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Book Description

A guide to beating the market for all ages

Two years in MBA school won’ t teach you how to double the market’ s return. Two hours with The Little Book That Beats the Market will. Hedge fund manager and Columbia Business School Professor Joel Greenblatt has set out to show, in step-by step fashion, how beating the market can be made simple and easy for investors of any age. In addition to setting out the basic principles of successful stock market investing, the book provides a magic formula that is easy to use and makes buying good companies at bargain prices automatic. Though the formula has been extensively tested and is a clear breakthrough in the academic and professional world, the common sense method is convincingly explained using 6th grade math skills, plain language and humor. Readers will learn how to use this low risk method to beat the market and professional managers by a wide margin. Along the way, readers will also learn: how to view the stock market; why success eludes almost all individual and professional investors; and why the formula will continue to work even after everyone knows it.

From Publishers Weekly

Contrary to efficient-market naysayers, this engaging investment primer contends that ordinary stock-market investors can indeed get better-than-market returns over the long haul. Greenblatt (You Can Be a Stock Market Genius), a Columbia Business School adjunct professor, touts a "value-oriented" approach that looks for bargain stocks whose share price is cheap relative to the company's profitability. His version is a "magic formula" that ranks stocks on the basis of two variables—the earnings yield and the business's return on capital. His Web site, magicformulainvesting.com, virtually automates the procedure for novices. Greenblatt offers lots of statistical proof of the formula's success, but emphasizes the importance of faith in seeing the investor through inevitable short-term downturns: "It will be your belief in the overwhelming logic of the magic formula that will make the formula work for you in the long run." He conveys his ideas through a lucid if rudimentary and rather corny explanation of basic investment concepts about risk, return, interest and business valuation. Although the fabulous returns he touts seem too good to be true, Greenblatt's formula is a reasonable variant of mainstream value-investing methods. Investors seeking a little more hands-on excitement than the average mutual fund offers won't go too far wrong following his advice. (Jan.)

From AudioFile

A Wharton-trained head of a successful investment partnership has a foolproof method for evaluating stocks: Companies are worth what they return to investors on a consistent basis. Trusting yourself to use this simple principle will work much better than any get-rich schemes, and much better than trusting other people to select stocks for you. The method requires some digging into a stock's fundamentals, understanding risk factors, and paying close attention to timing when buying and selling. An enhanced CD contains printable details of the author's "magic formula" for evaluating stocks. Adam Grupper does well with this material, projecting confidence and using vocal tones and pacing that are enjoyable for the entire program. T.W.

Book Dimension

length: (cm)18.6 　　　 　　　　　 　　　　　 width:(cm)13.1

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在线阅读地址：The Little Book That Beats the Market在线阅读

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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

在线阅读本书

Book Description

A guide to beating the market for all ages

Two years in MBA school won’ t teach you how to double the market’ s return. Two hours with The Little Book That Beats the Market will. Hedge fund manager and Columbia Business School Professor Joel Greenblatt has set out to show, in step-by step fashion, how beating the market can be made simple and easy for investors of any age. In addition to setting out the basic principles of successful stock market investing, the book provides a magic formula that is easy to use and makes buying good companies at bargain prices automatic. Though the formula has been extensively tested and is a clear breakthrough in the academic and professional world, the common sense method is convincingly explained using 6th grade math skills, plain language and humor. Readers will learn how to use this low risk method to beat the market and professional managers by a wide margin. Along the way, readers will also learn: how to view the stock market; why success eludes almost all individual and professional investors; and why the formula will continue to work even after everyone knows it.

From Publishers Weekly

Contrary to efficient-market naysayers, this engaging investment primer contends that ordinary stock-market investors can indeed get better-than-market returns over the long haul. Greenblatt (You Can Be a Stock Market Genius), a Columbia Business School adjunct professor, touts a "value-oriented" approach that looks for bargain stocks whose share price is cheap relative to the company's profitability. His version is a "magic formula" that ranks stocks on the basis of two variables—the earnings yield and the business's return on capital. His Web site, magicformulainvesting.com, virtually automates the procedure for novices. Greenblatt offers lots of statistical proof of the formula's success, but emphasizes the importance of faith in seeing the investor through inevitable short-term downturns: "It will be your belief in the overwhelming logic of the magic formula that will make the formula work for you in the long run." He conveys his ideas through a lucid if rudimentary and rather corny explanation of basic investment concepts about risk, return, interest and business valuation. Although the fabulous returns he touts seem too good to be true, Greenblatt's formula is a reasonable variant of mainstream value-investing methods. Investors seeking a little more hands-on excitement than the average mutual fund offers won't go too far wrong following his advice. (Jan.)

From AudioFile

A Wharton-trained head of a successful investment partnership has a foolproof method for evaluating stocks: Companies are worth what they return to investors on a consistent basis. Trusting yourself to use this simple principle will work much better than any get-rich schemes, and much better than trusting other people to select stocks for you. The method requires some digging into a stock's fundamentals, understanding risk factors, and paying close attention to timing when buying and selling. An enhanced CD contains printable details of the author's "magic formula" for evaluating stocks. Adam Grupper does well with this material, projecting confidence and using vocal tones and pacing that are enjoyable for the entire program. T.W.

Book Dimension

length: (cm)18.6 　　　 　　　　　 　　　　　 width:(cm)13.1