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The Little Book That Still Beats the Market (Little Books. Big Profits) [Kindle Edition]

Joel Greenblatt , Andrew Tobias
4.1 von 5 Sternen  Alle Rezensionen anzeigen (7 Kundenrezensionen)

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Produktbeschreibungen

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.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Pressestimmen

"Greenblatt boils investment jargon down to what you need to know as succinctly and humorously as possible". (USA Today, January 16, 2006)
 
"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, 16th January 2006)
 
"a marvellously clear explanation of the value investing approach" (Financial Times (also on FinancialNetnews.com) 10th December 2005)
 
"The book is certainly written simply and the concepts are conveyed compelling" (Daily Telegraph, 29th November 2005)
 
"The Little Book is one of the best, clearest guides to value investing out there." (The Wall Street Journal, November 9, 2005)

"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, 16th January 2006)
 
"a marvellously clear explanation of the value investing approach" (Financial Times (also on FinancialNetnews.com) 10th December 2005)
 
"The book is certainly written simply and the concepts are conveyed compelling" (Daily Telegraph, 29th November 2005)
 
"The Little Book is one of the best, clearest guides to value investing out there." (The Wall Street Journal, November 9, 2005)

Produktinformation

  • Format: Kindle Edition
  • Dateigröße: 438 KB
  • Seitenzahl der Print-Ausgabe: 180 Seiten
  • ISBN-Quelle für Seitenzahl: 0471733067
  • Verlag: Wiley; Auflage: 1 (26. August 2010)
  • Verkauf durch: Amazon Media EU S.à r.l.
  • Sprache: Englisch
  • ISBN-10: 0470624159
  • ISBN-13: 978-0470624159
  • ASIN: B003VWCQB0
  • Text-to-Speech (Vorlesemodus): Aktiviert
  • X-Ray:
  • Word Wise: Nicht aktiviert
  • Durchschnittliche Kundenbewertung: 4.1 von 5 Sternen  Alle Rezensionen anzeigen (7 Kundenrezensionen)
  • Amazon Bestseller-Rang: #89.833 Bezahlt in Kindle-Shop (Siehe Top 100 Bezahlt in Kindle-Shop)

  •  Ist der Verkauf dieses Produkts für Sie nicht akzeptabel?

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Kundenrezensionen

4.1 von 5 Sternen
4.1 von 5 Sternen
Die hilfreichsten Kundenrezensionen
20 von 20 Kunden fanden die folgende Rezension hilfreich
3.0 von 5 Sternen A New Way to Buy Low and Sell Annually 21. Juli 2006
Von Donald Mitchell TOP 500 REZENSENT
Format:Gebundene Ausgabe
Ever since computer databases have become more available and computing time and memory have been cheap, anyone can take investment history and devise a "back-tested" solution that would have made you a fortune.

I don't recall any version of such a scheme that ever held up for long when it was then used to make investments going forward. Why? Conditions change.

Mr. Greenblatt's approach uses a 17 year history during one of the strongest bull markets in American investing history to come up with his approach. Will this approach work during a flat or declining market? Who knows?

Mr. Greenblatt argues (unpersuasively to my mind) that his approach will continue to work because the method fails to work very consistently over periods of less than three years. That will discourage anyone from using it for very long.

The approach is summarized on pages 134 and 135. Basically, you go to his Web site ([...]) and use the data there to pick companies with a low price relative to buy 20-30 stocks over the next year (a few every 3 months). You sell each one a day or so after a year has passed (to get capital gains treatment), and replace it with another stock. You pick a minimum size market cap (he suggests at least $50 million), and you select from among the stocks for companies which traded at the lowest multiple of EBIT (earnings before interest and taxes) which had the highest ration of EBIT to the sum of net working capital plus net fixed assets in the prior 12 months. The Web site does this for you now for free.

Here is another practical problem with the book. You need to have quite a lot of money to start with or trading fees will eat up your capital. Let's say you have $10,000 to start. You will be making 60 trades a year to buy and sell 30 stocks.
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4 von 5 Kunden fanden die folgende Rezension hilfreich
Format:Gebundene Ausgabe
Whether or not this book's "magic formula" delivers the results that author Joel Greenblatt promises, the book itself presents a lucid, simple explanation of investing in the stock market. Unlike many who write about investing in stocks and offer formulas for success, Greenblatt is remarkably honest in his discussion of the difficulty of beating the market and remarkably modest in his claims (although perhaps not quite as restrained in referring to his Web site). We find that the chief merit of this bestseller is not its formula for success (which derives from guru Benjamin Graham's value approach), but rather its clear, step-by-step introduction to the fundamentals of investing for novices. The author makes the market understandable to a child. That is quite an achievement.
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1.0 von 5 Sternen What rubbish! 4. Dezember 2014
Von Anonymous
Format:Gebundene Ausgabe|Verifizierter Kauf
I was induced to buy this book by the positive evaluations here on Amazon. What rubbish it turned out to be. The motto should be: beware of people selling you get-rich schemes with 'magical formulas'. This book falls through on several counts:
- magical formulas are equal to snake oil - they don't exist as such
- the author's magical investing formula is simplistic in the extreme and is not backed up by quoted research
- the author admits that his magical investing formula doesn't actually work a lot of the time, but you have to 'believe in it'
- the investment advice hinges on two simple balance sheet ratios connected to earnings. There is no mention of corresponding risk in the book at all, which instantly makes his advice suspect
- the author completely disregards transaction costs, which would be quite punitive for such a trading-intense strategy
- equity markets are a lot more efficient than the author would lead us to believe - one actually has to work a lot harder to find money-spinning schemes than a combination of two readily available balance sheet metrics for identifying good investments
- the author would have the reader believe that 'Mr. Market' ist just plain crazy a lot of the time and half-price bargains are there for the investor to pluck from the market (using his formula). This advice is even when taken optimistically is just plain misleading.
- the author writes '...on average, the magic formula is finding us good companies! ... It tries to buy them at bargain prices! ... Buying above-average companies at below average prices, it sounds like it should work!' (pp 89-90)
- The magical formula is presented on four pages (from p 160). The rest is children's stories, his take on how to fix the education system, and platitudes.

Anyone who believes in this kind of simplistic snake-oil get-rich advice is surely going to be disappointed. My advice is: Don't buy this book.
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5.0 von 5 Sternen Thanks 15. Februar 2014
Von AD
Format:Gebundene Ausgabe|Verifizierter Kauf
Item was in very good condition and postage on time and great service. Thanks again for the speed of executing the order.
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