The Little Book That Still Beats The Market 9780470624159 txt umd azw3 下载 fb2 pdf 在线 免费

　　In The Little Book That Still Beats the Market, Joel

Greenblatt expands the successful strategy from the original

bestseller to show investors how to profit in any market. Through

entertaining anecdotes and practical pearls of wisdom, the book

explores the basic principles of successful stock market investing

and then reveals a magic formula that makes buying good companies

at bargain prices automatic. It also ties into Greenblatt's latest

effort that allows investors to either manage their own accounts or

have their accounts professionally managed by someone on

Greenblatt's team. Either way, the magic formula still holds: the

new web site just makes it that much easier. For example, if an

investor chooses to manage his or her own account, a list of magic

formula stocks is provided from which to pick with a click of a

button, and alerts are sent automatically when it is time to

consider selling a security.

The formula has been tested over hundreds of different periods

and thousads of stock picks and has been proven extremely

profitable for those who are willing to stick with it. Greenblatt

guides you down the path of investment success and explains why his

approach will continue to work--even after everyone knows it.

It's never too early or too late to start investing, and by

following the simple steps and magic formula that are clearly

outlined and explained, you can achieve extraordinary long-term

investment results with a very low level of risk. With The Little

Book That Still Beats the Market as your guide, you'll know exactly

where to go and what to do--and it won't even take much time, just

a little effort.

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　　Joel Greenblatt is the founder of Gotham Capital, an invest-ment partnership that achieved 40 annualized returns for the twenty years after its founding in 1985. He is a professor on the adjunct faculty of Columbia Business School, the Chief Strategist for Formula Investing, 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 an MBA from the Wharton School.

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在三年期的测试中，神奇公式投资组合在95%的情况下都能领先于市场。

凡是能获得高投资回报率的公司都能获得某种独特的竞争优势，这种独特的优势能够阻止其他竞争者破坏该公司的赢利能力。

将一个正常年份（指公司内部、所在行业或整个经济没有发生特殊或者异常情况的年份）的预期收益用于神奇公式。

我们也需要评估一下我们在预测方面的信心，评价一下这些收益在未来是否能够增长，以及是否有一个诚实的管理团队能将这些利润进行聪明的在投资。然后我们根据正常收益，将收益率与无风险的利率为6%的政府债券以及其他的投资机会进行比较。

神奇公式不是选择个股 ，而是一次选择一批股票。

一、选择市场超过5000万美元或1亿美元的公司。

二、获得位于神奇公式前列的公司名单。

三、买入排名靠前的5-7个公司的股票作为开始。第一年投入20%-33%的金额。

四、每隔两三个月重复上一步。经过9-10个月，就有20-30只股票的投资组合。

五、持有一种股票期满一年后将其卖出。

六、多年内持续这一过程。

投资回报率：EBIT（息税前利润）/（净流动资本+净固定资产）

收益率：EBIT（息税前利润）/EV（企业价值，股本市值+净有息债务）

神奇公式对市值最小的股票最有效果。

书籍介绍

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 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.”