A comprehensive and practical guide to the stock market from a successful fund manager—filled with case studies, important background information, and all the tools you’ll need to become a stock market genius.

Fund manager Joel Greenblatt has been beating the Dow (with returns of 50 percent a year) for more than a decade. And now, in this highly accessible guide, he’s going to show you how to do it, too. You’re about to discover investment opportunities that portfolio managers, business-school professors, and top investment experts regularly miss—uncharted areas where the individual investor has a huge advantage over the Wall Street wizards. Here is your personal treasure map to special situations in which big profits are possible, including:

· Spin-offs
· Restructurings
· Merger Securities
· Rights Offerings
· Recapitalizations
· Bankruptcies
· Risk Arbitrage

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Let a top hedge fund manager, Columbia business school professor, former Fortune 500 chairman and New York Times bestselling author take you on a journey that will reveal the Big Secret for both individual and professional investors.

Based on path-breaking new research, find out how anyone can beat the market, the index funds and the experts by following a new approach that relies on the principles of value investing, common sense and quantitative discipline. Along the way, learn where “value” comes from, how markets work, and what really happens on Wall Street. By journey’s end, small investors (and even not-so-small investors) will have found their way to some excellent new investment choices.

Reviews

Fortunately for readers, not the author, The Big Secret is likely to remain a secret
I would recommend this book to all readers, both individual and professional investors, who seek to achieve relative out-performance. While the proposed solution is most suitable to passive investors, the principles and investment framework are equally of value to professional money managers (although the latter may further benefit from reading Greenblatt’s earlier works).

“The Big Secret” is a simple and relatively concise view into exactly why the majority of active managers underperform the market averages over time, net of fees; and why disciplined adherence to the proposed solution will likely result in significant out-performance by the small investor. The professional money manager will be equally well served by reviewing the insights into the greatest stumbling blocks obstructing the path to successful money management (as well as suggestions for surmounting and avoiding those obstacles).

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The United States is supposed to offer economic opportunity to everyone. It shouldn’t take a worldwide pandemic and nationwide protests to bring economic and racial inequality to the forefront of problems we desperately need to solve. But now that the opportunity is here, what should we do? How can we create more equality, opportunity, and growth for everyone? Not someday, but what can government and the private sector do right now to disrupt a status quo that almost everyone wants to change?

In Common Sense, the New York Times best-selling author Joel Greenblatt offers an investor’s perspective on building an economy that truly works for everyone. With dry wit and engaging storytelling, he makes a lively and provocative case for disruptive new approaches―some drawn from personal experience, some from the outside looking in. How can leading corporations immediately disrupt our education establishment while creating high-paying job opportunities for those currently left behind? If we want a living wage for everyone, how can we afford it while using an existing program to get it done now? If we subsidize banks, what simple changes can we make to the way we capitalize and regulate them to help grow the economy, increase access, and create more jobs (while keeping the risks and benefits where they belong)? Greenblatt also explains how dramatically increasing immigration would be like giving every American a giant bonus and the reason Australia might be the best place to learn about saving for retirement.

Not everyone will agree with what Greenblatt has to say―but all of us can benefit from the conversations he aims to start.

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Two years in MBA school won’t teach you how to double the market’s return. Two hours with The Little Book That Beats the Market will.

In The Little Book, Joel Greenblatt, Founder and Managing Partner at Gotham Capital (with average annualized returns of 40% for over 20 years), does more than simply set out the basic principles for successful stock market investing. He provides a “magic formula” that is easy to use and makes buying good companies at bargain prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. You’ll learn how to use this low risk method to beat the market and professional managers by a wide margin. You’ll also learn how to view the stock market, why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone “knows” it.

Reviews

In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market—a New York Times bestseller with 300,000 copies in print—Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author’s time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6^th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You’ll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone “knows” it.

While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step-by-step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market.

As the Wall Street Journal stated about the original edition, “Mr. Greenblatt…says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His ‘Little Book’ is one of the best, clearest guides to value investing out there.”

“Simply perfect. One of the most important investment books of the last 50 years!”
―Michael Price

“A landmark book―a stunningly simple and low-risk way to significantly beat the market!”
―Michael Steinhardt, the Dean of Wall Street hedge fund managers

“This book is the finest simple distillation of modern value investing principles ever written. It should be mandatory reading for all serious investorsfrom the fourth grade on up.”
―Professor Bruce Greenwald, Director of the Heilbrunn Center for Graham and Dodd Investing, Columbia Business School

“The book unquestionably makes good on its promises.”
―SmartMoney

“Greenblatt delivers admirably . . . it contains one of the clearest, most entertaining explanations you’ll ever see of the ideas underlying value investing.”
―International Herald Tribune

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