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You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits [Anglais] [Broché]

Joel Greenblatt
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Description de l'ouvrage

16 juin 2008
This is a practical and easy-to-use investment reference, filled with case studies, important background information, and all the tools you'll need.

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Descriptions du produit

Extrait

Chapter 1
Follow the Yellow Brick Road --
Then Hang a Right

It doesn't make sense that a book can teach you how to make a fortune in the stock market. After all, what chance do you have for success when you're up against an army of billion-dollar portfolio managers or a horde of freshly trained MBAs? A contest between you, the proud owner of a $24 "how to" book, and these guys hardly seems fair.
The truth is, it isn't fair. The well-heeled Wall Street money managers and the hotshot MBA's don't have a chance against you and this book. No, you won't find any magic formula in chapter 8, and this isn't a sequel to How to Succeed in Business Without Really Trying, but if you're willing to invest a reasonable amount of time and effort, stock market profits, and even a fortune, await.
Okay: What's the catch? If it's so easy, why can't the MBAs and the pros beat your pants off? Clearly, they put in their share of time and effort, find while they may not all be rocket scientists, there aren't many village idiots among them either.
As strange as it may seem, there is no catch. The answer to this apparent paradox -- why you potentially have the power to beat the pants off the so-called market "experts" -- lies in a study of academic thinking, the inner workings of Wall Street, and the weekend habits of my in-laws.
We start with some good news about your education: simply put, if your goal is to beat the market, an MBA or a Ph.D. from a top business school will be of virtually no help. Well, it's good news, that is, if you haven't yet squandered tons of time and money at a business school in the single-minded quest for stock market success. In fact, the basic premise of most academic theory is this: It is not possible to beat the market consistently other than by luck.
This theory, usually referred to as the efficient-market or "random-walk" theory, suggests that thousands of investors and analysts take in all the publicly available information on a particular company, and through their decisions to buy and sell that company's stock establish the "correct" trading price. In effect, since stocks are more or less efficiently priced (and therefore, you can't consistently find bargain-priced stocks), it is not possible to outperform the market averages over long periods of time. Although exceptions (e.g., the January effect, small size effects and low price/earnings strategies) are covered briefly by the academics, most of these "market-beating" strategies are dismissed as trivial, transient, or difficult to achieve after factoring in taxes and transaction costs.
Since beating the market is out of the question, finance professors spend a lot of time teaching things like quadratic parametric programming -- which, loosely translates to how to pick diversified stock portfolios in three-dimensional space. In other words, if you muddle through complex mathematical formulas and throw in a little calculus and statistical theory along the way, you stand a pretty good chance of matching the performance of the popular market averages. Wow! While there are plenty of other bells and whistles, the message is clear: You can't beat the market, so don't even try. Thousands of MBA's and Ph.D.'s have paid good money for this lousy advice.
There are two reasons not to accept the basic teachings of the professors. First, there are some fundamental flaws in the assumptions and methodology used by the academics -- flaws we'll look at briefly later on, but which are not the central focus of this book. Second, and more important, even if the professors are generally correct and the market for stocks is more or less efficient, their studies and conclusions do not apply to you.
Obviously, most of Wall Street must also ignore the academics because the whole concept of getting paid for your investment advice, whether through commissions or investment advisory fees, doesn't square too well with the idea that the advice really isn't worth anything. Unfortunately for the professionals, the facts would seem to support the conclusions of the academics. If academic theory held true, you would expect the long-term record of pension and mutual-fund managers to equal the performance of the market averages reduced by the amount of the advisory fee. In a slight deviation from efficient-market theory, the professionals actually do approximately 1 percent worse per year than the relevant market averages, even before deducting their management fees. Does the theory that markets are "more or less" efficient explain this disappointing performance on the part of professionals, or are there other factors at work that lead to these lackluster results?
The Professional's Challenge
