The Little Book That Still Beats the Market

4 valoración promedio
( 1.616 valoraciones por Goodreads )
 
9780470624159: The Little Book That Still Beats the Market

Can you spare three hours to learn how to beat the market? As unlikely as it may seem, hedge fund manager and professor Joel Greenblatt, whose investment firm has averaged 40% annual returns for over twenty years, can teach you how. You can achieve investment returns that beat the pants off even the best investment professionals and the top academics. In fact, you can learn how it's possible to more than double the annual returns of the stock market averages.

But there's more. You can do it all by yourself. You can do it with low risk. You can do it without making any predictions, and you can do it by following, step by step, a time-tested, proven "magic formula" that uses only common sense and two simple concepts. Best of all, once you are convinced that it really works you can choose to do it for the rest of your life.

A runaway bestseller even before it was published, The Little Book That Beats the Market shows how successful investing can be made easy for investors of any age. It's never too early or too late to start investing, and with Greenblatt as your guide you'll know exactly where to go and what to do. By following the clearly outlined simple steps and magic formula, you can achieve extraordinary long-term investment results with a very low level of risk.

"Sinopsis" puede pertenecer a otra edición de este libro.

Review:

In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market—a New York Times bestseller with 300,000 copies in printGreenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author’s time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You’ll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone “knows” it.

While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step-by-step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market.

As the Wall Street Journal stated about the original edition, “Mr. Greenblatt...says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His ‘Little Book’ is one of the best, clearest guides to value investing out there.”


An Exclusive Q&A with Author Joel Greenblatt

It's been five years since you first published The Little Book That Beats the Market. Have your thoughts changed at all about the effectiveness of value investing?

In my mind, the principles of value investing have not changed. As we've learned yet again, markets can be volatile and emotional. They often go to extremes of pessimism and optimism, and prices can and often do fluctuate wildly and significantly over short periods of time. As a result, Mr. Market can provide some excellent opportunities to purchase bargain priced stocks when people are unduly pessimistic. This is where value investing comes in. Buying companies below their true value is the road to being a successful investor. The magic formula found in the Little Book seeks to buy a group of above average companies but only when they are available at below average prices. Because it is a formula, it seeks to do this in an unemotional way that can take advantage of the market's mood swings. Ben Graham taught us these lessons in the 1930s and the principles still hold as well today as when he first wrote them down more than 70 years ago.

Do you think individual investors should re-think their investment strategy as a result of the recent market crash and recession?

I think the best lesson that can be learned from the recent price drop and partial recovery is that stocks are volatile. For most people, stocks should represent a portion of their investment portfolio because I still believe that over the long term they will provide superior returns relative to most alternative investments. However, whether that portion of an investment portfolio devoted to stock investments should be 40% of an investor's portfolio or 80% is a very individual decision. How much are you willing (or able) to lose before you panic out? There's no sense investing such a large portion of your assets in a long-term strategy if you can't take the pain when your chosen strategy doesn't work out for a period of years. The "magic formula" found in the book can underperform the market for years. It can also lose money if the market goes down. But it is also a strategy that makes a lot of sense and that should work well for investors over the long term.

Can you explain the Magic Formula's basic strategy in one sentence?

The Magic Formula strategy is a long-term investment strategy designed to help investors buy a group of above-average companies but only when they are available at below-average prices.

You make reference in the new afterword to receiving a number of emails from readers after the The Little Book That Beats the Market was published. Could you share with us some of the comments you received?

I received many emails after the first edition of the book was published. Some suggested that the strategy was working great for them while others reported that they had waited over a year and the strategy was underperforming. These results and emails are consistent with the message of the book. Over the five years since the book was published, the strategy earned very nice returns for investors, but the ride was bumpy. Not only did the formula underperform for a period of time, in 2008 it lost money along with the market. Overall, the formula performed quite well but only for those who maintained a true long-term perspective. This is easier said than done. In the new afterword, I try to give more facts, color and information about the strategy that I hope will help investors be successful in taking full advantage of the magic formula over the long term. Of course, I also got plenty of emails where investors just asked us to do it all for them. Other emails asked us to apply the formula internationally. As a result, we have worked on both of these projects over the last several years.

In the new afterword, you write "Beating the market isn't the same thing as making money." Can you elaborate on this and why it's a difficult concept to swallow at times?

