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You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits Paperback – February 25, 1999
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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.
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!
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It was an incredibly insightful book, with humor inserted here and there, keeping it from being an extremely boring read like something written by Benjamin Graham. There are many useful ideas that I was able to take away to further enhance my rapidly evolving investment strategy. I would highly recommend reading this book, no matter what your level of experience is.
Classic value investing books like Intelligent Investor tells you *what* value investing is (i.e. buying businesses at a big discount to intrinsic value). Joel Greenblatt book tells you *why* these situations exist (index inclusion/exclusion, spin-offs, restructurings etc.) and *how* to identify these situations and recognize the catalysts that will bring a stock's price back closer to intrinsic value.
The main criticism I see in the reviews are:
1) The writing it too advanced, the situations are complicated and it takes too much work to profit from these situations.
2) There is no standardized formula for the novice investor to follow
My responses would be:
1) If it was easy, everybody would be a billionaire. It definitely requires a lot of work, identifying situations and reading lots of regulatory filings to figure out the nuances of certain transactions/situations. That is also why decades after this book was published, people can still find these situations to generate abnormal returns - precisely because many investors may not be willing to be in the time, effort and work into it.
2) Joel Greenblatt has since written the magic formula books for novice investors to follow. That "works" to a certain extent to give you better than average results but not the potential for phenomenal return situations identified in this book. Again it is an effort/reward thing.
Seriously, you can't expect to read one book, put in no effort, and make boatloads of money from the stock market. This book gives you many of the tools you need, IF you're willing to put in the blood, sweat and tears into your investing endeavour.