to this topic: More...

INVESTMENT PHILOSOPHY


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Top 5 Hedge Fund Net Buys Daniel Loeb,Joel Greenblatt - Top 5 Hedge Fund Net Buys
The recent top net buys of the hedge fund gurus were American Airlines (AAL), Actavis (ACT), Allegion (ALLE), Gilead Sciences (GILD), and Verizon (VZ). I found the net buys by using the S&P 500 Grid at GuruFocus. I adjusted the setting to include only hedge fund gurus and examined the results for both S&P 500 companies and non-S&P 500 companies. More...

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Joel Greenblatt's Gotham Capital Top 5 New Stocks Joel Greenblatt - Joel Greenblatt's Gotham Capital Top 5 New Stocks
Joel Greenblatt (Trades, Portfolio) is the developer of the famous investing strategy for the everyday person, the “Magic Formula.” He also along with a partner manages a hedge fund called Gotham Funds. The stock selection process at the fund involves valuing all U.S. large and mid-cap companies, then taking positions in those trading at the greatest discounts and shorting the most overvalued, controlling for risk. They describe their views as follows: More...

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Schlumberger Ltd (SLB): Solid Company and Growing Joel Greenblatt,Robert Olstein - Schlumberger Ltd (SLB):  Solid Company And Growing
Current Price: $100.22 More...

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5-year lows: Realogy Holdings Corp, International Game Technology, Valley National Bancorp, and Mack-Cali Realty Corp
According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Realogy Holdings Corp, International Game Technology, Valley National Bancorp, and Mack-Cali Realty Corp More...

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