Since the strategy involves buying a portfolio that is 100% long the stock market, if the stock market goes down, our portfolio may well go down, too. If the market drops 40% and we beat the market by losing only 38%, this is small consolation. As I say in the afterword, while I firmly believe that for most people an investment in the stock market should represent a substantial portion of your investment portfolio, how big that portion should be can vary widely. For some it can be well over half of assets, for others well less than half might be appropriate. The magic formula strategy is a wonderful strategy for that portion of your portfolio that you choose to invest in the stock market. In fact, I truly believe that the magic formula remains one of your best options. How much to invest in the stock market, however, is a very personal decision that should be partially based on your ability to withstand short-term negative price movements. One encouraging fact, though, discussed in the afterword is the performance of our large cap portfolio over the last decade. Over that period, the market as measured by the S&P 500 was actually down, yet our backtests showed that following the formula over those same ten years would have resulted in a more than tripling of your money. Unfortunately, those great long-term returns came with plenty of bumps, including some not so short periods of losses and underperformance. But once again, if the formula worked every day, every month and every year, everyone would follow it and it would be ruined. Fortunately, it's not so great, and as a result I strongly believe that long-term investors should continue to benefit from the magic formula for many years to come.

From the Back Cover:

Praise for THE LITTLE BOOK THAT BEATS THE MARKET

"Simply perfect. One of the most important investment books of the last 50 years!"
Michael Price

"A landmark book—a stunningly simple and low-risk way to significantly beat the market!"
Michael Steinhardt, the Dean of Wall Street hedge fund managers

"This book is the finest simple distillation of modern value investing principles ever written. It should be mandatory reading for all serious investorsfrom the fourth grade on up."
Professor Bruce Greenwald, Director of the Heilbrunn Center for Graham and Dodd Investing, Columbia Business School

"The book unquestionably makes good on its promises."
SmartMoney

"Greenblatt delivers admirably . . . it contains one of the clearest, most entertaining explanations you'll ever see of the ideas underlying value investing."
International Herald Tribune

"Sobre este título" puede pertenecer a otra edición de este libro.

Comprar nuevo Ver libro

Gastos de envío: GRATIS
De Reino Unido a Estados Unidos de America

Destinos, gastos y plazos de envío

Añadir al carrito

Los mejores resultados en AbeBooks

1.

Joel Greenblatt
Editorial: John Wiley and Sons Ltd, United Kingdom (2010)
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Tapa dura Cantidad: 10
Librería
The Book Depository
(London, Reino Unido)
Valoración
[?]

Descripción John Wiley and Sons Ltd, United Kingdom, 2010. Hardback. Estado de conservación: New. Updated ed.. Language: English . Brand New Book. In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market a New York Times bestseller with 300,000 copies in print Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author s time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6 th grade math, plain language and humor.He shows how to use his method to beat both the market and professional managers by a wide margin. You ll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone knows it. While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step-by-step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market. As the Wall Street Journal stated about the original edition, Mr. Greenblatt says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His Little Book is one of the best, clearest guides to value investing out there. Nº de ref. de la librería AAH9780470624159

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 14,97
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
De Reino Unido a Estados Unidos de America
Destinos, gastos y plazos de envío

2.

Joel Greenblatt
Editorial: John Wiley and Sons
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Cantidad: > 20
Librería
INDOO
(Avenel, NJ, Estados Unidos de America)
Valoración
[?]

Descripción John Wiley and Sons. Estado de conservación: New. Brand New. Nº de ref. de la librería 0470624159

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 12,03
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,00
A Estados Unidos de America
Destinos, gastos y plazos de envío

3.

Joel Greenblatt
Editorial: John Wiley and Sons Ltd, United Kingdom (2010)
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Tapa dura Cantidad: 10
Librería
The Book Depository US
(London, Reino Unido)
Valoración
[?]

Descripción John Wiley and Sons Ltd, United Kingdom, 2010. Hardback. Estado de conservación: New. Updated ed.. Language: English . Brand New Book. In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market a New York Times bestseller with 300,000 copies in print Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author s time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6 th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You ll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone knows it. While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step-by-step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market. As the Wall Street Journal stated about the original edition, Mr. Greenblatt says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His Little Book is one of the best, clearest guides to value investing out there. Nº de ref. de la librería AAH9780470624159

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 15,10
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
De Reino Unido a Estados Unidos de America
Destinos, gastos y plazos de envío
Edición internacional
Edición internacional

4.

