Joel Greenblatt

Joel Greenblatt

Last Update: 11-14-2017

Number of Stocks: 896
Number of New Stocks: 179

Total Value: $6,804 Mil
Q/Q Turnover: 29%

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 Gotham Absolute Return Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20167.9611.96-4.0
2015-10.241.38-11.6
20149.3113.69-4.4
3-Year Cumulative5.9 (1.9%/year)29 (8.9%/year)-23.1 (-7%/year)
201329.8132.39-2.6

Top Ranked Articles

In the Long Run, a High-Growth Stock Has to Be a High Return on Capital Stock A high-growth stock can only stay a high-growth stock as long as its return on capital is high. A company with below-average profitability will eventually end up with below-average growth
I recently received a couple questions about how to screen for “compounders” and whether it is better to look for a high growth rate or high return on capital. Read more...
18 Questions With John Huber of Saber Capital Management Goal: 'Make meaningful investments in high-quality businesses at attractive prices'
1. How and why did you get started investing? What is your background? Read more...
25 Questions With Chris DeMuth Jr. of Rangeley Capital 'If it is legal and there is limited liability, I would be delighted to invest in anything at the right price'
Chris DeMuth Jr. is the founder of Rangeley Capital LLC. Rangeley is an investment firm that focuses on event-driven, value-oriented investment opportunities. Rangeley Capital and DeMuth's value investing forum, Sifting the World (StW), search the world for misplaced bets. Rangeley exploits them for its investors and DeMuth writes about them on StW Read more...
Should You Buy a Cheap Stock That’s at the Very Edge of Your Circle of Competence? Your goal as a value investor should be to buy cheap stocks you understand. If you understand a business' 'market power' you understand the stock. Cheap means cheaper than peers
NACCO (NYSE:NC) is spinning off its Hamilton Beach small appliance business this week. NACCO’s remaining business will be a lignite coal miner (NACoal) that operates mostly unconsolidated mines under mostly long-term cost-plus supply contracts. In an earlier article, I explained why this lignite (“brown”) coal-producing business would be inside my “circle of competence” and the Hamilton Beach small appliance business would be outside my “circle of competence.” This led some people to ask: But what if Hamilton Brands trades at a deeper discount to your appraisal value than the post-spinoff NACCO? What if the value is in Hamilton Beach, not NACCO? You’re a value investor. So you’d have to buy Hamilton Beach, right? Read more...
Testing Graham’s Net Current Asset Value Strategy, Part 1 An overview of studies analyzing the investment strategy
There have been various studies analyzing the performance of Benjamin Graham’s strategy of purchasing stocks trading below net current asset value (NCAV). These stocks are also called net-nets. Graham developed and tested this criterion in the early 1930s and first described his net current asset value rule for stock selection in the 1934 edition of ”Security Analysis.” Read more...
» More Joel Greenblatt Articles

Commentaries and Stories

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Joel Greenblatt Buys Micron Technology, Lockheed, Pentair The investor's largest 3rd quarter buys Joel Greenblatt - Joel Greenblatt Buys Micron Technology, Lockheed, Pentair
Joel Greenblatt (Trades, Portfolio) is an American hedge fund manager, writer and investor. He started his own hedge fund, Gotham Capital, in 1985, which produced an annualized return of 40% until 2006. He is also a director at Pzena Investment Management. More...

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The Misbehavior of Markets A review of book by mathematician that deals specifically with investing and risks in the market Charlie Munger,Joel Greenblatt - The Misbehavior Of Markets
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BOOK REVIEW, BOOK, MANDELBROTT, RISK, RISK MANAGEMENT


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6 Undervalued Stocks With Rising Prices Argan, Toyota among companies trading below their Peter Lynch value Jim Simons, Joel Greenblatt, John Hussman, Chuck R - 6 Undervalued Stocks With Rising Prices
According to the GuruFocus All-in-One Screener, several gurus are focusing on stocks whose Peter Lynch fair values are far above the current prices. The following stocks are trading with wide margins of safety and have positive performances over the past 12 months. More...

