Joel Greenblatt, 'You Can Be a Stock Market Genius Even if You're Not Too Smart: Uncover the Secret Hiding Places of Stock Market Profits' Simon & Schuster 1997 ISBN: 304 pages PDF 54,3 MB The stock-market profits that investment pro Greenblatt is chasing are found in some areas not usually considered by the average investor: spin-offs, mergers, risk arbitrage, restructurings, rights offerings, bankruptcies, liquidations, and asset sales. Greenblatt acknowledges that pursuing them will require some time, effort, patience, and experience. But he argues that because these areas are not overstudied by the analysts, possible market inefficiencies can be exploited.
He explains each area with case studies from his own experience. Librarians will love his answer to the question, 'Where can you find these special investment opportunities?' ?read, read, read?and he gives the best places to look, emphasizing that you can pirate good ideas but you still need to do your own homework. None of this should be beyond the experienced investor (Greenblatt himself says he doesn't 'like to work too hard to understand an investment'), but it is probably beyond the neophyte.?Alexander Wenner, Indiana Univ.
Lib., Bloomington Review Alan C. 'Ace' Greenburg Chairman of the Board, Bear Stearns Joel is my kind of guy - very, very long on common sense. This book is great!.
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You Can Be A Stock Market Genius Torrent
Synopsis. 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.
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.
Mergers. Rights Offerings. Recapitalizations.
Bankruptcies. Risk Arbitrage This is a practical and easy-to-use investment reference, filled with case studies, important background information, and all the tools you'll need. All it takes is a little extra time and effort - and you can be a stock market genius. Table Of Content. Contents 1. Follow the Yellow Brick Road - Then Hang a Right2.
Some Basics - Don't Leave Home Without Them3. Chips Off the Old Stock: Spinoffs, Partial Spinoffs, and Rights Offerings4.
Don't Try This at Home: Risk Arbitrage and Merger Securities5. Blood in the Streets (Hopefully, Not Yours): Bankruptcy and Restructuring6. 'Baby Needs New Shoes' Meets 'Other People's Money': Recapitalizations and Stub Stocks, LEAPS, Warrants, and Options7. Seeing the Trees Through the Forest8. All the Fun's in Getting ThereAppendix: Gotham CapitalGlossaryIndex. Install winning eleven.
“Perhaps, since the measurement of potential gain and loss from a particular stock is so subjective, it is easier, if you are a professional or academic, to use a concept like volatility as a substitute or a replacement for risk than to use some other measure. Whatever the reason for everyone else’s general abdication of common sense, your job remains to quantify, by some measure, a stock’s upside and downside. This is such an imprecise and difficult task, though, that a proxy of your own may well be in order.” ―.
Overview This book will show you how to uncover the investment opportunities that the experts are actually trained to miss. You'll learn the hidden value and the incredible profits that lie waiting in those uncharted areas where the individual investor has a huge advantage over the Wall Street pros. This is not a book full of theoretical possibilities. It is a guide to finding those special situations in which big profits are possible. It's all here including specific case studies, the background information you need, and the tools use.
This book is for those who cannot resist the idea of wanting to outperform the market averages. For most people, that's dumb idea. And indexed mutual funds would be a better choice. But if you are willing to roll up your sleeves, put on your green eyeshade and look at things differently, Mr. Greenblatt's approach is a very valid one. If you read only one of Mr.
Greenblatt's books about investing (the other one is The Little Book That Beats the Market), read this one. You'll make more money with this one.
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You can be a Stock Market Genius has the simplest explanation for special situations investing involving unusual securities that I have seen for the lay person. For most people, this book will be a lot to chew on. I suggest that you start by simply trying to understand and apply one idea in the book. Such as finding under priced small spin-off stocks.
After you get the handle on that one, go on to another approach that interests you. I have worked for over three decades helping companies design these new securities that fascinate Mr.
Greenblatt so much. From that experience, I'm constantly amazed at how stupidly most corporate finance departments and investment banks pursue these new structures. I suspect that the answer is that the heavy brainpower is saved for more profitable work like M & A. As a result, you will almost always find a great investment opportunity if you look at unusual securities. I encourage you to begin by spending a half hour getting the background on any unusual transaction you read about. You can also improve on this book by doing more precise measurements of securities values (if you have the background to do that), but for many severely undervalued securities Mr.