Joel Greenblatt
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Paperback Cantidad: 5
Edición internacional
Librería
PRIORITY BOOKS
(springfield, VA, Estados Unidos de America)
Valoración
[?]

Descripción Paperback. Estado de conservación: New. Softcover Book, New Condition, Fast Shipping. Ready in Stock. 1st Edition. [Please Read Carefully Before Buying], This Is An International Edition. Printed In Black and White. 208 Pages, Book Cover And ISBN No May Be Different From US Edition. Restricted Sales Disclaimer Wordings Not For Sales In USA And Canada May Be Printed On The Cover Of The Book. Standard Shipping 7-14 Business Days. Expedited Shiping 4-8 Business Days. ***WE DO NOT ENTERTAIN BULK ORDERS.*** The Books May Be Ship From Overseas For Inventory Purpose. Nº de ref. de la librería 615706

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 12,14
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,42
A Estados Unidos de America
Destinos, gastos y plazos de envío

5.

Greenblatt, Joel
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Cantidad: 5
Librería
Pbshop
(Wood Dale, IL, Estados Unidos de America)
Valoración
[?]

Descripción 2010. HRD. Estado de conservación: New. New Book.Shipped from US within 10 to 14 business days. Established seller since 2000. Nº de ref. de la librería IB-9780470624159

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 12,40
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,42
A Estados Unidos de America
Destinos, gastos y plazos de envío

6.

Greenblatt, Joel
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Cantidad: 3
Librería
Paperbackshop-US
(Wood Dale, IL, Estados Unidos de America)
Valoración
[?]

Descripción 2010. HRD. Estado de conservación: New. New Book. Shipped from US within 10 to 14 business days. Established seller since 2000. Nº de ref. de la librería KB-9780470624159

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 12,50
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,42
A Estados Unidos de America
Destinos, gastos y plazos de envío
Edición internacional
Edición internacional

7.

Joel Greenblatt
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Paperback Cantidad: 2
Edición internacional
Librería
Nick Book House
(fresno, CA, Estados Unidos de America)
Valoración
[?]

Descripción Paperback. Estado de conservación: New. New, Softcover International Edition, Printed in Black and White, Different ISBN, Same Content As US edition, Book Cover may be Different, in English Language. Nº de ref. de la librería 37224

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 13,05
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,42
A Estados Unidos de America
Destinos, gastos y plazos de envío

8.

Greenblatt, Joel
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Tapa dura Cantidad: 5
Librería
BargainBookStores
(Grand Rapids, MI, Estados Unidos de America)
Valoración
[?]

Descripción Hardcover. Estado de conservación: New. Nº de ref. de la librería 842847

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 13,14
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,42
A Estados Unidos de America
Destinos, gastos y plazos de envío
Edición internacional
Edición internacional

9.

Joel Greenblatt
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Paperback Primera edición Cantidad: 2
Edición internacional
Librería
ZerichSpace
(antioch, CA, Estados Unidos de America)
Valoración
[?]

Descripción Paperback. Estado de conservación: New. New condition. Softcover book, 1st Edition. (Read Description Before Buying), This is an international Edition. Black and White Book. ISBN or covers May Be Different From US Edition. Book may have Restricted Sales Disclaimer Wordings printed on cover. Books May Be Shipped From Overseas as per stock status. Nº de ref. de la librería 761035

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 13,57
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,42
A Estados Unidos de America
Destinos, gastos y plazos de envío

10.

Greenblatt, Joel
Editorial: John Wiley & Sons
ISBN 10: 0470624159 ISBN 13: 9780470624159
Nuevos Cantidad: 1
Librería
Ohmsoft LLC
(Lake Forest, IL, Estados Unidos de America)
Valoración
[?]

Descripción John Wiley & Sons. Estado de conservación: Brand New. Ships from USA. FREE domestic shipping. Nº de ref. de la librería 0470624159

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 17,10
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
A Estados Unidos de America
Destinos, gastos y plazos de envío

Existen otras copia(s) de este libro

Ver todos los resultados de su búsqueda