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5 Energy Stocks Gurus Are Buying Encana, Occidental Petroleum among companies gurus have invested in Joel Greenblatt, Ron Baron, Steve Mandel, David Dr - 5 Energy Stocks Gurus Are Buying
According to the GuruFocus All-In-One Screener, the following companies in the energy sector have positions in gurus' portfolios. More...

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5 Health Care Companies in Gurus' Portfolios Gurus are buying these popular stocks Ken Fisher, Joel Greenblatt, David Dreman, John Pa - 5 Health Care Companies In Gurus' Portfolios
According to the GuruFocus All-In-One Screener, the following health care stocks have positions in gurus' portfolios. More...

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Risk-Reward With Hibbett Sports The best retail trade under $300 million Jim Simons, Joel Greenblatt, Chuck Royce, Paul Tud - Risk-Reward With Hibbett Sports
Over the past two decades, Hibbett Sports Inc. (NASDAQ:HIBB)  has steadily grown from a leading regional retailer into a national powerhouse with north of 1,100 stores across 32 states. Since 2008, Hibbett’s revenue has increased from $521 million to just shy of $1 billion. Management has also bought back much of the stock to really boost earnings per share. The company netted $20.78 in EPS over the past 10 years. It is trading under $14 per share. More...

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It’s Time for a Dick’s Sporting Goods Comeback Down 48%, it could be time to get in Jim Simons, Joel Greenblatt, Chuck Royce, Richard  - It’s Time For A Dick’s Sporting Goods Comeback
Dick's Sporting Goods Inc. (NYSE:DKS) is the largest big-box retailer in sporting goods, controlling about 12% of the industry. The stock is a guru bargain opportunity with Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Richard Snow (Trades, Portfolio) More...

DICKS SPORTING GOODS, RETAIL, SPORTING GOODS, AMAZON, BEST BUY, NIKE, UNDER ARMOUR


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Should You Buy a Cheap Stock That’s at the Very Edge of Your Circle of Competence? Your goal as a value investor should be to buy cheap stocks you understand. If you understand a business' 'market power' you understand the stock. Cheap means cheaper than peers Joel Greenblatt - Should You Buy A Cheap Stock That’s At The Very Edge Of Your Circle Of Competence?
NACCO (NYSE:NC) is spinning off its Hamilton Beach small appliance business this week. NACCO’s remaining business will be a lignite coal miner (NACoal) that operates mostly unconsolidated mines under mostly long-term cost-plus supply contracts. In an earlier article, I explained why this lignite (“brown”) coal-producing business would be inside my “circle of competence” and the Hamilton Beach small appliance business would be outside my “circle of competence.” This led some people to ask: But what if Hamilton Brands trades at a deeper discount to your appraisal value than the post-spinoff NACCO? What if the value is in Hamilton Beach, not NACCO? You’re a value investor. So you’d have to buy Hamilton Beach, right? More...

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Worthington Industries Slides on Earnings Miss The metal manufacturer’s earnings declined despite revenue growth Chuck Royce,Joel Greenblatt,David Dreman,Diamond H - Worthington Industries Slides On Earnings Miss
Metal manufacturer Worthington Industries Inc. (NYSE:WOR) reported its results for the first quarter of fiscal 2018 before the opening bell on Sept. 27. More...

WORTHINGTON, EARNINGS, 1Q, 2018, MISS, DOWN


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5 Tech Companies Gurus Are Buying These popular stocks have positions in several gurus' portfolios Joel Greenblatt, George Soros, Ken Fisher, David D - 5 Tech Companies Gurus Are Buying
According to the GuruFocus All-In-One Screener, the following companies in the technology sector have positions in gurus' portfolios. More...

TECHNOLOGY


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Finish Line Shares Climb Despite Sales Decline, Earnings Miss Company is preparing for ‘challenging retail environment’ Barrow Hanley Mewhinney & Strauss,Joel Greenblatt, - Finish Line Shares Climb Despite Sales Decline, Earnings Miss
Athletic footwear and apparel retailer The Finish Line Inc. (NASDAQ:FINL) reported second-quarter 2018 results before the opening bell on Sept. 22. More...