Greenblatt's approach of taking guesses about what a reasonable value is will work just fine. Although the examples are older, these kinds of opportunities still abound in most categories he discusses (stub stocks are the exception). Greenblatt has a real talent for putting his cases together to make them easier to understand. In a world filled with mutual fund managers who make millions for underperforming the S & P over the duration of their careers, students of investing should always ask to see a teacher's audited investment results before listening to a word. Joel Greenblatt produced 50%+ annual returns over ten years.
To put this superlative performance in context, it is better than Warren Buffet's. Quite simply: Greenblatt is an investing master and his teachings are worthy of special consideration.The pleasure of this book is its simplicity.
The kind of rigorous homework Greenblatt suggests is not easy to do in practice, but this is a key reason why it can be such fruitful work to do. Greenblatt's logic is driven by simple, fundamental and powerful truths: a) investing only in your best few ideas tends to lead to a higher quality portfolio, b) doing work where others are not contributes to an investment edge and c) there is statistical evidence to show that value investing and special situations outperform the broader market over time. The book is filled with humor, common sense and a lot of investing wisdom. Greenblatt has opened the door, students must walk through it themselves. I was in Joel Greenblatt's class at Columbia and he assigned this book. It is by far the most useful equity investing book I've ever read.
You can't argue with the success of Special Situation investing or with his track record. He gives real life examples showing his thought process and by the end of the book you realize there is no 'trick.' It's just keeping your eyes open to these situations and realizing that in many cases the individual investor has a distinct advantage over the institutions that have size and style constraints regarding their investing. Okay, so the title of the book leaves something to be desired, but that is the ONLY part of this book that falls short. Joel Greenblatt has written an excellent book on profiting from special situations. That's fortunate for the rest of us, since so far as I can tell, this is the ONLY book that provides an overview of event-driven investing. Note that I said 'overview'-it's by no means definitive, nor does it claim to be.
Certainly more rigorous treatments of risk arbitrage exist. However, this is the only book I'm aware of that is dedicated to explaining merger securities, spinoffs, recapitalizations, bankruptcy and yes, risk arbitrage.The book's format is well thought out: each chapter explains the how and why of investing in one particular corporate event, and then utilizes case studies to ram the point home.
The case studies are interesting, reading at times like a novel. The tone is lighthearted and endearing throughout, and the frequent jokes, although usually kitschy, hit the mark nonetheless. (One gem: 'There are three types of people in the world-those who can count, and those who can't.' )This book is not for everyone, however. Beginners should first read Peter Lynch, Ben Graham, and Phillip Fisher before tackling this one. Greenblatt assumes a reasonable degree of comfort with financial statements and value investing strategies on the part of the reader.
The use of LEAPS and options in special situations is covered, but should be avoided by all save for the most advanced investors (as per the author's advice). Also, professionals working in the field of event-driven investments would probably find little they did not already know. That being said, the book reads quickly, so a pro would be little disadvantaged for reading it.Finally, it's nice to know that the author can walk the walk as well as talk the talk.
Greenblatt publishes his firm's audited returns over a ten-year period at the end of the book, and they are out of this world. We're talking an average annual return of 50% for ten years.
This book is not a case of 'Those who can, do; those who can't, teach.' Greenblatt can, and he does.Highly recommended. This is an amazingly generous roadmap to lesser-known corners of the securities market.
When I first picked it up about 2 years ago, I was terribly disappointed because all the strategies Greenblatt describes require a fair amount of WORK and careful thought -and it was my impression that 'Stock Market Genius' entailed effortless wizardry! But the work is contagious and engaging (like digging for buried treasure, as aptly described by Joel Greenblatt).Despite the book's schleppy and seemingly unrealistic title, Greenblatt's descriptions are wonderfully realistic and honest. In particular, although I've looked for other resources on spinoff investment strategies, everything you really need to know is in this book. The author's style is flippant but endearing, and the reader will get more than his/her money's worth from the ideas described in this book.
