The Big Secret for the Small Investor: A New Route to Long-Term Investment Success

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		The Big Secret for the Small Investor: A New Route to Long-Term Investment Success
		The Big Secret for the Small Investor: A New Route to Long-Term Investment Success

When it comes to investing in the stock market,  investors have plenty of options:
 
1.  They can do it themselves.  Trillions of dollars are invested this way.
(Of course, the only problem here is that most people have no idea how to analyze and choose individual stocks.  Well, not really the only problem.  Most investors have no idea how to construct a stock portfolio, most have no idea when to buy and sell, and most have no idea how much to invest in the first place.)

2.  They can give it to professionals to invest.  Trillions of dollars are invested this way.
(Unfortunately  most professionals actually underperform  the market averages over time.  In fact,it may be even harder to pick good professional managers than it is to pick good individual stocks.)

3.  They can invest in traditional index funds.  Trillions of dollars are also invested this way.(The problem is that investing this way is seriously flawed--and almost a guarantee of subpar investment returns over time.)

4.  They can read The Big Secret for the Small Investor and  do something else.  Not much is invested this way.  Yet...
 
Let top hedge fund manager, Columbia business school professor, former Fortune 500 chairman and New York Times bestselling author, Joel Greenblatt, take you on a journey that will reveal the Big Secret for both individual and professional investors.   Based on path-breaking new research, find out how anyone can beat the market, the index funds and the experts by following a new approach that relies on the principles of value investing, common sense and quantitative discipline.   Along the way, learn where "value" comes from, how markets work, and what really happens on Wall Street.  By journey's end, small investors (and even not-so-small investors) will have found their way to some excellent new investment choices.

网友对The Big Secret for the Small Investor: A New Route to Long-Term Investment Success的评论

连ETF都有涉及，对了解投资领域很有益处。

If you are new to investing or have been burned by your own actions or those of your managers, this book is likely to be useful to point out the specific conditions that make the markets and money managers' interests not line up with yours. It also quickly summarizes a simple but on-point method of evaluating companies and whether their stock is a good investment.

But for anyone who has read Greenblatt's other books, this one is a severe disappointment. Here is my outline of the book:

* Everybody selling you stuff in the financial area has incentives that don't line up with yours, so don't fall for their tactics
* High return on capital and earnings yield identify good investments, on average
* I have found a nifty new way to get good returns at low risk, but I'll only give you the 30,000-foot view
* Whatever you do, don't get greedy (invest too high a percentage in stocks) or fearful (invest too small a percentage), especially in reaction to recent results
* But there is nothing you can do with this information since a) it's impractical to do yourself, b) I didn't give you enough information anyway, and c) there are no products available that use my method

Cross referencing back to previous books (especially The Little Book That [Still] Beats the Market) could help more technically minded investors derive the return on capital and earnings yield formulations (they are not straightforward). But I am at a loss to understand how a novice investor would use any of the information in this book, aside from avoiding bad money managers (which I suppose is worthwhile, but isn't the apparent point of the book).

All in all this reads like a book thrown together from pieces here and there and not finished. It's choppy and incomplete, and varies a great deal in tone and intended audience from one passage to the next.

Entirely unexpectedly poor quality from someone as good at what he does.

Having transformed into a value investor over the past several years, I have a difficult time communicating all the basics to the average person looking to make money in the stock market. This book does just that.
Basically:
As an asset class, stocks beat commodities, bonds, and cash over the long term (10+ year time frames). (see Stocks For The Long Run)

Although you may be able to recognize an undervalued stock, the degree to which it is undervalued is far from a precise calculation. Only buy with a sufficient margin of safety. (Ben Graham)

Like medicine, investing is as much art as science, and to become proficient, and ultimately gain mastery requires years of deliberate practice and analysis. (Mastery by George Leonard, Buffett)

For the above reason, indexing beats most amateur active investors. (The Big Secret)

Indexing also beats professional money managers, because a whole they are interested in following the herd. If you factor in a professional money managers salary on top of that, you will underperform the market. (The Big Secret)

Value based strategies beat growth based strategies, and also beat broad market indices. (What Has Worked in Investing by Tweedy/Browne)

Value Weighted Indexing Beats other indexing Strategies (The Big Secret)

For those who give this book low reviews, their expectation was likely closer to the first or second book. This book, however, was aimed at a much broader audience.

Most reviews covered this book pretty well. Basically, it's very short, and it's very to the point. This book is definitely geared at someone who wants to know how they should invest their money but are not into investing and don't want to do the analysis work themselves. There's not a lot of analysis here, except for a few summary tables that show the historical back-tested returns of his strategy. He also openly admits that his past couple books might have been too much work for many readers.

The only weird thing about this book is that he tries really hard to describe why his last two books might be too complicated for some people. He does this by describing DCF and other investment concepts and then explaining why those concepts are hard. Well... if the reader is a novice, I have a feeling they'll be confused by this discussion. In other words, this book might appear to be geared toward a novice, but I suspect that only the "intermediate" investor who doesn't want to really invest on his own will really get it. If this describes you then this book is for you, and the fact that it's short and to the point should probably be perfect for you. And if you're a novice who's open minded who doesn't want to do any more research than this (and who's willing to gloss over the DCF stuff), this book is perfect for you too.

Note that he doesn't plug his new mutual funds ANYWHERE in the book. (His firm has new funds that apparently invest based on his 'magic formula' method from his last book.) He does provide a new website that he created to go with the book, but even there you have to click through some tabs before you get to his fund. I'm almost surprised he buried them so deep, but I guess he didn't want to make this a plug for his funds.

All in all pretty good. I'm a bit of an investing geek so I would rather try some of the tips in his previous books, but if you really don't want to do that then this, I think, is the only real alternative method of investing.

This book is actually better than Joel's previous two books as the advice is actually quite sound. The problem is that there are really only about 4 pages of "actionable" advice in the book. As an example he spends the first 49 pages talking about estimating earnings and growth rates of companies and then on page 50 says "not to bother." After that he spends another 60 pages building up to one actionable recommendation on page 110! What a waste of a lot of trees! If you want the whole synopsis of the book just read the 6 page Appendix. At least Joel's books are going in the right direction!

After reading this book I am a little disappointed. I am not going to change my mix of excellent domestic and international equity mutual funds now that I read the book. What I did like is Greenblatt's recommendation to trade as little as possible in either up markets (people tend to buy more equities when it's comfortable to invest in a bull market) or sell as much during a bear market (people sell at lower prices when they panic during a bear market). Simply determine your COMFORTABLE stock allocation-let's say for example 50% and then stay in a 40% to 60% range of equities NO MATTER WHAT! That is EXCELLENT ADVICE and that recommendation alone is worth reading the book!!!

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