The Little Book That Still Beats the Market: Your Safe Haven in Good Times or Bad

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		The Little Book That Still Beats the Market: Your Safe Haven in Good Times or Bad
		The Little Book That Still Beats the Market: Your Safe Haven in Good Times or Bad

In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market—a New York Times bestseller with 300,000 copies in print—Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author’s time–tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You’ll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone “knows” it.

While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step–by–step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market.

As the Wall Street Journal stated about the original edition, “Mr. Greenblatt…says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His ‘Little Book’ is one of the best, clearest guides to value investing out there.”

网友对The Little Book That Still Beats the Market: Your Safe Haven in Good Times or Bad的评论

书不错，就是贵了点！

It's a very easy read. The author makes a lot of good points about value investing and talks almost solely about his personal strategy and backs it with data that his research team has come up with. I will not be using his exact strategy to create a portfolio of my own, but he has a lot of great points and advice for beginner investors. I believe in fundamental analysis over technical and this strategy implements fundamental analysis and again, gives easy to understand examples and advice.

The book is super short. Took me just a few hours to read. It's also super cheesy. The author tries to make it funny and fun but it's just a little too much. With quirky little anecdotes every few sentences surrounded by (). It annoyed the heck out of me for the first few chapters. I'd say it's worth the read if you're a beginner investor or interested in different strategies.

I'm a novice trader with some financial background who wants to get more involved in the market. This was listed on a top five books on trading list recently, so I read it over a few days on vacation. The book focuses on one model which you could stick with over a long time (while still having to actively maintain your portfolio), which is clearly explained (though it provides lots more information via footnotes if you want to delve in deeper). A wine buff once told me to focus on learning about one region, and the rest will follow. I think the same could be said about this book -- it can be enjoyed on its own, and there is plenty to learn about, but I can also see how it could be a springboard for more learning.

Wow, loved the book. Shows how to buy low, the first step to making money in the market. Will recommend to all my children. This is how the nimble little guy beats the big fund trader. No chart watching, no timing of your buys and sells, just great tips for making money in the market. My first glance at the website showed several issues I know and would like to own more of like Apple and Gilead Sciences. Great companies and now I will know when they are at a low price! Hope the first year goes well, will make for an easier sell to my investing partner (aka my wife).

Joel Greenblatt's little book is widely-read and just about every would-be investor has seen this one already.

If you are someone who wants very little knowledge about investing and just wants to follow a "magic" formula (which has held up pretty well over the years, since it essentially values a company based on common sense metrics), then this book is for you.

However, for anyone serious about investing, I would recommend that you pass on this. You will find much more useful information by reading Greenwald's "Value Investing" text to learn a several-stage valuation process, for example, and if you're a total beginner, then a copy of Pat Dorsey's "The Five Rules for Successful Stock Investing" is decent.

If you bought the original, no need to buy this new little book that "still" beats the market. Same magic formula, but, have to say sound and profitable simple formula as explained step by step in the book as follows:
1. Screen and sort companies from higher to lower by return on capital (EBIT/Net Working Capital + Net Fixed Asset).
2. from the resulting list of high return on capital screen and sort again, but now for Earnings Yield (EBIT/Enterprise Value).
3. Buy the 20 to 30 of the top-ranked companies obtained from the 2nd step.
4. Sell each stock after holding it for a year. For taxable purpose sell winners after holding them for few days more than one year and sell losers after holding them a few days less than a year.
5. Use the proceeds from the sales to replace the sold companies with an equal number using step 1 and 2. Continue with this process for many years.

Let me share, that this formula still works in the Mexican market where I have used it, just with a small adjust or clarification for the selling step (maybe I misunderstood the statement sell each stock...), no doubt to sell the loser without hesitation, but, just before selling the winners stocks, I perform the screen & sort of steps 1 & 2, if the winners stocks already held one year are still in the top ranked companies I kept them and avoid having unnecessary trading costs.

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