I spoke with a professional whom I consider one of the best in the business, a friend I'll call Bob (even though his real name is Rich). Bob is in charge of $12 billion of U.S. equity funds at a major investment firm. For some perspective, if you went to the racetrack and placed a bet with $100 bills, $12 billion would stack twenty World Trade Centers high (needless to say, a bet that would almost certainly kill the odds on your horse). According to Bob, the bottom line and the measure of his success is this: How does the return on his portfolio stack up against the return of the Standard & Poor's 500 average? In fact, Bob's record is phenomenal: over the past ten years his average annual return has exceeded the return of the S&P 500 by between 2 and 3 percent.
At first blush, the word "phenomenal" and an increased annual yield of 2 or 3 percent seem somewhat incongruous. Though it is true that after twenty years of compounding even 2 percent extra per year creates a 50 percent larger nest egg, this is not why Bob's returns are phenomenal. Bob's performance is impressive because in the world of billion-dollar portfolios, this level of excess return is incredibly hard to come by on a consistent basis. Some quick calculations help expose the limitations imposed on Bob by the sheer size of his portfolio. Imagine the dollar investment in each stock position when Bob sets out to divvy up $12 billion. To create a 50-stock portfolio, the average investment in each individual stock would have to be approximately $240 million; for 100 stocks, $120 million.
There are approximately 9,000 stocks listed on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ over-the-counter market combined. Of this number, about 800 stocks have a market capitalization over $2.5 billion and approximately 1,500 have market values over $1 billion. If we assume Bob does not care to own more than 10 percent of any company's outstanding shares (for legal and liquidity reasons), it's likely that the minimum number of different stocks Bob will end up with in his portfolio will fall somewhere between 50 and 100. If he chooses to expand the universe from which he chooses potential purchase candidates to those companies with market capitalizations below $1 billion, perhaps to take advantage of some lesser followed and possibly undiscovered bargain stocks, his minimum number could easily expand to over 200 different stocks.
Intuitively, you would probably agree that there is an advantage to holding a diversified portfolio so that one or two unfortunate (read "bonehead") stock picks do not unduly impair your confidence and pocketbook. On the other hand, is the correct number of different stocks to own in a "properly" diversified portfolio 50, 100, or even 200?
It turns out that diversification addresses only a portion (and not the major portion) of the overall risk of investing in the stock market. Even if you took the precaution of owning 9,000 stocks, you would still be at risk for the up and down movement of the entire market. This risk, known as market risk, would not have been eliminated by your "perfect" diversification.
While simply buying more stocks can't help you avoid market risk, it can help you avoid another kind of risk -- "nonmarket risk." Nonmarket risk is the portion of a stock's risk that is not related to the stock market's overall movements. This type of risk can arise when a company's factory burns down or when a new product doesn't sell as well as expected. By not placing all your eggs in a buggy-whip, breast-implant, pet-rock, or huckapoo-sweater company, you can diversify away that portion of your risk that comes from the misfortunes of any individual company.
Statistics say that owning just two stocks eliminates 46 percent of the nonmarket risk of owning just one stock. This type of risk is supposedly reduced by 72 percent with a four-stock portfolio, by 81 percent with eight stocks, 93 percent with 16 stocks, 96 percent with 32 stocks, and 99 percent with 500 stocks. Without quibbling over the accuracy of these particular statistics, two things should be remembered:
1. After purchasing six or eight stocks in different industries, the benefit of adding even more stocks to your portfolio in an effort to decrease risk is small, and
2. Overall market risk will not be eliminated merely by adding more stocks to your portfolio.
From a practical standpoint, when Bob chooses his favorite stocks and is on pick number twenty, thirty, or eighty, he is pursuing a strategy imposed on him by the dollar size of his portfolio, legal issues, and fiduciary considerations, not because he feels his last picks are as good as his first or because he needs to own all those stocks for optimum portfolio diversification.
In short, poor Bob has to come up with scores of great stock ideas, choose from a limited universe of the most widely followed stocks, buy and sell large amounts of individual stocks without affecting their share prices, and perform in a fish bowl where his returns are judged quarterly and even monthly.
Luckily, you don't.
The Secret To Your Fortune
Since Bob clearly has his hands full, where can an investor turn for insight into making a fortune in the stock market? For better or worse, all roads appear to leave us at the doorstep of my in-laws. (Don't worry, I said min...

