You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits

You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits

You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits Rating:
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Fund manager Joel Greenblatt has been beating the Dow (with returns of 50 percent a year) for more than a decade. And now, in this highly accessible guide, he's going to show you how to do it, too. You're about to discover investment opportunities that portfolio managers, business-school professors, and top investment experts regularly miss -- uncharted areas where the individual investor has a huge advantage over the Wall Street wizards. Here is your personal treasure map to special situations in which big profits are possible, including:

* Spin-offs * Restructurings * Merger Securities

* Mergers * Rights Offerings * Recapitalizations

* Bankruptcies * Risk Arbitrage

This is a practical and easy-to-use investment reference, filled with case studies, important background information, and all the tools you'll need. All it takes is a little extra time and effort -- and you can be a stock market genius.

Details

  • ISBN13: 9780684840079
  • Condition: New
  • Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!

You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits 4.3 out of 5 based on 61 ratings. 4795 user reviews
Stock Market You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits Fund manager Joel Greenblatt has been beating the Dow (with returns of 50 percent a year) for more than a decade. And now, in this highly accessible guide, he's going to show you how to do it, too. You're about to discover investment opportunities that portfolio managers, business-school professors, and top investment experts regularly miss -- uncharted areas where the individual investor has a huge advantage over the Wall Street wizards. Here is your personal treasure map to special situations in which big profits are possible, including:

* Spin-offs * Restructurings * Merger Securities

* Mergers * Rights Offerings * Recapitalizations

* Bankruptcies * Risk Arbitrage

This is a practical and easy-to-use investment reference, filled with case studies, important background information, and all the tools you'll need. All it takes is a little extra time and effort -- and you can be a stock market genius. $15.00 http://ecx.images-amazon.com/images/I/51prCiRXpVL._SL160_.jpg

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  • Anonymous

    Rating

    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.

  • S. Schneider

    Rating

    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.

  • Anon.....

    Rating

    Okay, so the title of the book leaves something to be desired, but that is the ONLY part of this book that falls short. Joel Greenblatt has written an excellent book on profiting from special situations. That’s fortunate for the rest of us, since so far as I can tell, this is the ONLY book that provides an overview of event-driven investing. Note that I said “overview”-it’s by no means definitive, nor does it claim to be. Certainly more rigorous treatments of risk arbitrage exist. However, this is the only book I’m aware of that is dedicated to explaining merger securities, spinoffs, recapitalizations, bankruptcy and yes, risk arbitrage.

    The book’s format is well thought out: each chapter explains the how and why of investing in one particular corporate event, and then utilizes case studies to ram the point home. The case studies are interesting, reading at times like a novel. The tone is lighthearted and endearing throughout, and the frequent jokes, although usually kitschy, hit the mark nonetheless. (One gem: “There are three types of people in the world-those who can count, and those who can’t.”)

    This book is not for everyone, however. Beginners should first read Peter Lynch, Ben Graham, and Phillip Fisher before tackling this one. Greenblatt assumes a reasonable degree of comfort with financial statements and value investing strategies on the part of the reader. The use of LEAPS and options in special situations is covered, but should be avoided by all save for the most advanced investors (as per the author’s advice). Also, professionals working in the field of event-driven investments would probably find little they did not already know. That being said, the book reads quickly, so a pro would be little disadvantaged for reading it.

    Finally, it’s nice to know that the author can walk the walk as well as talk the talk. Greenblatt publishes his firm’s audited returns over a ten-year period at the end of the book, and they are out of this world. We’re talking an average annual return of 50% for ten years. This book is not a case of “Those who can, do; those who can’t, teach.” Greenblatt can, and he does.

    Highly recommended.

  • Anonymous

    Rating

    I was in Joel Greenblatt’s class at Columbia and he assigned this book. It is by far the most useful equity investing book I’ve ever read. You can’t argue with the success of Special Situation investing or with his track record. He gives real life examples showing his thought process and by the end of the book you realize there is no “trick.” It’s just keeping your eyes open to these situations and realizing that in many cases the individual investor has a distinct advantage over the institutions that have size and style constraints regarding their investing.

  • Peter Eliot

    Rating

    In a world filled with mutual fund managers who make millions for underperforming the S&P over the duration of their careers, students of investing should always ask to see a teacher’s audited investment results before listening to a word.

    Joel Greenblatt produced 50%+ annual returns over ten years. To put this superlative performance in context, it is better than Warren Buffet’s. Quite simply: Greenblatt is an investing master and his teachings are worthy of special consideration.

