Joel Greenblatt

Joel Greenblatt

Last Update: 02-15-2018

Number of Stocks: 919
Number of New Stocks: 246

Total Value: $6,886 Mil
Q/Q Turnover: 32%

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

Joel Greenblatt past Portfolios

Joel Greenblatt 13F Filings

Portfolio DateNumber of StocksTotal Value (Mil)Number of New StocksQ/Q Turnover
2017-12-311143$6,88624632%
2017-09-301129$6,80517929%
2017-06-301193$7,13221733%
2017-03-311196$7,88326833%
2016-12-311152$7,75723733%
2016-09-301155$7,67921929%
2016-06-301197$8,34224435%
2016-03-311163$8,92231146%
2015-12-311109$9,21020834%
2015-09-301153$10,28823438%
2015-06-301158$11,95725735%
2015-03-311136$13,11020032%
2014-12-311168$12,35619342%
2014-09-301172$10,05318644%
2014-06-301203$7,98920142%
2014-03-311186$6,64122952%
2013-12-311104$4,20122039%
2013-09-301020$3,07918136%
2013-06-30988$2,34316532%
2013-03-31961$1,97218729%
2012-12-31956$1,72618435%
2012-09-30899$1,49617031%
2012-06-30880$1,35819236%
2012-03-31843$1,15019938%
2011-12-31756$82916829%
2011-09-30733$61415933%
2011-06-30691$71518466%
2011-03-31590$33323254%
2010-12-31359$30635894%
2009-09-301$100%
2009-06-302$100%
2009-03-313$100%

Joel Greenblatt 13D/G Filings

Filing date :

Joel Greenblatt Watch

  • Joel Greenblatt Buys Micron Technology, Lockheed, Pentair

    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.


    During the third quarter, the guru bought shares of the following stocks:

      


  • Should You Buy a Cheap Stock That’s at the Very Edge of Your Circle of Competence?

    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?


    That’s a good question. And, in this case, it’s likely that Hamilton Beach will trade at an especially low valuation compared to peers. Unlike some value investors, I do a detailed – like to the exact dollar – appraisal of a company before I invest in it. I have a share price in mind that I designate as intrinsic value. It’s not that I believe I can precisely value a company. The two reasons for always doing an explicit intrinsic value calculation are: 1) It forces me to make my assumptions explicit, and 2) it forces me to be honest about how big my “margin of safety” is.

      


  • In the Long Run, a High-Growth Stock Has to Be a High Return on Capital Stock

    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.


    First, we need to remember one basic principle. A company is limited to growing at a rate similar to its cash return on assets (really its incremental return on its net tangible assets) or to using outside financing. It is the incremental (cash) return on its own assets that matters. The reinvestment of these cash earnings relative to assets is what fuels the company’s growth rate. If the company runs out of this fuel, it will need to borrow money, issue shares or stop growing. There is no way around this reality.

      


  • Constructing Virtual Reality: Silicon Valley's Appeal in Japan’s Fukui Computer Holdings

    Joel Greenblatt - Constructing Virtual Reality: Silicon Valley's Appeal In Japan’s Fukui Computer Holdings

    Technology in construction


    According to McKinsey & Co., the construction industry is among the least digitized, only ahead of agriculture. Concepts like internet of things (IoT) and business process automation might as well be a foreign language, but there is good reason for this. The construction industry is project-based and project contents often vary greatly - the same construction company can build an office building, automotive dealership and an NBA stadium all at the same time. The nature of the industry requires companies to be flexible, but flexibility does not always mix well with digitization.

      


  • The Toyota of Chemical Companies

    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.


    As you may have already guessed, value investing is not popular in Japan. This fact combined with the language barrier often presents me with “hidden” gems in plain sight. Daicel Corp. (TSE:4202) is an example of this.

      


  • A Look at Joel Greenblatt’s Investment in Kroger

    Joel Greenblatt - A Look At Joel Greenblatt’s Investment In Kroger

    Joel Greenblatt (Trades, Portfolio) initiated a position in Kroger (NYSE:KR) last quarter, buying 1,287,571 shares for an average price of $31.95 per share.


    Greenblatt tries to find cheap and good companies. He looks for value with a catalyst. Greenblatt likes special situations and thinks they are simply different places to find cheap stocks. In his own hedge fund, Greenblatt uses the basic principles in the Magic Formula: Look for high ROC and high earnings yield. He tries to figure out what "normalized earnings" will be three to four years in the future. Greenblatt makes sure the stock is cheap based on normalized earnings.

      


  • 3 Magic Formula Stocks Ready to Move Up

    Joel Greenblatt - 3 Magic Formula Stocks Ready To Move Up

    Do what everyone else does and you will just get the same results.


    But does the Magic Formula really work?

      


  • Biotech Has a Promising Future

    Joel Greenblatt - Biotech Has A Promising Future

    Aptevo Therapeutics (NASDAQ:APVO), a spinoff from Emergent BioSolutions (NYSE:EBS), focuses on novel oncology (cancer) and hematology (blood disease).


    Aptevo currently has four main revenue-generating products. In 2016, although the commercial portfolio revenue jumped by 30% year over year, its loss doubled to $126 million. The sudden rise in operation loss was due to $71 million impairment. I considered this a conservative accounting approach that Aptevo takes.