Revue de presse

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!

Détails sur le produit

  • Broché: 304 pages
  • Editeur : S & S International; Édition : 1st Fireside Ed (16 juin 2008)
  • Langue : Anglais
  • ISBN-10: 0684840073
  • ISBN-13: 978-0684840079
  • Dimensions du produit: 21 x 14,6 x 1,8 cm
  • Moyenne des commentaires client : 3.0 étoiles sur 5  Voir tous les commentaires (1 commentaire client)
  • Classement des meilleures ventes d'Amazon: 18.576 en Livres anglais et étrangers (Voir les 100 premiers en Livres anglais et étrangers)
  • Table des matières complète
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It doesn't make sense that a book can teach you how to make a fortune in the stock market. Lire la première page
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Couverture | Copyright | Table des matières | Extrait | Index | Quatrième de couverture
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3.0 étoiles sur 5 Du fondamental 16 juillet 2014
Format:Broché|Achat vérifié
Pas mal, mais a un peu vieilli...
Intéressera essentiellement les analystes et investisseurs fondamentaux, les autres passeront leur chemin !
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Amazon.com: 4.1 étoiles sur 5  102 commentaires
198 internautes sur 202 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Required reading for intermediate to advanced investors. 4 octobre 2001
Par Amazon Customer - Publié sur Amazon.com
Format:Broché|Achat vérifié
Okay, so the title of the book leaves something to be desired, but that is the ONLY part of this book that falls short. Joel Greenblatt has written an excellent book on profiting from special situations. That's fortunate for the rest of us, since so far as I can tell, this is the ONLY book that provides an overview of event-driven investing. Note that I said "overview"--it's by no means definitive, nor does it claim to be. Certainly more rigorous treatments of risk arbitrage exist. However, this is the only book I'm aware of that is dedicated to explaining merger securities, spinoffs, recapitalizations, bankruptcy and yes, risk arbitrage.
The book's format is well thought out: each chapter explains the how and why of investing in one particular corporate event, and then utilizes case studies to ram the point home. The case studies are interesting, reading at times like a novel. The tone is lighthearted and endearing throughout, and the frequent jokes, although usually kitschy, hit the mark nonetheless. (One gem: "There are three types of people in the world--those who can count, and those who can't.")
This book is not for everyone, however. Beginners should first read Peter Lynch, Ben Graham, and Phillip Fisher before tackling this one. Greenblatt assumes a reasonable degree of comfort with financial statements and value investing strategies on the part of the reader. The use of LEAPS and options in special situations is covered, but should be avoided by all save for the most advanced investors (as per the author's advice). Also, professionals working in the field of event-driven investments would probably find little they did not already know. That being said, the book reads quickly, so a pro would be little disadvantaged for reading it.
Finally, it's nice to know that the author can walk the walk as well as talk the talk. Greenblatt publishes his firm's audited returns over a ten-year period at the end of the book, and they are out of this world. We're talking an average annual return of 50% for ten years. This book is not a case of "Those who can, do; those who can't, teach." Greenblatt can, and he does.
Highly recommended.
54 internautes sur 55 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Practical Advice for Sophisticated Special Situations Investing 17 janvier 2006
Par Donald Mitchell - Publié sur Amazon.com
Format:Broché
This book is for those who cannot resist the idea of wanting to outperform the market averages. For most people, that's dumb idea . . . and indexed mutual funds would be a better choice.

But if you are willing to roll up your sleeves, put on your green eyeshade and look at things differently, Mr. Greenblatt's approach is a very valid one.

If you read only one of Mr. Greenblatt's books about investing (the other one is The Little Book That Beats the Market), read this one. You'll make more money with this one.

You can be a Stock Market Genius has the simplest explanation for special situations investing involving unusual securities that I have seen for the lay person.

For most people, this book will be a lot to chew on. I suggest that you start by simply trying to understand and apply one idea in the book . . . such as finding under priced small spin-off stocks. After you get the handle on that one, go on to another approach that interests you.

I have worked for over three decades helping companies design these new securities that fascinate Mr. Greenblatt so much. From that experience, I'm constantly amazed at how stupidly most corporate finance departments and investment banks pursue these new structures. I suspect that the answer is that the heavy brainpower is saved for more profitable work like M&A.

As a result, you will almost always find a great investment opportunity if you look at unusual securities. I encourage you to begin by spending a half hour getting the background on any unusual transaction you read about.

You can also improve on this book by doing more precise measurements of securities values (if you have the background to do that), but for many severely undervalued securities Mr. Greenblatt's approach of taking guesses about what a reasonable value is will work just fine.

Although the examples are older, these kinds of opportunities still abound in most categories he discusses (stub stocks are the exception). Mr. Greenblatt has a real talent for putting his cases together to make them easier to understand.

