- Hardcover: 160 pages
- Publisher: Crown Business (April 12 2011)
- Language: English
- ISBN-10: 0385525079
- ISBN-13: 978-0385525077
- Product Dimensions: 13.3 x 1.8 x 19.8 cm
- Shipping Weight: 181 g
- Average Customer Review: 7 customer reviews
- Amazon Bestsellers Rank: #541,901 in Books (See Top 100 in Books)
The Big Secret for the Small Investor: A New Route to Long-Term Investment Success Hardcover – Apr 12 2011
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About the Author
JOEL GREENBLATT is the founder of Gotham Capital, an investment partnership that achieved 40 percent annualized returns for the twenty years after its founding in 1985. He is a professor on the adjunct faculty of Columbia Business School, a managing principal and co-CIO of Gotham Asset Management, the former chairman of the board of a Fortune 500 company, and the author of You Can Be a Stock Market Genius and The Little Book That Beats the Market. Greenblatt holds a BS and MBA from the Wharton School at the University of Pennsylvania.
Top customer reviews
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Joel Greenblatt is a respected Value Investor, but in my opinion does more harm with this book... than good.
As a sculptor I remember my initial enthusiasm of finding a set of chisels at a flea market. I rushed to get them home to try out on wood, and was bitterly disappointed. Instead of a bargain I had a bought a cheap set of chisels that barely cut wood. Luckily I persisted and learned a good chisel cost between $30-$60 and if kept sharp makes carving a wonderful experience.
This book is a blunt chisel. He first tells you can't beat the market... but then you can. Then he teaches you a hard equation, and tells you that you don't need to know this... then tells you ....'This is what the professionals do, and see how hard and futile it is to predict the future with equation.'
I love value investing, and was annoyed by this book... .go find a sharp chisel, and stay away from Joel.. he is not the sharpest tool in the shed.
I liked Mr. Greenblatt's earlier books a lot better than this one. They contained more useful information.
In terms of his advice for "what to do," this book could have easily been written as a short article.
So what is in the book? Well, it's mostly an explanation of "what not to do" along the lines of the advice that Vanguard founder John Bogle has been sharing for decades. Mr. Bogle, however, does it better.
Like a lot of investment advice, the superiority of what's described here is based on a fairly brief period of back testing. As a result, it may not work nearly as well in the future.
I would normally tell you what the two pieces of advice are, but that would kill any likelihood that you would read the book for yourself. I'm sorry. I can't do that to a serious author.
Here's a hint to reward you for reading my review: If you are in a hurry, you can start on page 113 and stop on page 147. Be sure to check out the Web site mentioned on page 153. That's all you really need.
In considering any advice about investing in stocks now, realize that many market students are pessimistic about how much can be made in equities based in developed countries in the next 10 to 15 years.
There isn't any new idea in this book, it is a very high level walk through of value investing concepts that is probably targeted at people who know nothing about investing. The tone of this book makes me feel like a child, kind of annoying. I haven't read Joel Greenblatt's other books, so I don't know if that's his writing style, but I'd rather the author treated me like an intelligent adult.
Overall, there's nothing wrong with the concepts in the book. There's just isn't a lot. So if you are thinking about this book, make sure you "Look inside" or go to a local bookstore and flip through it first. Otherwise, you will be wasting your money.
OTOH, some of the advice here does not differ from advice you'll hear elsewhere on value investing, and is not necessarily bad. The style is also relatively engaging.
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