    The pleasure of this book is its simplicity. The kind of rigorous homework Greenblatt suggests is not easy to do in practice, but this is a key reason why it can be such fruitful work to do. Greenblatt’s logic is driven by simple, fundamental and powerful truths: a) investing only in your best few ideas tends to lead to a higher quality portfolio, b) doing work where others are not contributes to an investment edge and c) there is statistical evidence to show that value investing and special situations outperform the broader market over time.

    The book is filled with humor, common sense and a lot of investing wisdom. Greenblatt has opened the door, students must walk through it themselves…

  • ServantofGod

    Rating

    The following two quotes always jumped into my mind when I was reading this book:- “No pain no gain” and “Talent is spelt W-O-R-K”.

    Back to the book. It’s a real page turner with plenty of success stories that explained the phenomenal return of the fund managed by the author, a genuine value investing practitioner, who began the book with some investment basics like do your homework and never listen to tips, then followed by intensive description of spinoffs, partial spinsoffs, rights offerings, risk arbitrage, mergers, bankruptcy, restructuring, and various derivatives.

    Nothwithstanding the author’s humour, this book is exceptionally insightful. I love the quick summaries for individual tools much because they are so concise and helpful. In case you are committed to do your homework (several weeks to study for just one single opportunity), and you are patient enough to invest only on around five opportunities in a year, this book is a must buy!

    p.s. Below please find some summaries for your quick reference:-

    For spinoff

    1. Spinoffs, in general, beat the market.

    2. Picking your spots within the spinoff universe for even better result.

    3. Certain characteristics point to an exceptional opportunities:

    - Insitutions dont want it and not because of investment merits

    - Insiders want it

    - A previously hidden investment opportunity uncovered by it

    4. Locate and analyse new spinoff prospects by press and SEC filings

    5. Paying attention to “parent” can pay off handsomely

    6. Partial spinoffs and rights offerings create unique opportunities.

    For risk arbitrage - NO!

    For Merger securities (the by-products issued for M&A) - Yes!

  • Eric Van Der Walde

    Rating

    I loved this book, read it in one day. It gives a wonderful overview of investing in areas of the market that are less frequently travelled, Spin-offs, merger securities, etc.

    Greenblatt details why investing in these market niches has tended to work in the past and why he believes it will continue to do so in the future. Perhaps more important than the speicific areas he suggest the investor investigate is the methodology he suggests. In a nutshell, Greenblatt suggests that the investor search for investments in underfollowed areas of the market where he can develop an informational advantage. I think this is very sound advice for someone willing to put in some effort. This approach also requires a knowledge of finance, you must be able to read and understand SEC filings and be able to understand financial statement. If you are a passive mutual fund investor or a financial novice not willing to put forth the effort to learn this approach is definately not for you.

    I found the writing engaging and the material inspirational.

  • Professor Donald Mitchell

    Rating

    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!

  • timjk

    Rating

    I will not occupy space with a critique of the title; I’m ashamed to admit it kept me from taking this book seriously as a potential purchase for a long time. That said, I cannot more highly recommend this book, especially to those with a smattering of understanding of financial statement analysis and finance. It is truly different from most value investing books one might find.

    This book contributes unique insights and real-life examples of how to apply his methods for valuing spin-offs and other special situations within which he invests. This book was so packed with revelations that it was my understanding that it got passed around extensively in the hedge-fund community. That is a weighty endorsement.

    Further contributing to the quality of this book is its approachability to readers from most any walk of life. While a novice may not gather every concept related in this book, they still should be able to comprehend a great deal more from this book than by many penned by academics.

    In summation, this book easily qualifies in my top 5 of most influential investing books, and is one I typically recommend to anyone interested in improving their investment perspective.

    I would also highly recommend Greenwald’s “Value Investing…” and Greenblatt’s other book, “The Little Book that Beats the Market.” Both would be worthy complements to this book, though I would recommend reading the latter first and the former last when reading the three texts.

  • Alpha Trader

    Rating

    This book is up there with Seth Klarman’s Margin of Safety as one of the best investment books ever written, and for less than 20 dollars is a great bargain. Greenblatt focuses on special situations including spin-offs, mergers, bankruptcies, restructurings, rights offerings, risk arbitrage, merger securities, and recapitalizations. He discusses these strategies, what has worked for him, and what hasn’t. A better title for this book is needed, however, and I would call it Event Driven Special Situations.

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