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You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market P [Kindle Edition]

Joel Greenblatt
4.1 out of 5 stars  See all reviews (102 customer reviews)

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Book Description

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


Editorial Reviews

From Library Journal

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
Copyright 1997 Reed Business Information, Inc.

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!

Product Details


Customer Reviews

Most Helpful Customer Reviews
198 of 202 people found the following review helpful
Format:Paperback|Verified Purchase
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.
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54 of 55 people found the following review helpful
Format:Paperback
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.

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.
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75 of 80 people found the following review helpful
5.0 out of 5 stars Terrific Read Despite the Schleppy Title May 5, 2000
Format:Paperback
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.
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18 of 18 people found the following review helpful
4.0 out of 5 stars A great read June 28, 2006
Format:Paperback
The ONLY reason I read this book was that it was recommended by some trusted sources - as others have noticed, the title is horrendous and highlighted when coupled with the gaudy yellow cover. In particular, the title makes me think of late night informercials promising easy rewards in real estate with no money down. Fortunately, the content of the book more than makes up for the title.

Greenblatt's methods ultimately stem from the "intrinsic value" and "margin of safety" ideas developed by Benjamen Graham (see "Security Analysis" and "the Intelligent Investor"). However, in somewhat of a nod to adherents of the efficient market theory, Greenblatt focuses his energies on areas that are subject to less scrutiny, and hence, less likely to be efficiently priced by the stock market. He notes, for example, that many institutional investors are prohibited from owning certain kinds of securities (e.g., a stock index fund can't own bonds), and that investors that receive securities in some transactions may not desire to hold them. By researching companies that are involved in "special situations," Greenblatt theorizes that investors can uncover stocks that are worth more than their current market value. To this end, the book covers opportunities with spin-offs, bankruptcies, restructurings, rights offerings, re-capitalizations, merger securities and companies going private.

Although Greenblatt is clearly an intellectual heir to Benjamin Graham, one of the great things about this book is that is provides a theory, albeit a time-consuming one, whereby investors can uncover their own opportunities. IMHO, formulaic investing is unlikely to work over the long-haul, because a sucessful formula that is too simple to replicate will tend to draw competition.
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Most Recent Customer Reviews
3.0 out of 5 stars Good information, hard to read
Even though I like other publications from Joel Greenblatt, I didn't find this book to be a compelling read. Read more
Published 11 days ago by MFSI
4.0 out of 5 stars Higher Concept Trading Ideas that most people miss.
Very Entertaining Book. Good stories to support trading ideas. Joel is a higher concepts person with regard to his ideas. Read more
Published 2 months ago by George D. Minton
5.0 out of 5 stars Bible of special opportunity investing
In this short-but-sweet book, Greenblatt introduces investors to special opportunities that can get overlooked by others, leading to outsized profits. Read more
Published 2 months ago by Amazon Customer
5.0 out of 5 stars The title may sound cheesy but the book is highly valuable and...
Great book about special situation investing with many examples and cases. Many tips on where to look for opportunities. An easy read on quite complex things.
Published 3 months ago by Tomasz Hondo
5.0 out of 5 stars Great book
Simple and directly to the point. This book is a must even for the more seasoned investors alike. I can't speak highly enough about it.
Published 4 months ago by Simon
5.0 out of 5 stars Dont let the stupid title fool you
This could be one of the best books on investing I have ever read, I especially loved the case studies on spin offs.
Published 5 months ago by Scott Coverley
2.0 out of 5 stars This is ok
This book is ok, but there are a lot of other better books that I would recommend like Motley Fools book is a lot more easier to read and understand.
Published 6 months ago by cholla58
5.0 out of 5 stars Layman's guide to earning big profits
Simple effective strategies . Easy read that should help any beginner or experienced investor . Good information that will make a difference
Published 9 months ago by gregory clark
5.0 out of 5 stars At the right place at the right time
With this his first book, superstar investor Joel Greenblatt tried to bring the process that gave him his early success to the general public. Read more
Published 9 months ago by investingbythebooks
5.0 out of 5 stars One of the greatest investing books of all time
One of the greatest investing books of all time. Someone once told me that the book title is in reference to its subject matter. Read more
Published 10 months ago by Dan
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More About the Author

Joel Greenblatt is the founder and a managing partner of Gotham Capital, a private investment partnership that has achieved 40% annualized returns since its inception in 1985. He is a professor on the adjunct faculty of Columbia Business School, the former chairman of the board of a Fortune 500 company, the cofounder of the Value Investors Club website, and the author of You Can Be a Stock Market Genius. Greenblatt holds a BS and an MBA from the Wharton School.

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