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You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits [Paperback]

Joel Greenblatt
4.2 out of 5 stars  See all reviews (86 customer reviews)

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Book Description

February 25, 1999
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.


Frequently Bought Together

You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits + The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) + One Up On Wall Street: How To Use What You Already Know To Make Money In The Market
Price for all three: $43.65

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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. --This text refers to an out of print or unavailable edition of this title.

Review

The Wall Street Journal Joel Greenblatt can indeed teach you about the market and how fortunes can be made there.

Andrew Tobias bestselling author of The Only Investment Guide You'll Ever Need I hope few investors will read this smart, sophisticated, fun book. I don't want competition profiting from its very real insights.

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

  • Paperback: 304 pages
  • Publisher: Touchstone; 1st Fireside Ed edition (February 25, 1999)
  • Language: English
  • ISBN-10: 0684840073
  • ISBN-13: 978-0684840079
  • Product Dimensions: 5.3 x 0.7 x 8.5 inches
  • Shipping Weight: 7.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (86 customer reviews)
  • Amazon Best Sellers Rank: #11,677 in Books (See Top 100 in Books)

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.

Customer Reviews

The book is written well with lots of humor throughout. Rich Johnson  |  23 reviewers made a similar statement
This book provides a great overview for investing in special situations. Ben  |  26 reviewers made a similar statement
This book is simply a joy to read. Gavin S. Lawson  |  8 reviewers made a similar statement
Most Helpful Customer Reviews
179 of 183 people found the following review helpful
By Mike S.
Format:Paperback|Amazon 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.

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.

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51 of 52 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. 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). Mr. Greenblatt has a real talent for putting his cases together to make them easier to understand.

Have a ball!
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71 of 76 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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Most Recent Customer Reviews
5.0 out of 5 stars Joel is a genius
Though the book suggest you can be a stock market genius, but in my opinion, the author himself is a real genius to put together a great book like that. Read more
Published 18 days ago by F. Chan
5.0 out of 5 stars Never Mind the Title
Mr. Greenblatt shares wisdom for enterprising investors at all levels, showing readers where to look for special situations, the opportunities in the headlines, in plain view, yet... Read more
Published 20 days ago by Terry Wong
5.0 out of 5 stars Complicated, Consuming, Lots of Work... I LOVE IT!
I was first introduced to Mr. Greenblatt's work when I read "The Little Book That Beats The Market". That book is also a classic that should be in everybody's personal library. Read more
Published 2 months ago by The Contrarian
2.0 out of 5 stars Not Worth It
There is more wisdom in a single page of Benjamin Graham than in this entire book. If you're purchasing this in the hopes of becoming a 'stock market genius', whatever that is, you... Read more
Published 2 months ago by Sarah
5.0 out of 5 stars A great read for the investor
A lot of investing wisdom contained in this book. Following the advice contained within will give the investor a better chance of profitability. I recommend it.
Published 2 months ago by Michael Rawl
5.0 out of 5 stars Great
This is probably my favorite book on investing. The strategies employed are not for new investors but I would assume the book is an easy read for almost anyone. Read more
Published 2 months ago by pleased
4.0 out of 5 stars Insightful
For investor with some knowledge and experience who wants to consider some new investing theories. Very well written. Read more
Published 3 months ago by Ava Feiner
4.0 out of 5 stars Very solid read.
This book was very good. Greenblatt provides a lot of insight into spin offs and other investment opportunities. I would recommend reading The Intelligent Investor first.
Published 3 months ago by carlos
4.0 out of 5 stars Interesting idea
This book focuses on one scenario (spin-offs). His basic thesis and his advice is actually quite good. Read more
Published 3 months ago by Larry R. Iverson
2.0 out of 5 stars Not Much There
As someone who has read dozens of investing books over the past 25 years, this one will not stay on my shelf. Read more
Published 4 months ago by Greywolf
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