Joel Greenblatt Amerikalı bir akademi, riskten korunma fonu yöneticisi, yatırımcı ve yazardır. Değerli bir yatırımcı, Pennsylvania Üniversitesi Wharton Okulu mezunu ve Columbia Üniversitesi İşletme Enstitüsü'nde profesör. Eşi Robert Goldstein ile Gotham Funds'u yönetiyor.
1. Most people and businesses can’t find investments that will earn very high rates of return. A company that can earn a high return on capital is therefore very special.
2. Companies that earn a high return on capital may also have the opportunity to invest some or all of their profits at a high rate of return. This opportunity is very valuable. It can contribute to a high rate of earnings growth.
3. 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.
4. By eliminating companies that earn ordinary or poor returns on capital, the magic formula starts with a group of companies that have a high return on capital. It then tries to buy these above-average companies at below-average prices.
5. Since the magic formula makes overwhelming sense, we should be able to stick with it during good times and bad.
By eliminating companies that earn ordinary or poor returns on capital, the magic formula starts with a group of companies that have a high return on capital.