I should have known Greenblatt early. I should have read this book at the beginning of my investment.
The investment method of the Greenblatt is simple but concise. Greenblatt places great emphasis on the returns on capital and the earnings yield in the selection of stocks. I am wondering what's the correct and admitted formula of the return on capital. There is another vision of formula on wikipedia about return on capital. anyway, This does not matter. As greenblatt always show off in the book, he is unique and defend himself by the remarkable return of his 30 stocks portfolio.
He called his method "the magic formula". The formula is so easy that I hardly believe it. Graham, fisher,warran, greenblatt, these talented value-investors are always true except that they invariably sum their investment theory and convert it into a very, pretty, extraordinary simple and easy ideas that convince us mediocrities that we can simply use these ideas to beat the market, professional investors and institutional investors. This is a funny and hopeful story. maybe, it is just the so-called "white lie".
this maybe a little of pessimistic. it seems that I sink into the theory "random walk". however, this is not the fact. I am the so-called value-investor, because I just can't figure out a better way to beat the market. it is not whether Graham and warran is true or false
that matters. what matters is that we can not be another Warran.
So, please allow me to quote a passage written or said by Greenblatt as the ending.
"There are no flaws in the investment methods of Warren Buffett or Peter Lynch. The problem is that you are not likely to be the next Buffett or Lynch. Investing in great businesses at good prices makes sense. Figuring out which are the great ones is the tough part. Monopoly newspapers and network broadcasters were once considered near-perfect businesses; then new forms of competition and the last recession brought those businesses a little bit closer to earth. The world is a complicated and competitive place. It is only getting more so. The challenges you face in choosing the few stellar businesses that will stand out in the future will be even harder than the ones faced by Buffett when he was building his fortue. Are you up to the task? Do you have to be?"
Are you up to the task? Do you have to be?
估计很多语法错误,好久没写英文了啊。
the little book that can not beat the market.
对“the little book that can not beat the market.”的回应
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书名: 股市稳赚
作者: [美] 乔尔·格林布拉特
出版社: 中信出版社
原作名: The Little Book That Beats the Market
副标题: 战胜市场的小册子
译者: 李佳 | 卢晓晖
出版年: 2007-4
页数: 181
定价: 18.00元
ISBN: 9787508608372