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In the Long Run, a High-Growth Stock Has to Be a High Return on Capital Stock A high-growth stock can only stay a high-growth stock as long as its return on capital is high. A company with below-average profitability will eventually end up with below-average growth Joel Greenblatt - In The Long Run, A High-Growth Stock Has To Be A High Return On Capital Stock
I recently received a couple questions about how to screen for “compounders” and whether it is better to look for a high growth rate or high return on capital. More...

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5 Industrial Companies Gurus Are Buying These popular stocks have positions in several gurus' portfolios Joel Greenblatt,Mario Gabelli,Richard Pzena,David  - 5 Industrial Companies Gurus Are Buying
According to the GuruFocus All-In-One Screener, the following companies with core business in the industrials sector have positions in gurus' portfolios. More...

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Constructing Virtual Reality: Silicon Valley's Appeal in Japan’s Fukui Computer Holdings The specialty CAD developer sails into virtual, augmented reality software Joel Greenblatt - Constructing Virtual Reality: Silicon Valley's Appeal In Japan’s Fukui Computer Holdings
Technology in construction More...

LONG, JAPAN, CONSTRUCTION, VIRTUAL REALITY, AUGMENTED REALITY, CAD


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Cracker Barrel Shares on a Roll After Earnings Beat Restaurant posts revenue miss Pioneer Investments,Joel Greenblatt,Mario Gabelli - Cracker Barrel Shares On A Roll After Earnings Beat
Restaurant and gift store operator Cracker Barrel Old Country Store Inc. (NASDAQ:CBRL) reported its results for the fourth quarter and full fiscal 2017 before the opening bell on Sept. 13. More...

CRACKER BARREL, 4Q, 2017, YEAR, BEAT, MISS, UP


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Risk-Reward With Chipotle at $300 A be-greedy-when-others-are-fearful situation Ray Dalio,Joel Greenblatt,Frank Sands,Paul Tudor J - Risk-Reward With Chipotle At $300
Big money managers like Ray Dalio (TradesPortfolio), Joel Greenblatt (TradesPortfolio), Frank Sands (TradesPortfolio), Paul Tudor Jones (TradesMore...

FAST CASUAL, MEXICAN FOOD, CHIPOTLE, BURRITO, BURRITO BOWL, FOOD, TASTY


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Express Scripts Is on Sale Stock down 11% year to date with massive long-term potential Ray Dalio, Joel Greenblatt, Dodge & Cox - Express Scripts Is On Sale
Express Scripts Holding Co. (NASDAQ:ESRX) acts as a third-party administrator of prescription drug programs. It is a good business. In fact, it is the largest pharmacy benefits manager (PBM) in the United States, generating revenue from the delivery of prescription drugs to client-pharmacies, processing pharmacy claims, compliance programs and data analysis. More...

PHARMACEUTICALS, EXPRESS SCRIPTS, ANTHEM, HEALTHCARE


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Dollar Cost Average in Foot Locker Another good company's stock takes a big hit, but don't panic just yet George Soros,Joel Greenblatt,Jeremy Grantham,Paul  - Dollar Cost Average In Foot Locker
Foot Locker (NYSE:FL) stock was down 27% Friday on reports that, while total store count rose to 3,359, comparable-store sales fell 6% in the second quarter, sales decreased 4.3% for the quarter, gross margins fell 340 basis points to 29.6%, and SG&A expenses increased to 19.9%. More...

FOOT LOCKER, APPAREL, RETAIL


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The Toyota of Chemical Companies What Toyota did for manufacturing is what Daicel did for the process industry, and Daicel has the financials to prove it Joel Greenblatt - The Toyota Of Chemical Companies
According to Misaki Investments, 80%-plus of institutional investors in Japan hold investments for less than a year. Comparatively 62% of institutional investors in the U.S. hold investments for less than a year. More...

CHEMICAL, LONG, JAPAN


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Gurus' Worst-Performing Stocks These companies had a negative 6-month performance Jim Simons, Joel Greenblatt, Steven Cohen, Paul Tu - Gurus' Worst-Performing Stocks
While gurus hold positions in these companies, the stock price and returns continue to fall. These are the worst-performing stocks over the last three months with a long-term presence in more than four gurus’ portfolios. More...

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