“Value investing strategies have worked for years and everyone's known about them. They continue to work because it's hard for people to do, for two main reasons. First, the companies that show up on the screens can be scary and not doing so well, so people find them difficult to buy. Second, there can be one-, two- or three-year periods when a strategy like this doesn't work. Most people aren't capable of sticking it out through that.” PeopleYearsFirstsWellsTwoHardReasonShowsValuesThreeDifficultCompanyKnownPeriodsCapableStrategyInvestingScaryScreensThree YearsSticking It Author:Joel Greenblatt
“I don't know too many people that are good at timing the market relative to macro-economic events.” PeopleKnowsEconomicEventsRelativeTimingMacro Author:Joel Greenblatt
“There’s a virtuous cycle when people have to defend challenges to their ideas. Any gaps in thinking or analysis become clear pretty quickly when smart people ask good, logical questions. You can’t be a good value investor without being an independent thinker – you’re seeing valuations that the market is not appreciating. But it’s critical that you understand why the market isn’t seeing the value you do. The back and forth that goes on in the investment process helps you get at that.” PeopleThinkingIdeasHelpingValuesAsksProcessChallengesClearSeeingGoes OnSmartAppreciateIndependentInvestmentInvestingCriticalAnalysisCyclesLogicalGapsThinkerInvestorsVirtuousBack And ForthSmart PeopleValuationGood Values Author:Joel Greenblatt