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 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. I read this book because, according to ' by Michael Lewis, some of the clever people who foresaw and profited from the financial collapse used this book as a how-to reference guide to investing. I just finished reading it, and haven't tried any of the techniques, but they all seem to make sense. Starting from a Benjamin Graham/Warren Buffet value-investing view that recommends investing in stocks that are undervalued by the market, author Joel Greenblatt recommends certain situation I read this book because, according to ' by Michael Lewis, some of the clever people who foresaw and profited from the financial collapse used this book as a how-to reference guide to investing.
I just finished reading it, and haven't tried any of the techniques, but they all seem to make sense. Starting from a Benjamin Graham/Warren Buffet value-investing view that recommends investing in stocks that are undervalued by the market, author Joel Greenblatt recommends certain situations where an undervaluation is most likely to be found - spinoffs, any financial instrument other than common stock that is given as consideration in a merger, post-bankruptcy common stock of good companies, restructurings, recapitalizations, and call options.
Greenblatt, towards the end of the book, lists other books that give good investment advice, books that teach you how to read a financial statement, and which publications to review for financial news and investment ideas. All in all, a good read. Now I'm going to see if any of the advice works. So glad that I am a stock market genius now.:D I started reading it because it was mentioned a couple of times in 'The Big Short' by Michael Lewis and most of the people who emerged winners in the 2008 downturn had vowed by this book.
The book highlights the special situations where value waiting to be unraveled. The author does a great job of describing all the situations in great detail. Though this is supposed to be a beginner's book, it would make a wonderful read for anybody who is interest So glad that I am a stock market genius now.:D I started reading it because it was mentioned a couple of times in 'The Big Short' by Michael Lewis and most of the people who emerged winners in the 2008 downturn had vowed by this book. The book highlights the special situations where value waiting to be unraveled.
The author does a great job of describing all the situations in great detail. Though this is supposed to be a beginner's book, it would make a wonderful read for anybody who is interested in markets. The best part of this book are the case studies that illustrate everything that the author has to say. Also, where the author suggests working on the financials yourselves and says, 'You must be paid for your hard work and not only for the risk that you take.'
The humour sprinkled around in the book is quite enjoyable (esp. The bit about Pythagoras theorem). Sadly, one doubts whether in the Indian context, the filings/proforma statements make as much sense, are as reliable and reveal as many details as they do in US. Still, I'd be on the hunt for some of the special situations mentioned here. This is the best book I've been able to find on event-driven investing. Greenblatt addresses mergers, spinoffs, recapitalizations, etc. What's more, he explains to the reader why these situations create so much opportunity.
For example, spinoffs can divest a company's interest in a relatively small business or a business that is unrelated to their main business. Shareholders often unload the shares because they don't understand the smaller business or, for mutual funds, are forced sell due to th This is the best book I've been able to find on event-driven investing. Greenblatt addresses mergers, spinoffs, recapitalizations, etc. What's more, he explains to the reader why these situations create so much opportunity. For example, spinoffs can divest a company's interest in a relatively small business or a business that is unrelated to their main business.
Shareholders often unload the shares because they don't understand the smaller business or, for mutual funds, are forced sell due to the limits of their prospectus (limited region, market cap, etc.). Have you read 'The Big Short'?
I got the reference for this book from it, yet never got a chance to sit down and actually read it. My main concern about the book was that it was published to long ago, before the crisis, before the modern stock exchange rules and terminologies. Still, I decided to give it a try. It was absolutely worth it. The book is not selling you some mambo-jumbo crap on how to get rich in a minute, it provides you with the way of thinking. An easy read (if you are familiar Have you read 'The Big Short'?
I got the reference for this book from it, yet never got a chance to sit down and actually read it. My main concern about the book was that it was published to long ago, before the crisis, before the modern stock exchange rules and terminologies. Still, I decided to give it a try.
It was absolutely worth it. The book is not selling you some mambo-jumbo crap on how to get rich in a minute, it provides you with the way of thinking. An easy read (if you are familiar with basic financial concepts) with a lot of humor and real life stories. This book literally made me laugh on numerous occasions and that made the reading even simpler and that much more enjoyable. Highly recommended. Grain of salt - I never played 'The Game' so can't verify how effective it is.
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An excellent book overall. Very different from almost all other value investing books as it focuses on finding special situations to invest in. This book really opened up my eyes to some new areas opportunities that I should be looking. Once you've read the classic value investing texts it's great to discover something like this that helps investors discovers new hunting ground. Value investors should always be on the lookout for unchartered territory and this book opens up your eyes to some An excellent book overall. Very different from almost all other value investing books as it focuses on finding special situations to invest in.
