Joel Greenblatt

Joel Greenblatt

Gotham Asset Management, LLC
Last Update: 05-15-2018

Number of Stocks: 929
Number of New Stocks: 240

Total Value: $7,149 Mil
Q/Q Turnover: 39%

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
20167.9611.99-4.0
2015-10.241.24-11.5
3-Year Cumulative6.6 (2.2%/year)38 (11.3%/year)-31.4 (-9.1%/year)
20149.3113.47-4.2
201329.8132.3-2.5
5-Year Cumulative51.3 (8.6%/year)107.2 (15.7%/year)-55.9 (-7.1%/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...
Joel Greenblatt's Secret to Beating the Market According to a Wall Street legend
May 21, 2018
Joel Greenblatt (Trades, Portfolio) has written several books on the subject of investing over the years, and he is a Wall Street legend. His books, "You Can Be a Stock Market Genius" and "The Little Book That Beats the Market," contain a wealth of invaluable information for investors on the topic of investing, and how you can improve your investment process by making a few simple changes to the way you think about the market. 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...
» More Joel Greenblatt Articles

Commentaries and Stories

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5 Cheap Stocks Trading Below Peter Lynch Value Masonite International tops the list
June 18, 2018
Pioneer Investments,Joel Greenblatt - 5 Cheap 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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Bed Bath and Beyond: This Time It’s Different If you missed the price at $17, the stock remains a bargain
June 18, 2018
Joel Greenblatt,Lee Ainslie - Bed Bath And Beyond: This Time It’s Different
Retail has been on fire this year, with apparel leading the way. Specialty retailers like TJX Companies (TJX) are up 23%. But Bed Bath & Beyond (NASDAQ:BBBY) has flatlined. Back in November, the stock dipped under $20 for the first time since 2008 and quickly popped back 20%, only to drop again. It is now back above $20 a share. More...

BED BATH AND BEYOND, SPECIALTY RETAIL, HOME GOODS


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6 Undervalued Stocks According to Peter Lynch Value Science Applications, Rio Tinto on the list.
June 10, 2018
Pioneer Investments,Joel Greenblatt - 6 Undervalued Stocks According To Peter Lynch Value
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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3 Greenblatt Magic Formula Stocks Bought by Gurus in 1st Quarter Companies include Buffett’s Apple and Ackman’s United Technologies
June 8, 2018
Warren Buffett, Joel Greenblatt, Tom Gayner, Ray D - 3 Greenblatt Magic Formula Stocks Bought By Gurus In 1st Quarter
On Tuesday, Joel Greenblatt (Trades, Portfolio)’s Magic Formula Screen listed Apple Inc. (NASDAQ:AAPL), Comcast Corp. (NASDAQ:CMCSA) and United Technologies Corp. (NYSE:UTX) in the top 30 among U.S. mega caps, companies with market caps of at least $100 million. Several gurus invested in these companies in the first quarter. More...

WARREN BUFFETT, JOEL GREENBLATT, TOM GAYNER, RAY DALIO, MASON HAWKINS, BILL ACKMAN, DANIEL LOEB, VALUE INVESTING, MAGIC FORMULA


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Chase Coleman’s Tiger Global Keeps Running With Sunrun Former 'Tiger Cub' fund gradually increased its holdings to over 13 million shares
June 8, 2018
Joel Greenblatt - Chase Coleman’s Tiger Global Keeps Running With Sunrun
Chase Colman’s Tiger Global Management disclosed on Thursday that it increased its position in Sunrun Inc. (NASDAQ:RUN) 5.15% according to GuruFocus real-time picks. More...

CHASE COLMAN, JULIAN ROBERTSON, TIGER GLOBAL MANAGEMENT, TIGER CUBS, REAL-TIME PICKS, TECHNOLOGY, JOEL GREENBLATT


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MS Global Franchise Buys Heineken, Adds to Coke, Sells Nestle Morningstar's bronze-medal fund is among the first to open a position in Western Europe's largest beer producer in the 1st quarter
June 5, 2018
Joel Greenblatt,Ken Fisher - MS Global Franchise Buys Heineken, Adds To Coke, Sells Nestle
The management team of the Morgan Stanley Global Franchise Fund, among the top 12% of open-ended funds in the U.S., has indicated the establishment of two positions, which were reflected in regulatory filings disclosed this week. More...

BEER, HEALTHCARE, DRUGS, NIKE, COKE, MICROSOFT, EARNINGS,


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Revisiting Big 5 Sporting Goods A net current asset trade to avoid
May 24, 2018
Jim Simons,Joel Greenblatt - Revisiting Big 5 Sporting Goods
In January, I wrote an article about the company because I thought it was on par with Hibbett Sports, which has rallied over 100% since October, just serving a different regional market. More...

RETAIL, SPORTING GOODS, BIG 5, HIBBETT


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Monsanto Is Flat but More Upsides Are Behind the Door The closing of the deal with Bayer is anticipated for this quarter
May 23, 2018
Warren Buffett,Joel Greenblatt - Monsanto Is Flat But More Upsides Are Behind The Door
Shares of Monsanto (NYSE:MON) were unexpectedly flat on Tuesday following the news that the U.S. global agrochemical and agricultural biotechnology corporation received clearance from the antitrust of India as part of a merger with Bayer AG. More...

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Investing Shouldn't Be Elaborate or Exhausting The best way to succeed is to focus on the long term
May 22, 2018
Joel Greenblatt, Warren Buffett - Investing Shouldn't Be Elaborate Or Exhausting
Earlier this week, I discussed "Joel Greenblatt's Secret to Beating the Market," where I took a look at some notes from lectures Greenblatt gave at the Columbia School of Business in 2005. More...

VALUE, VALUE INVESTING, INVESTING, JOEL GREENBLATT


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Joel Greenblatt's Secret to Beating the Market According to a Wall Street legend
May 21, 2018
Joel Greenblatt - Joel Greenblatt's Secret To Beating The Market
Joel Greenblatt (Trades, Portfolio) has written several books on the subject of investing over the years, and he is a Wall Street legend. His books, "You Can Be a Stock Market Genius" and "The Little Book That Beats the Market," contain a wealth of invaluable information for investors on the topic of investing, and how you can improve your investment process by making a few simple changes to the way you think about the market. More...

VALUE, VALUE INVESTING, JOEL GREENBLATT


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Joel Greenblatt's Top Buys in 1st Quarter A reversal on IBM stock, plus more companies with high return on equity and efficient use of capital
May 17, 2018
Joel Greenblatt - Joel Greenblatt's Top Buys In 1st Quarter
Value investor Joel Greenblatt (Trades, Portfolio) is shaking things up in a portfolio valued at $7 billion. More...

WARREN BUFFET, IBM, GOTHAM, CHOCOLATE, VANS, WRANGLER, BANKS, PROCESSING, EARNINGS, MAGIC FORMULA, RETURN ON CAPITAL, RETURN ON EQUITY, CHEAP


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Prem Watsa Curbs Stake in Intrepid Potash Guru real-time pick highlight
May 4, 2018
Joel Greenblatt - Prem Watsa Curbs Stake In Intrepid Potash
Prem Watsa (Trades, Portfolio) disclosed on Thursday that he had trimmed 12.56% of its position in Intrepid Potash Inc. (NYSE:IPI) according to GuruFocus real-time picks. More...

PREM WATSA, JOEL GREENBLATT


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6 Falling Stocks in Gurus’ Portfolios 3M, Parker Hannifin among companies with falling stock prices and returns
April 26, 2018
Pioneer Investments,Joel Greenblatt - 6 Falling 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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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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