Have a ball!
75 internautes sur 80 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Terrific Read Despite the Schleppy Title 5 mai 2000
Par S. Schneider - Publié sur Amazon.com
Format:Broché
This is an amazingly generous roadmap to lesser-known corners of the securities market. When I first picked it up about 2 years ago, I was terribly disappointed because all the strategies Greenblatt describes require a fair amount of WORK and careful thought --and it was my impression that "Stock Market Genius" entailed effortless wizardry! But the work is contagious and engaging (like digging for buried treasure, as aptly described by Joel Greenblatt).
Despite the book's schleppy and seemingly unrealistic title, Greenblatt's descriptions are wonderfully realistic and honest. In particular, although I've looked for other resources on spinoff investment strategies, everything you really need to know is in this book. The author's style is flippant but endearing, and the reader will get more than his/her money's worth from the ideas described in this book.
18 internautes sur 18 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 A great read 28 juin 2006
Par Befragt - Publié sur Amazon.com
Format:Broché
The ONLY reason I read this book was that it was recommended by some trusted sources - as others have noticed, the title is horrendous and highlighted when coupled with the gaudy yellow cover. In particular, the title makes me think of late night informercials promising easy rewards in real estate with no money down. Fortunately, the content of the book more than makes up for the title.

Greenblatt's methods ultimately stem from the "intrinsic value" and "margin of safety" ideas developed by Benjamen Graham (see "Security Analysis" and "the Intelligent Investor"). However, in somewhat of a nod to adherents of the efficient market theory, Greenblatt focuses his energies on areas that are subject to less scrutiny, and hence, less likely to be efficiently priced by the stock market. He notes, for example, that many institutional investors are prohibited from owning certain kinds of securities (e.g., a stock index fund can't own bonds), and that investors that receive securities in some transactions may not desire to hold them. By researching companies that are involved in "special situations," Greenblatt theorizes that investors can uncover stocks that are worth more than their current market value. To this end, the book covers opportunities with spin-offs, bankruptcies, restructurings, rights offerings, re-capitalizations, merger securities and companies going private.

Although Greenblatt is clearly an intellectual heir to Benjamin Graham, one of the great things about this book is that is provides a theory, albeit a time-consuming one, whereby investors can uncover their own opportunities. IMHO, formulaic investing is unlikely to work over the long-haul, because a sucessful formula that is too simple to replicate will tend to draw competition. Rather than relying on formulas, Greenblatt tells readers how to identify situations that MAY present opportunities. It is up to the individual investor to research those potential opportunities and determine whether they are worth pursuing.

Although Greenblatt is a solid writer and the book is highly entertaining, I believe most readers would benefit from an understanding of value investing principles before trying to read this book. It might be a good idea to read Graham's "Intelligent Investor" at the very least (although this is a much tougher read than Greenblatt's book, and Graham's approach is not entirely compatible with Greenblatt's). Moreover, Greenblatt assumes that readers have a working familiarity of financial statements.

One last point of note - some of the ideas that Greenblatt sets forth are somewhat similar to those propounded by Marty Whitman in "the Aggressive Convervative Investor" and in "Value Investing - a Balanced Approach" (Greenblatt mentions Whitman's Third Avenue Value Fund as a possible source of investment ideas in the book). Both of these are good reads, particularly along with Greenblatt's book. Another good book to read is Dreman's "Contrarian Investing."

In all, this book is a great read, and I'd highly recommend it, but I would not recommend it for beginners.
71 internautes sur 84 ont trouvé ce commentaire utile 
3.0 étoiles sur 5 Far better than "The Little Book that Beats the Market" 17 janvier 2006
Par Gaetan Lion - Publié sur Amazon.com
Format:Broché
In this older book, Greenblatt reviews what diligent active investing is all about: uncovering economic value in Byzantine places where information is not analyzed so efficiently by the market. No one is going to generate excess returns trading Fortune 500 stocks in stable situations. But, as Greenblatt recommends, if you study special situations in arcane details you may have a better chance of extracting above market returns.

His advice is commendable, but it is not for the average investor. His approach assumes an astute knowledge of investment and corporate finance rarely found outside the institutional investment community. After all, how many friends do you know have made money using such a sophisticated and labor-intensive approach? I have personally tried a couple of decades ago armed with an MBA and years in corporate credit analysis and failed.

Another obstacle is that since the book was written investors have pored billions in hedge funds who chase the same types of market inefficiencies. Therefore, the market for all these special situations (risk arbitrage, restructuring, liquidations, etc...) has become more efficient.

If you are just a regular investor, sound investing boils down to evaluating one's risk tolerance, diversifying your assets accordingly, and investing them efficiently. If you want to know more about this I strongly recommend Burton Malkiels' "The Random Walk Guide to Investing."
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