Joel Greenblatt Quotes
101 Joel Greenblatt Quotes
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A higher earnings yield is better than a lower one.
Joel Greenblatt
Buying a share of a good business is better than buying a share of a bad business.
Joel Greenblatt
Businesses that earn a high return on capital are better than businesses that earn a low return on capital.
Joel Greenblatt
Buying good businesses at bargain prices is the secret to making lots of money.
Joel Greenblatt
Companies that achieve a high return on capital are likely to have a special advantage of some kind. That special advantage keeps competitors from destroying the ability to earn above-average profits.
Joel Greenblatt
Limit your stock investments to a small number of ‘good’ companies that are available at bargain levels.
Joel Greenblatt
The more confidence I have in each one of my stock picks, the fewer companies I need to own in my portfolio to feel comfortable.
Joel Greenblatt
Many studies over the years have confirmed that value-oriented strategies beat the market over longer time horizons. Several different measures of value have been shown to work. These strategies include, but are not limited to, selecting stocks based upon low ratios of price to book value, price to earnings, price to cashflow, price to dividends… these simple value strategies do not always work. However, measured over longer periods, they do. Though these strategies have been well documented over many years, most individual and professional investors do not have the patience to use them. Apparently the periods of underperformance makes them difficult – and, for some professionals, impractical to implement.
Joel Greenblatt
Another problem with these simple methods, is that, though they work well, they work far better with smaller and medium capitalisation stocks than with larger stocks. Companies that are too small for professionals to buy and that are not large enough to generate sufficient commission revenue to justify analyst coverage are more likely to be ignored or misunderstood. As a result, they are more likely to present opportunities to find bargain-priced stocks.
Joel Greenblatt
If your goal is to beat the market, an MBA or a Ph.D. from a top business school will be of virtually not help.
Joel Greenblatt
Most of Wall Street must also ignore the academics because the whole concept of getting paid for your investment advice, whether through commissions or investment advisory fees, doesn’t square too well with the idea that the advice really isn’t worth anything.
Joel Greenblatt
[Better not to buy a bad company in the first place – But] By not placing all your eggs in a buggy-whip, breast-implant, pet-rock, or huckapoo-sweater company, you can diversify that portion of your risk that comes from the misfortunes of any individual company.
Joel Greenblatt
Few people can combine the ability, knowledge, and timing to foresee and profit consistently from future events. Whether the in-laws can or cannot predict the future is beside the point; they don’t have to – they already know how to profit from studying the present.
Joel Greenblatt
If you spend your energies looking for and analysing situations not closely followed by other informed investors, your chance of finding bargains greatly increases.
Joel Greenblatt
Do your own work.
Joel Greenblatt
Don’t trust anyone over thirty.
Joel Greenblatt
Don’t trust anyone thirty or under.
Joel Greenblatt
One perennial problem is the overwhelming incentive for analysts to issue ‘Buy’ recommendations…it’s much easier to generate commissions from new ‘Buy’ recommendations than from recommendations to ‘Sell’.
Joel Greenblatt
‘Hold’ and ‘untimely’ are used instead of the more direct ‘Sell’ recommendation.
Joel Greenblatt
Your broker, trustworthy or not, has no idea how to invest your money.
Joel Greenblatt
The most successful horse players (I guess they lose the least) are the ones who don’t bet on every race but wager on only those occasions when they have a clear conviction.
Joel Greenblatt
It makes sense that if you limit your investments to those situations were you are knowledgeable and confident, and only those situations, your success rate will be very high.
Joel Greenblatt
There is no sense diluting your best ideas or favorite situations by continuing to work your way down a list of attractive opportunities.
Joel Greenblatt
Don’t screw up a perfectly good stock-market strategy by diversifying your way into mediocre returns.
Joel Greenblatt
Decisions to buy and sell stocks should be based solely on the investment merits.
Joel Greenblatt
Using past price movements as the basis for determining the riskiness of a particular stock can often lead to faulty conclusions.
Joel Greenblatt
One way to create an attractive risk/reward situation is to limit downside risk severely by investing in situations that have a large margin of safety.
Joel Greenblatt
Once you’ve gone to the trouble of finding an interesting investment in a remote corner of the market, hopefully your analysis won’t have to be any more subtle than figuring out whether an anvil fell on your head.
Joel Greenblatt
Prices fluctuate more than values—so therein lies opportunity.
Joel Greenblatt
People invest with their emotions. They process information differently.
Joel Greenblatt
You have to know what you know—Your Circle of Competence.
Joel Greenblatt
You don’t have to be the best in the world at figuring stuff out.
Joel Greenblatt
For a guy starting out there is always an opportunity to do original work.
Joel Greenblatt
Each mistake leads to better insights and subtleties.
Joel Greenblatt
You do have to do your homework.
Joel Greenblatt
You do have to have the right framework.
Joel Greenblatt
You want to work under somebody you respect. If you can I would look at it as a learning experience.
Joel Greenblatt
You have to screw up a bunch and learn from it.
Joel Greenblatt
If you can value something and buy it for cheaper than it is worth it doesn’t have to be a whole lot more complicated than that.
Joel Greenblatt
The market may not agree with you in the short term, but you have to stick it out to get right.
Joel Greenblatt
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