저자: 미상 · 외국인
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Joel Greenblatt의 마법공식(Magic Formula)을 소개하는 영상. 이익수익률(earnings yield)과 자본수익률(ROC)을 결합해 종목을 순위화하고 상위 20~30종목을 매수, 연 1회 리밸런싱하는 방식을 설명. 1988~2004년 백테스트에서 연 30%대 수익률, S&P500(12.4%) 대비 우위를 주장. 기존 전략이 여전히 유효하다고 강조하며 관련 ETF/포트폴리오 상품을 언급.
다듬은 글
what if I told you there was a simple formula that a renowned investor developed that has consistently produced over 30% annual returns for more than 20 years welcome to the magic formula Joel greenblatt's proven approach that can help ordinary investors like you and me obtain extraordinary results in this video I'm going to walk you through exactly how this formula works and why it beats the market year after year you'll learn the two easy to calculate metrics that form the foundation of the magic formula understand how to use it to pick winning stocks and discover why it has confounded even professional money managers for decades whether you're a seasoned investor or just getting started the insights from this formula can take your portfolio to the next level are you ready to unlock the magic and start picking big Market beating returns stick with me to the end of this video to master green blats proven approach the power of the magic formula is real let's discover how it works together understanding the two key metrics at the heart of the magic formula are two fundamental metrics earnings yield and return on Capital Joel greenblat discovered that combining these two measurements into a ranking system could identify stocks poised to outperform the market here's a quick overview of what each one tells us earnings yield this calculates how much a company earns relative to its share price it's similar to the inverse of the price to earnings or PE ratio a high earnings yield means the stock is undervalued compared to its earnings power return on Capital measures how efficiently a company generates profits from its assets and capital strong Returns on Capital indicate an efficient operation with a sustainable competitive Advantage green blat found that buying stocks with a high earnings yield and a high return on Capital resulted in exceptional returns over time the magic formula ranks all stocks according to these two factors and looks for companies in the top ranks of both metrics ranking stocks with the magic formula now let's walk through exactly how the magic formula ranking system works in practice step one one calculate the earnings yield and return on capital for every stock under consideration step two rank the stocks from highest to lowest based on earnings yield assign each stock a score corresponding to its ranking step three do the same ranking process for return on Capital step four add up the individual scores from steps two and three to get a combined ranking the lower the score the higher the ranking step five invest in the 2030 highest ranked stocks rebalancing the portfolio annually this straightforward quantitative process eliminates human emotion and bias from stock picking by sticking to the formula rankings investors let the magic work for them real world results you might be wondering does this investing formula actually work in the real world the result speak for themselves from 1988 to 2004 a $10,000 portfolio based on green blastz magic formula grew to over 500,000 dollars averaging annual returns of over 30% this completely trouts the snnp 500 which returned just 12.4% annually over the same time frame green blat also beat legendary investors like Warren Buffett and George Soros using this simple formula since then the magic formula has continued to generate consistent Market beating returns proving the durability of concentrating on earnings power and capital efficiency why it works but why does this combination of earnings yield and return on Capital lead to such strong returns there are a few key reasons it identifies Quality Companies with a strong end during competitive Advantage the high Returns on Capital indicate a successful business it uncovers undervalued stocks whose prices don't yet reflect their full earnings potential the earnings yield shows stocks the market has mispriced it eliminates emotion and speculation from the investing process through quantitative rankings there's no bias in the formula rebalancing the portfolio annually ensures money money is shifted towards newly attractive stocks the formula is continually optimized the beauty lies in the Simplicity rather than complex models or predictions the magic formula focuses on Core Business fundamentals and valuation implementation tips if you want to implement the magic formula for your own investing here are some key tips to keep in mind use a broad Universe of stocks such as the snp500 or Russell 3000 more stocks mean more potential winners make sure the financial data is accurate errors can throw off the rankings use automated tools to screen for errors stick to Mid and large cap stocks liquidity is important for rebalancing reinvest dividends to allow compounding to work its magic hold a diversified basket of 2030 stocks to minimize stock stock specific risks give it time the formula works over multi-year periods not months patience pays off follow these guidelines and the magic formula can transform your portfolio common concerns when learning about the magic formula investors often have some common questions let's address a few of them here does it still work short answer yes extensive back testing shows the magic formula continues to deliver outsized returns in today's market the focus on fundamentals doesn't go out of style what about other factors like growth greenblat found earnings yield and return on Capital had the most explanatory power additional factors did not significantly improve performance do prices become inflated some stocks may appear overvalued but the yearly rebalancing ures capital is allocated to new opportuni ities the evidence clearly shows that the magic formula's conceptual Simplicity and empirical results override these concerns the magic lives on magic formula portfolios if you don't have time to implement the formula yourself there are some great magic formula investing portfolios that do the work for you the magic formula investing website itself offers TurnKey screen portfolios Motif investing has magic formula pi you can invest in compass wealth management and valida both offer magic formula ETFs stocks picked using the approach these products provide easy access for investors to harness the power of Joel green blats time- tested formula the takeaway so in summary here are the key points about Joel green blats magic investing formula it combines earnings yield and return on Capital into to a stock ranking system this system generated over 30% annual returns for 17 straight years crushing the market the formula identifies undervalued highquality companies it removes human emotion and bias from the investing process simple to implement it focuses on business fundamentals rebalancing and diversification are key to successful results the magic formula proves that uncomplicated investing strategies can produce extraordinary results while past performance doesn't guarantee future results the principles behind this method remain sound so don't over complicate your stock picking keep it simple stick to the formula and let the magic of smart quantitative investing work for you I hope you enjoyed this overview explaining how Joel green blats famous magic formula really works and the impressive result results it has achieved let me know if you have any other questions if you found this video helpful please like share and subscribe for more investing insights thank you for watching and I wish you the best of luck unlocking the Magic in your own portfolio
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