This book really opened up my eyes to some new areas opportunities that I should be looking. Once you've read the classic value investing texts it's great to discover something like this that helps investors discovers new hunting ground. Value investors should always be on the lookout for unchartered territory and this book opens up your eyes to some potentially neglected corners of the market. Also many investing books are written by financial journalists or people without a great track record themselves. However this book like a couple of others (for example those written by Peter Lynch and Howard Marks) is written by one of the most successful investors in the world so the information contained in the book can be considered very credible. Joel Greenblatt is a giant of the investment world and his investment track record speaks volumes about his skill as an investor.
To me this makes an investment book more compelling as the the knowledge is first hand and there is real wisdom in the writing. A must read for all investors. One star taken off for writing style and lots of repetition (sometimes unnecessarily). The content though, regardless of this, is first class and this book deserves to be read.
An awesome book for people trying to make their mark on the stock market. Joel Greenblatt explains in a very simple manner the complexities of investing in stock market. The book does not answer the 'how' part of investing, it does not talk about the mechanisms of the stock market. Rather, it caters to a more fundamental question: the 'when' and 'where' to invest. The author, from his experience, has highlighted extraordinary events like spin-offs, mergers, restructurings etc where people can ma An awesome book for people trying to make their mark on the stock market. Joel Greenblatt explains in a very simple manner the complexities of investing in stock market. The book does not answer the 'how' part of investing, it does not talk about the mechanisms of the stock market.
Rather, it caters to a more fundamental question: the 'when' and 'where' to invest. The author, from his experience, has highlighted extraordinary events like spin-offs, mergers, restructurings etc where people can make easy money. This is mainly because all the shareholders fell bearish at such an event and the securities are available at a discounted price due to heavy selling. The author also explains the key information one must look for when deciding whether to invest or not, like the level of debt being transferred, insider/management ownership etc.
Identifying where to invest becomes very easy with this approach. But knowing when to get out of the trade remains to astonish much of the investor community. The author, with the descriptions of his trades, has outlined a framework for this task.
Undoubtingly, this book should be on the shelves of each and every stock market whiz. Originally published in 1997, 1CYou Can Be A Stock Market Genius 1D remains popular today and is enthusiastically endorsed in a number of reviews on the internet. The author, Joel Greenblatt, ran hedge fund Gotham Capital racking up a 50% average annual return over a 10 year period spanning the mid 80 19s to the mid 90 19s. 1CYou Can Be A Stock Market Genius 1D reveals how he did it and suggests that a motivated individual could do it too, even if he wasn 19t all that smart.
Greenblatt has s Originally published in 1997, 1CYou Can Be A Stock Market Genius 1D remains popular today and is enthusiastically endorsed in a number of reviews on the internet. The author, Joel Greenblatt, ran hedge fund Gotham Capital racking up a 50% average annual return over a 10 year period spanning the mid 80 19s to the mid 90 19s. 1CYou Can Be A Stock Market Genius 1D reveals how he did it and suggests that a motivated individual could do it too, even if he wasn 19t all that smart.
Greenblatt has since acknowledged in subsequent books that these methods require more work than the average individual investor can muster. His two subsequent books 1CThe Little Book That Beats the Market 1D and 1CThe Big Secret for the Small Investor 1D suggest stock screening methods that outperform the market without much effort from the individual. Overall, a very well written and straight forward book on investing. This book has opened up a whole new area of investment that was unknown to me. And while I might fail at implementing some of these strategies, I am very excited to at least start the process of trying to uncover some hidden opportunities. Joel Greenblatt gives you a disciplined approach to seeking out bargains that ultimately seems to pay off. With a bit of time and effort, the average investor can gain from the strategies in t Overall, a very well written and straight forward book on investing.
This book has opened up a whole new area of investment that was unknown to me. And while I might fail at implementing some of these strategies, I am very excited to at least start the process of trying to uncover some hidden opportunities. Joel Greenblatt gives you a disciplined approach to seeking out bargains that ultimately seems to pay off. With a bit of time and effort, the average investor can gain from the strategies in this book. Now it's time for me to go ahead and try!