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in today's video we're going to be looking at our top three takeaways from a recent interview of joel greenblatt greenblatt is considered as a legendary investor one of the greatest hedge fund managers of all time he set off his hedge fund when he was 27 years old and managed to average 40 percent a year over 20 years going at this rate one million dollars invested would have turned into 836 million dollars he's also a best-selling author and a teacher who taught value investing courses at the columbia business school for over 20 years let's dive into our top three takeaways take away one good investors have a strong stomach take a moment and think about the concept of higher the risk higher the reward scary yes it is but one fact you need to know is that successful people have usually faced more risks than others and this is what sets them apart the world of investing is no different and whatever you make from the market is a payment for the risks that you've taken however your risks should be well calculated greenblatt thinks that you are paid for your stomach which means that you have to be prepared for any aspect of the market as an investor don't expect the market to go your way all the time instead good investors should be able to deal with hard situations where the market crashes by 50 to 60 percent this does not mean that when things go south you feel nothing no greenblatt explained that as a human he does feel a kick in the stomach when he loses a lot of money but he adjusts within two to three days however what matters is getting back in a few days and asking yourself these questions okay where are my opportunities what can i do is there a better opportunity available greenblatt further stated that the quality of your thinking matters but equally you need to be aware that bad things such as crashes happen and you should be able to handle them if you want to be a superior investor if you're enjoying this video please smash that like button so that others can find this video as well takeaway 2 original thinking is overrated some of us are bent on being original thinkers because we think that is how it should be but while original thinking is great copying successful people's approach is an effective way to do well greenblatt says that original thinking is overrated and if some smart person has figured it out then copy that and learn from that instead of reinventing yourself by the way that's what this channel is about cloning what smart people have already shared greenblatt has learned many things from great investors for instance he spoke about learning ben graham's magic formula for stock picking this includes buying stock only when it's below liquidation value graham always had a portfolio of about 30 stocks he bought using the same method greenblatt decided to try it and it turned out that buying cheap and good businesses worked really well greenblatt alternated what he discovered and learned from warren buffett in terms of his humility and graciousness despite his level of accomplishment and contribution back to society he still remains very grounded portraying the characteristics of a great role model in other words this goes to show how you can greatly benefit from copying successful people's methods or approaches takeaway three understand your circle of competence another major takeaway we got from this conversation is understanding your circle of competence greenblatt stated that as warren buffett says you must begin by identifying your circle of competence understanding what it is and expanding it by learning more about it this way you will stay focused and play the best game that you can also it's important to enjoy what you're doing that helps you learn more this means developing a passion for whatever you're dedicating your time to because in the world of investing there are ups and downs if you do not enjoy what you're doing you'll never be able to endure the difficult times therefore stay rooted in your circle of competence and don't be distracted by what others are doing greenlight gave an example using the advice that he gave to his kids he said he didn't tell them to go be an investor no instead he told them to find out what they're good at what they enjoy and can be successful at so for everyone listening ensure you understand your circle of competence and stick to it there were lots of great insights in this interaction and we won't be able to do justice to all of that now but for now that's it from us let us know your thoughts in the comments below
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