      


  • Joel Greenblatt Talk at Google

    Joel Greenblatt - Joel Greenblatt Talk At Google

    Guru Joel Greenblatt (Trades, Portfolio) is kind of unique in the sense that he understands quantitative investing really well but still believes doing old-school analysis adds value to that process. He's a perfect guest for a Google Talk on investing and I was delighted to see he made an appearence there.


      


  • Is the S&P 500 the Right Portfolio for You?

    Joel Greenblatt - Is The S&P 500 The Right Portfolio For You?

    The U.S. is the world’s biggest free-market economy. Over many years, the value of stocks traded on U.S. stock markets (as judged by market cap) have traditionally fluctuated between 33% and 43% of all publicly traded issues worldwide.


    Not only that; in terms of the quality of the regulatory environment, the U.S. is among the nations where we can most trust the reported revenues and various filings. (Earnings, which are regrettably the most reported upon numbers released to the public, can be manipulated in any number of ways, no matter where the company is domiciled.) Taking the midpoint of that range U.S. markets look like this

      


  • Joel Greenblatt Dividend Stocks in Focus: Seagate Technology

    Joel Greenblatt - Joel Greenblatt Dividend Stocks In Focus: Seagate Technology

    Published by Bob Ciura on April 1st, 2017


    Seagate (NASDAQ:STX) is a rarity in the technology sector.

      


  • Joel Greenblatt Dividend Stocks in Focus: Staples

    Joel Greenblatt - Joel Greenblatt Dividend Stocks In Focus: Staples

    (Published by Bob Ciura on March 31)


    Joel Greenblatt (Trades, Portfolio) is the managing principal and co-chief investment officer of Gotham Asset Management, which manages an estimated $15 billion.

      


  • Joel Greenblatt Dividend Stocks in Focus: Garmin

    Joel Greenblatt - Joel Greenblatt Dividend Stocks In Focus: Garmin

    (Published by Bob Ciura on March 30)


    Joel Greenblatt (Trades, Portfolio) is the managing principal and co-chief investment officer of Gotham Asset Management, which invests approximately $15 billion in both long and short positions.

      


  • Joel Greenblatt Dividend Stocks in Focus: Gap

    Joel Greenblatt - Joel Greenblatt Dividend Stocks In Focus: Gap

    (Published by Bob Ciura on March 29)


    Piggybacking off some of the world’s most well-known professional money managers is a good way for investors to find some new stock ideas.

      


  • 21 Questions With Jason Rivera of Rivera Holdings

    Joel Greenblatt - 21 Questions With Jason Rivera Of Rivera Holdings

    1) What is the best investment advice you have ever been given?


    Invest in your circle of competence and stay within that circle – until you can expand it – and you’ll reduce a lot of your mistakes.

      


  • Gotham Index Plus: A Better Way to Invest?

    Joel Greenblatt - Gotham Index Plus: A Better Way To Invest?

    In an article I wrote for our subscribers over the weekend, I noted that toward the end of a bull cycle, the market still goes up but many, ultimately giving way to most, stocks do not. That conundrum is explained because it is mostly the large-cap names always in the news (which have already moved up significantly) that see the greatest inflows. This is the phase in which previously skeptical or on-the-sidelines investors see nothing but great reports, earnings beats and, of course, Wall Street projections that say not only is the bull not fading, the next bull cycle is just getting started. This is when the somnambulists finally buy so they do not feel like they have missed the entire party.


    Some people have short memories. Not everyone was investing during the ferocious decline at the turn of the millennium. No one investing today, however, likely escaped the 50% decline in the S&P 500 index between October 2007 and March 2009, when index funds were anathema to investors who saw everything they had made in the previous bull evaporate.

      


  • Testing Graham’s Net Current Asset Value Strategy, Part 1

    Joel Greenblatt - Testing Graham’s Net Current Asset Value Strategy, Part 1

    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.”


    The common definition of net current asset value is:

      


  • 25 Questions With Chris DeMuth Jr. of Rangeley Capital

    Joel Greenblatt - 25 Questions With Chris DeMuth Jr. Of Rangeley Capital

    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.


    1. How and why did you get started investing? What is your background?

      


  • Watchlist Wednesday: Top 5 Magic Formula Stocks

    Joel Greenblatt - Watchlist Wednesday: Top 5 Magic Formula Stocks

    In this edition of Watchlist Wednesday, these are the top five stocks qualifying for the Magic Formula stock screen.


    This screen is influenced by the strategy discussed by Joel Greenblatt (Trades, Portfolio) in the book, "The Little Book That Still Beats the Market."

      


  • Joel Greenblatt More Than Doubles Home Depot Stake

    Joel Greenblatt - Joel Greenblatt More Than Doubles Home Depot Stake

    Guru Joel Greenblatt (Trades, Portfolio) more than doubled his stake in The Home Depot (NYSE:HD) during the third quarter, adding 345,905 shares of the company at an average price of $133.26 per share.


    The trade had a 0.58% impact on Greenblatt's portfolio. He owns 590,129 shares of the company.

      


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