About
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.
Title:
Yazar
Birth:
Great Neck, New York, ABD, 13 December 1957
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Quotes
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
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
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.
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.
The formula starts with a list of the largest 3,500 companies available for trading on one of the major U.S. stock exchanges.* It then assigns a rank to those companies, from 1 to 3,500, based on their return on capital. The company whose business had the highest return on capital would be assigned a rank of 1, and the company with the lowest return on capital (probably a company actually losing money) would receive a rank of 3,500. Similarly, the company that had the 232nd best return on capital would be assigned a rank of 232.
Sayfa 77Kitabı okudu
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