Hakkında
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.
Unvan:
Yazar
Doğum:
Great Neck, New York, ABD, 13 Aralık 1957
Okurlar
6 okur okudu.
2 okur okuyacak.
Sözler ve Alıntılar
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.
Sayfa 111Kitabı okudu
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.
After more than 25 years of investing professionally and after 9 years of teaching at an Ivy League business school, I am convinced of at least two things:
1. If you really want to “beat the market,” most professionals and academics can’t help you, and
2. That leaves only one real alternative: You must do it yourself.
Sayfa 21Kitabı okudu
Option 1: MagicFormulaInvesting.com
Step 1
Go to magicformulainvesting.com.
Step 2
Follow the instructions for choosing company size (e.g., companies with market capitalizations over $50 million, or over $200 million, or over $1 billion, etc.). For most individuals, companies with market capitalizations above $50 million or $100 million should be of sufficient size.
Step 3
Follow the instructions to obtain a list of top-ranked magic formula companies.
Step 4
Buy five to seven top-ranked companies. To start, invest only 20 to 33 percent of the money you intend to invest during the first year (for smaller amounts of capital, lower priced Web brokers such as foliofn.com, buyandhold.com, and scottrade.com may be a good place to start).
Step 5
Repeat Step 4 every two to three months until you have invested all of the money you have chosen to allocate to your magic formula portfolio. After 9 or 10 months, this should result in a portfolio of 20 to 30 stocks (e.g., seven stocks every three months, five or six stocks every two months).
Step 6
Sell each stock after holding it for one year. For taxable accounts, sell winners after holding them a few days more than one year and sell losers after holding them a few days less than one year (as previously described). Use the proceeds from any sale and any additional investment money to replace the sold companies with an equal number of new magic formula selections (Step 4).
Step 7
Continue this process for many years. Remember, you must be committed to continuing this process for a minimum of three to five years, regardless of results. Otherwise, you will most likely quit before the magic formula has a chance to work!
Step 8
Feel free to write and thank me.
In short, 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.
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