Joel Greenblatt

Joel Greenblatt

Gotham Asset Management, LLC
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:
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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 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 (%)
201710.0121.71-11.7
20167.9611.96-4.0
2015-10.241.38-11.6
3-Year Cumulative6.6 (2.2%/year)38.1 (11.4%/year)-31.5 (-9.2%/year)
20149.3113.69-4.4
201329.8132.39-2.6
5-Year Cumulative51.3 (8.6%/year)107.9 (15.8%/year)-56.6 (-7.2%/year)

Top Ranked Articles

2 Ways to Get Super Selective About Stocks in the Bubble Year of 2018 Look for obviously great businesses and obviously mispriced stocks. Only worry about the exact numbers second. Try to research one stock a week but only buy one stock a quarter. Be selective
January 23, 2018
Someone who reads my blog emailed me this question: Read more...
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
September 21, 2017
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...
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
September 28, 2017
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...
Restaurant Industry Shows Signs of Sizzle 'Fast casual' and 'fast fine' are the industry's new buzzwords
January 16, 2018
The restaurant industry is seeing signs of sizzle after some of the worst sales results in years. Read more...
The Global Auto Industry in 2018: The Calm Before the Storm Auto sales will likely be strong in 2018, but the industry is expected to experience a major jolt in new technologies, competition and new areas of mobility
January 9, 2018
2018 should not be a year of major upheaval for U.S. car manufacturers. In fact, industry watchers are predicting another strong year in what is being characterized as the quiet before the storm. Read more...
» More Joel Greenblatt Articles

Commentaries and Stories

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6 Negative Stocks in Gurus’ Portfolios Acuity Brands, Expedia among companies with falling stock prices and returns
April 17, 2018
Caxton Associates,Joel Greenblatt - 6 Negative Stocks In Gurus’ Portfolios
While gurus hold positions in these companies, the stock price and returns continue to fall. These are the worst-performing stocks over the past three months with a long-term presence in at least three gurus’ portfolios. More...

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Bank of America Downgrades Eldorado Gold Eldorado Gold is at incredibly cheap valuations
April 16, 2018
Jim Simons,Joel Greenblatt - Bank Of America Downgrades Eldorado Gold
The stock in Eldorado Gold Corp. (NYSE:EGO) was downgraded by Bank of America. More...

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Joel Greenblatt on Why P/B Has Failed but P/E Still Rules And the failure of quants
April 12, 2018
Joel Greenblatt - Joel Greenblatt On Why P/B Has Failed But P/E Still Rules
When value investing was first invented, the godfather of value investing, Benjamin Graham, built the strategy around the value of assets on a company's balance sheet because, at the time, it made a lot of sense. More...

VALUE, VALUE INVESTING, JOEL GREENBLATT


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Lowe’s Rises After Longtime CEO Announces Retirement Retailer’s shares jump in premarket trading
March 26, 2018
Andreas Halvorsen,Joel Greenblatt - Lowe’s Rises After Longtime CEO Announces Retirement
Shares of home improvement retailer Lowe’s Companies Inc. (NYSE:LOW) climbed 6% in premarket trading Monday after the company announced longtime CEO Robert Niblock will be retiring. More...

LOWE'S, HOME IMPROVEMENT, RETAIL, CEO, RETIRE, UP, GAIN


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Dollar Cost Average on Francescas Holdings A good company trading at a 50% discount with big-name guru ownership
March 23, 2018
Jim Simons,Joel Greenblatt - Dollar Cost Average On Francescas Holdings
Last July, I highlighted Francescas Holdings (NASDAQ:FRAN), which at the time was trading around $9 a share. Today it’s just below $5, but again, this is when you dollar cost average to the downside. More...

