Joel Greenblatt

Joel Greenblatt

Gotham Asset Management, LLC
Last Update: 08-14-2017

Number of Stocks: 948
Number of New Stocks: 217

Total Value: $7,119 Mil
Q/Q Turnover: 33%

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 (%)
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
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...
18 Questions With John Huber of Saber Capital Management Goal: 'Make meaningful investments in high-quality businesses at attractive prices'
December 21, 2016
1. How and why did you get started investing? What is your background? 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...
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'
December 27, 2016
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...
Low-Priced Retail Stocks Gurus Shopped for Ahead of Holiday Season A pummeled sector in a rising market
December 2, 2016
Those interested in out-of-favor stocks can’t look much further than retail. In a market routinely hitting all-time highs, the consumer discretionary sector’s 1.42% one-year return makes it the worst performing, second only to health care. But the statistics for apparel and department stores are much worse, and the upcoming crucial holiday season may not help. Read more...
» More Joel Greenblatt Articles

Commentaries and Stories

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5 Health Care Companies in Gurus' Portfolios Gurus are buying these popular stocks
October 16, 2017
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
October 10, 2017
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
September 28, 2017
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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Rating: 5.0/5 (3 votes)

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
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
September 27, 2017
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
September 25, 2017
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’
September 22, 2017
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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Rating: 4.4/5 (7 votes)

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
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
September 18, 2017
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
September 14, 2017
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
September 13, 2017
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
September 12, 2017
Ray Dalio,Joel Greenblatt,Frank Sands,Paul Tudor J - Risk-Reward With Chipotle At $300
Big money managers like Ray Dalio (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Frank Sands (Trades, Portfolio), Paul Tudor Jones (Trades,  More...

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
August 28, 2017
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
August 18, 2017
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
August 11, 2017
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
August 4, 2017
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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Put Corporate Japan's Cash in Your Wallet With Japan's corporate governance reforms, patient investors might find its cash in their wallets
August 2, 2017
Joel Greenblatt, Daniel Loeb - Put Corporate Japan's Cash In Your Wallet
There are plenty of reasons to keep your money away from Japan, including the declining and aging population, corporate governance and poor capital allocation, just to name a few. Bad news seems to travel quickly, however, and there is still plenty to like about Japan, which is often overlooked. Here, I will shed some light on Japan’s often overlooked good news. More...

LONG, JAPAN


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A Solid Women's Retail Trade No stock is recession proof, but at 6 times forward earnings, Francesca's looks like a bargain
July 24, 2017
Mariko Gordon, Joel Greenblatt, Jim Simons, Paul T - A Solid Women's Retail Trade
Since Francesca’s Holdings Corp. (NASDAQ:FRAN) opened its first store in Houston, Texas less than 20 years ago, it has grown to over 670 boutiques in 48 states. The company is known for upscale, fashion-forward women’s apparel and accessories with a consumer age range between 18 and 35 years old. The boutiques stock new merchandise every five days and turns over the inventory eight to nine times a year. By comparison, Lululemon Athletica Inc. (NASDAQ:LULU) turns over four times a year, Express Inc. (EXPR) turns over six times a year and H&M (OSTO:HMB) turns over at three times a year. More...

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Here's Why You Should Pay Attention to Carter's Companys key ratios look attractive
July 23, 2017
Jim Simons,Joel Greenblatt - Here's Why You Should Pay Attention To Carter's
Carter's Inc. (NYSE:CRI), a $4.29 billion market cap company, is the largest branded marketer in the U.S. of apparel and related products exclusively for babies and young children. The company has declined earnings per share in the most recent quarter compared to the same quarter a year ago, to 95 cents from $1.04. As we can appreciate in the next chart, it has demonstrated a pattern of positive earnings-per-share growth over time. During the past fiscal year, the company increased its bottom line: Carter´s earned $5.11 versus $4.52 in the previous year. For this year, Mr. Market expects an improvement in earnings ($5.62 versus $5.11). More...

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Gap Soars 5.6% After Beating Estimates The stock rallies on the back of a positive surprise
July 13, 2017
Joel Greenblatt, Edward Lampert, Murray Stahl, Ste - Gap Soars 5.6% After Beating Estimates
The U.S. stock markets were up today, with the Dow hitting an all-time high and financial and energy stocks leading the advance. Among the winners today is Gap Inc. (NYSE:GPS). More...

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