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am 22. Februar 2009
Joel Greenblatt's Buch "You can be a stock market genius" befasst sich mit einer Art von strategisch genau geplantem Investieren in Aktien von Spinoffs, Mergern, Restrukturierungen und anderen Unternehmens-Ausnahmesituationen. Dies ist definitiv kein Buch für Anfänger. Joel Greenblatt schreibt in diesem Buch irgendwo, dass allein sein Kapital über Spinoffs den Preis des ganzen Buches wert wäre und dies scheint mir wahr zu sein. Für Shortseller könnte es sehr nützlich sein. Sehr brauchbar, selbst für Neulinge an der Börse, ist auch das Kapital über Optionen und LEAPS. Greenblatt's trockener Humor hält bei Laune, so dass ich das Buch durchgehend interessant fand und auch in Windeseile durchlesen konnte. Nach dem Lesen des Buches fühlte ich mich aber eher ernüchtert und glaube nicht, dass ich von dem Gelesenen im richtigen Leben profitieren könnte. Ich weiß jetzt allerdings, dass Mr. Greenblatt ein Börsengenie ist, denn er hat mit der Firma "Gotham Capital", die er gegründet hatte, über zehn Jahre eine durchschnittliche jährliche Rendite von fünfzig Prozent auf das Investmentkapital der privaten Partnerschaft erwirtschaftet. Joel Greenblatt persönlich definiert übrigens (angeblich nur im Spaß) im Glossar des Buches das Wort "Dorftrottel" als jemand, der 24 Dollar für einen Investmentratgeber ausgibt und dann glaubt, er könnte den Markt schlagen. Das zumindest ist angekommen.
0Kommentar| 7 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
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!
0Kommentar| 5 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 5. Mai 2000
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.
0Kommentar| 3 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 20. September 1998
Greenblatt's book is an excellent, easy to read explanation for why such apparently unappealing Wall Street actions as corporate spinoffs are actually a terrific investment opportunity. Through sample cases and anecdotes, the author gives an excellent discussion of the fundamentals of good investments, from upside potential of stocks to managerial incentives.
I strongly recommend this book to anyone interested in learning about some of the black and white fundamentals of the market.
0Kommentar| Eine Person fand diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 26. März 2000
I really liked this one. In addition to his straight-forward advice and interesting examples, he provides general stock research advice like where on the Internet one can find SEC documents, which ones are important to read, and what other books he recommends. Not only is it useful, but the book is quite funny; Greenblatt makes sure that his readers won't fall asleep while reading it. This book definitely gets a buy recommendation.
0Kommentar| Eine Person fand diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden
am 20. Januar 2014
To me this is one of the most interesting books about investing I have read.
Greenblatt describes very different and often overlooked aspects of the stock market and how to use them.
It is a very good book for the experienced investor.
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am 12. Juni 1997
Don't be turned off by the book's funky title. "You can be astock market genius" is actually one of the few investment classicsout there. The book does not deal with everyday investment jargons. (Low PE, high growth rate, etc.) Instead, it focuses on rare special corporate events. And how investors may profit by looking through these small cracks which the greater investment community often ignored and misunderstood. Although I doubt many individual investors will be able to fully utilize what the author suggested. (It is a difficult proccess which required substantial background in related areas.) These corporate events are often quite unique in each individual case. And some of them carry tremendous risk. (eg. bankruptcy) Yet, if use properly. These methods can dramatically magnify one's return. (For instance, the section where he discussed how investors can use Leaps in turnaround situations.) Even for those readers who do not attempt to participate in special situation investing, Mr. Greenblatt's logic and methods are very beneficial in shaping investment decisions in general.
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am 5. Mai 1997
This book is witty engaging and filled with solid advice.Greenblatt's methods are quite different than those of a standardvalue investor. He points out potential areas in which value is likely to be found, namely spinoffs, mergers, bankruptcies and such "special situations". He does not minimize the amount of work needed to verify that an idea really represents value, but he claims that it should not be too hard to find several good values every year, which is all the individual investor needs (his advantage over a mutual fund). This book goes on my very short list of stock market classics, along with Klarman's Margin of Safety.
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am 20. August 1997
If you are just starting out, or an experienced investor, this book is a must read! I could not put it down once I started. There are many insightful "clues" that the author outlines and these are woven together with past case studies to present a picture of what one might look for in future opportunities. This should be required reading for anyone interested in investing! Thanks to Joel Greenblatt for giving us his secrets
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am 2. Juni 1999
Many readers probably never realized that this book gives out some of the best money-making secrets on Wall Street (somebody has to blow the whistle, right?). Everything explained in this book is real and is practiced by a wide array of firms such as investment banks, brokerage houses, and institutional investors. Each year, instituions spent billions of dollars doing exactly the kind of transactions explained in the book. A successful risk arbitrageur in a major investment bank makes about $200-300 millions for the firm, which translates to $2-3 millions in his/her own pocket. Readers may discover that, after all, the good old secrets of Wall Street are simple to understand (Yes, if you can add, subtract and divide, you are qualified to work in 90% of the departments in an investment firm). The language is witty and lively. Case examples make this book extremely charming. However, despite its snappy title, this book fails to appeal the professional crowd. As a professinal myself, I certainly expect the book to skip trivial analogies and expand on technical details. Still, this is a great book for beginners, whether you are a personal investor who is just starting, or someone who wants to get your feet wet on Wall Street. Welcome to the world of greed, capitalism, and lucrative profits!
0Kommentar| Eine Person fand diese Informationen hilfreich. War diese Rezension für Sie hilfreich?JaNeinMissbrauch melden

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