RETAIL, APPAREL, CLOTHING, WOMEN, FASHION


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NIC Inc.: Can It Get Back to Being a Powerhouse? Recent activities have left its share price in the doldrums
March 20, 2018
Joel Greenblatt, Hotchkis & Wiley, Paul Tudor Jone - NIC Inc.: Can It Get Back To Being A Powerhouse?
Some six weeks ago, NIC Inc. (NASDAQ:EGOV) lost a major client, the state of Texas, and one analyst says that client represented 20% of the company's 2016 revenue. Analyst Peter Heckman of D.A. Davidson Cos. also said five other states had made "major changes" in contracts with NIC in the past five years. What does all this mean for the future of the company? More...

NIC, EGOV, STATE GOVERNMENT, FEDERAL GOVERNMENT, PORTALS, DIGITAL GOVERNMENT SERVICES, COMPETITIVE ADVANTAGES, RAZOR AND BLADES MODEL, DEBT, RETURN ON ASSETS, RETURN ON EQUITY, RETURN ON CAPITAL, DIS


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Tiffany & Co.’s Glimmer Fades on Disappointing Same-Store Sales, Outlook Jeweler beats earnings, revenue expectations
March 16, 2018
Caxton Associates,Joel Greenblatt - Tiffany & Co.’s Glimmer Fades On Disappointing Same-Store Sales, Outlook
Audrey Hepburn’s favorite jewelry store, Tiffany & Co. (NYSE:TIF), reported fourth-quarter and full-year 2017 results before the opening bell on Friday. More...

TIFFANY, EARNINGS, 4Q, BEAT


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Ronald Muhlenkamp's Largest Buys of the 4th Quarter Guru buys PulteGroup and Thor Industries
March 15, 2018
Pioneer Investments,Joel Greenblatt - Ronald Muhlenkamp's Largest Buys Of The 4th Quarter
Ronald Muhlenkamp (Trades, Portfolio), founder of Muhlenkamp & Company, bought shares of the following stocks during the fourth quarter. More...

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J.Jill Is Finally a Buy I didn't like the IPO price, but under $5 is a good place to build a position
March 15, 2018
Joel Greenblatt - J.Jill Is Finally A Buy
J.Jill Group Inc. (NYSE:JILL) is a women’s clothing retailer. Since it’s initial public offering last March, J.Jill has seen its stock plummet, down from $12.95 to under $5 this morning despite beating fourth-quarter estimates. More...

RETAIL, WOMEN, APPAREL, CLOTHING, INTERNET, ECOMMERCE


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Plunge of Eldorado Gold Corp Suggests a Bargain Price The company announced changes in senior management
March 14, 2018
Jim Simons,Joel Greenblatt - Plunge Of Eldorado Gold Corp Suggests A Bargain Price
There is no end to the downtrend of Eldorado Gold Corp. (NYSE:EGO) on the New York Stock Exchange. More...

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8 Stocks Joel Greenblatt Continues to Buy Guru added to these positions in the past 2 quarters
March 13, 2018
Joel Greenblatt - 8 Stocks Joel Greenblatt Continues To Buy
Guru investor Joel Greenblatt (Trades, Portfolio) bought the following stocks in both the third and fourth quarters. More...

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Akre Capital Management Dumps Shares of Third-Largest Railroad in US CSX Corp. faced its share of troubles last year. Guru made 35% gain on investment
March 12, 2018
Chuck Akre, Joel Greenblatt, Ken Fisher, Steve Man - Akre Capital Management Dumps Shares Of Third-Largest Railroad In US
Acclaimed investor Chuck Akre (Trades, Portfolio)'s Akre Capital Management squeezed a sizeable gain from a position in CSX Corp. (NASDAQ:CSX) before a final push to dump shares of the nation’s third-largest railroad company. More...

CSX, MNRO


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Jana Partners Picks Software Entity Under Scrutiny PTC's subsidiaries were fined $28 million by regulators
March 12, 2018
Jana Partners,Joel Greenblatt - Jana Partners Picks Software Entity Under Scrutiny
Jana Partners' (Trades, Portfolio) new buys include three top performers and a Massachusetts software entity whose subsidiaries drew millions of dollars in bribery-related penalties from regulators two years ago. More...

NORTHROP GRUMMAN, SOFTWARE, COMCAST, MEDIA, PORTFOLIO, SECURITIES AND EXCHANGE COMMISSION, BRIBERY, MASSACHUSETTS, SUBSIDIARY


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Valeant Tumbles on Declining Full-Year Revenues Company continues to show weak financial strength
February 28, 2018
Francis Chou,Joel Greenblatt - Valeant Tumbles On Declining Full-Year Revenues
Valeant Pharmaceuticals International Inc. (NYSE:VRX), a major specialty drug manufacturer, said full-year 2017 revenues tumbled 10%, driven by sales declines in each of its three core businesses. More...

FRANCIS CHOU, RAY DALIO, MURRAY STAHL, JOEL GREENBLATT


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Joel Greenblatt's Top New Buys and Sales of the Fourth Quarter The mastermind behind 'The Magic Formula' stays true to his stock-picking tactic
February 19, 2018
Joel Greenblatt - Joel Greenblatt's Top New Buys And Sales Of The Fourth Quarter
Joel Greenblatt (Trades, Portfolio), the guru known for binging on stocks that are cheap and good, has revealed what’s new in his portfolio for the last months of the year. More...

AEROSPACE, TYSON FOODS, PACKAGED FOOD, BEEF, EARNINGS, MAGIC FORMULA, RETURN ON EQUITY, RETURN ON CAPITAL, FOURTH QUARTER, PORTFOLIO


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Boost in Sales of F-35 Fighter Enhance Quarterly Earnings Lockheed Martin is building the costliest weapons program in US history
January 29, 2018
Joel Greenblatt, John Rogers, Mario Gabelli, Ken F - Boost In Sales Of F-35 Fighter Enhance Quarterly Earnings
A boost in production and sales of the costliest U.S. weapons system, the F-35 Lightning II fighter jet, enhanced fourth-quarter earnings for Lockheed Martin Corp. (NYSE:LMT). More...

LOCKHEED MARTIN CORP., F-35 FIGHTER JET,


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2 Ways to Get Super Selective About Stocks in the Bubble Year of 2018 Look for obviously great businesses and obviously mispriced stocks. Only worry about the exact numbers second. Try to research one stock a week but only buy one stock a quarter. Be selective
January 23, 2018
Charlie Munger,Joel Greenblatt - 2 Ways To Get Super Selective About Stocks In The Bubble Year Of 2018
Someone who reads my blog emailed me this question: More...

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Risk Reward With Big 5 Sporting Goods The company is either a falling knife or a great turnaround play
January 22, 2018
Jim Simons,Joel Greenblatt - Risk Reward With Big 5 Sporting Goods
Retail sporting goods have come back in the last six months with Foot Locker (NYSE:FL), Dick's Sporting Goods (DKS) and Hibbett (NASDAQ:HIBB) all rebounding since the summer. Yet, Big 5 Sporting Goods (NASDAQ:BGFV) continues to slide with the company’s stock down over 60% since last January, but it’s still profitable. More...

RETAIL, APPAREL, CLOTHING, AMAZON, FOOTWEAR, SHOES, SPORTING GOODS


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Restaurant Industry Shows Signs of Sizzle 'Fast casual' and 'fast fine' are the industry's new buzzwords
January 16, 2018
Joel Greenblatt,Bill Ackman - Restaurant Industry Shows Signs Of Sizzle
The restaurant industry is seeing signs of sizzle after some of the worst sales results in years. More...

FOOD, DINING, RESTAURANTS, FAST CASUAL, DELIVERY, TAKEOUT


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6 Stocks Trading Below Peter Lynch Value Leucadia National among undervalued companies
January 11, 2018
Charles Brandes,Joel Greenblatt - 6 Stocks Trading Below Peter Lynch Value
Several gurus are focusing on stocks whose Peter Lynch fair values are far above the current prices, according to the GuruFocus All-in-One Screener. The following stocks are trading with wide margins of safety and have positive performances over the past 12 months. More...

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