저자: 미상 · 외국인
요약 보기
결론: 조엘 그린블랫의 투자 철학과 성과, 그리고 '마법공식'을 소개하며 시장을 이기는 방법을 정리한 해설 영상이다. 그린블랫의 투자 스타일: 버핏과 유사한 가치투자 접근을 취하며, 처음엔 특수상황(special situations)에 집중하다가 이후 체계적 접근 기반의 분산 방식으로 발전했다. 주로 섹터 수준에서 소형·중형주 중심으로 운용한다. 성과: 1985~1994년 연평균 수익률 50% 이상, 최저 연도도 +28.5%를 기록했다. 펀드 폐쇄와 재기: 운용자산이 지나치게 커져 우수한 성과를 내기 어려워지자 1994년 펀드를 청산했다. 2003년부터 컴퓨터 과학자와 함께 '마법공식'(두 가지 지표로 저비용·고수익 기업 선별)을 검증하는 연구를 진행했고, 이후 Gotham Capital의 대규모 자금으로 지표를 정교화했다. 2009년 Gotham은 강세장·약세장 전용 펀드를 갖춘 헤지펀드로 재편되었다. 핵심 투자 조언: 많은 사람이 같은 종목을 본다고 해서 기회가 없는 것은 아니며 기회는 어디에나 있다. 투자자를 의식하기보다 직접 자금을 운용하고 손실 경험을 통해 감정을 익혀야 한다. 시간은 나쁜 기업의 적이고 좋은 기업의 친구이므로 자본수익률을 보는 것이 가치함정을 피하는 데 중요하다. 저비용·우량 기업에 투자하면 장기적으로 시장을 이긴다는 것이 그의 확신이다. 시간 차익(time arbitrage): 많은 투자자가 장기 보유를 못 하는 점을 활용해, 가격이 적정가치 주변에서 움직이다 투자심리 변화로 크게 벗어날 때 기다리는 전략이다. 적절한 시점의 기회를 기다려야 한다. 매니저 선택 조언: 과거 평균 성과보다 투자 프로세스를 기준으로 선택해야 하며, 펀드보다 수수료가 낮고 세금 효율이 좋은 지수 투자가 대체로 더 나은 선택일 수 있다. 책 평가: 저자의 시장 현실적 기대치 제시와 다양한 투자 아이디어는 장점이다. 다만 옵션 등 기술적 내용이 많아 진입 장벽이 있고, 한 트레이더 사례는 구체적 성과 근거가 부족해 신빙성이 떨어진다. 소형 개인 투자자에게는 대형 기관 중심 사례라 적용성이 낮을 수 있다. 결론: 극단적으로 높은 수익을 약속하는 광고를 경계하고, 연 수십 % 수준의 꾸준한 성과가 현실적인 목표라는 점을 강조한다.
다듬은 글
Who is Joel Greenblatt, the hedge fund manager who knows the magic formula in the stock market? What is his investment style and what is his performance? What are his stock market tips for achieving such success? That's what we'll see in detail in this new video. Just before, I invite you to click the subscribe button to join the other winning traders subscribed to the " Bourse Ensemble" YouTube channel and to receive future videos on the channel.
This article is part of our series, which we're concluding today, on the hedge fund magician. It was taken from the book " Market with the Wind in the Wind" by Jack Swagger, which could be translated into French as "Les Magiciens et Richmond" (The Magicians and Richmond). How winning traders truly win in the financial markets.
So, what is Johansson Blatt's investment style? He has a value approach, very similar to Buffett's, which focuses on special situations initially, and then on a more diversified method based on a systematic approach. He operates primarily at the sector market level, focusing on stocks and small and mid-cap companies.
In terms of performance, I win. Blatt posted average annual returns of over 50% from 1985 to 1994, with the lowest year at + 28.5%. What is the story of Joel Quenneville? He is the author of several famous books on value investing, including " You Can Be a Stock Market Genius." He is also one of the few iPhone fund managers to have closed his fund because it was performing too well.
The assets under management had become so large that it became difficult for him to continue producing such exceptional performance. Therefore, Blatt decided to close his fund in 1994 and redistribute all the money, while continuing to operate independently. In 2003, he started a major research project with a computer scientist to determine how his existing "magic formula" and strategy, based on two specific indicators, could identify low-cost companies with good earnings returns and return on capital.
How would they compare to the rest of the markets? Greenblatt took the opportunity to discuss all of this in... His second book, "The Little Book That Beats the Market," was such a success that the project grew enormously, notably with the participation of tens of millions of dollars from Gotham Capital, the Grenoble-based fund, to refine and test the original indicators.
In 2009, Gotham became a hedge fund again, with funds dedicated to bull markets and others to bear markets. Fifteen years after closing his first hedge fund, Greenblatt, against all expectations, was back with a much more diversified method and a systematic approach. His new investment vehicle and the secret revealed in his third book, "Bixi Crête," based on this master's degree, which has never been translated to my knowledge, are as follows: Firstly, everyone says that too many people are looking at the same stocks, so there are no more opportunities available.
But in fact, there are plenty of opportunities everywhere, all around you. You will fail if you invest differently from what you truly want to do. If it's to please your investors, you must manage your money yourself. There's nothing like doing it and learning what it really feels like to lose money and observing your emotions when you do something well or when you do something wrong.
The fact is, time is the enemy of poor businesses and the friend of great ones. So one of the reasons why looking at return on capital is important is to keep you away from the pitfalls of value investing. Value investing works, okay, not all the time, but that's precisely why value investing works.
Investing in good, low-cost companies, like Buffett, will outperform the market in the long run. That's a certainty. The inability of many investors and managers to invest for the long term has created the opportunity for time arbitrage, an approach that requires holding on for a while. Over long periods, prices generally fluctuate around their fair values, but large variations occur due to significant changes in investor sentiment regarding their positions.
You must wait for the right opportunity at the right time. One of the biggest mistakes, by the way, is using managers' past performance to select the best managers. You should base your choices on their investment process rather than their average performance. Equity indices are generally better investment choices than funds because they have lower fees and are often more tax-efficient.
So, to conclude our series on Haydn's "magicians," here's my conclusion: what are the pros of this book? As usual with Schwaiger, I thoroughly enjoyed reading his latest work on these financial market wizards who truly stand out with their impressive performance. It's once again an excellent reference for understanding what is and isn't truly feasible in the stock market, particularly in terms of extreme performance, risk, etc.
So, don't be fooled by websites promising unrealistic returns. Amazing results in no time at all when you've seen with this series of articles what the best in the world are capable of, and it's not just a few hundred percent a year, but rather several tens of percent regularly over time. The paths of the exceptional traders covered are, as usual, just as varied as with Schwalger's other books, with approaches, investment styles, types of analysis, and ways of seeing the financial markets that are often very different, even diametrically opposed.
It's not uncommon to read advice and its opposite, according to the "magician to be praised," which proves once again that there are multiple ways to succeed in the stock market with extraordinary performance. Numerous gems are scattered throughout the book to provide a wide selection of investment and trading ideas for those who know how to pay attention and who are willing to delve even deeper into the subject.
So what are the drawbacks or disadvantages of this book? It's not always easy to follow the chronological aspect, the paths of some managers when everything is mixed up within... The interview, with its technical questions, recaps, advice, and mistakes, is probably Schwaiger's most technical interview book.
It's been a year since Schwaiger's book, covering all aspects of options, which might put some readers off. The story of Jimmy Ball at the Tithes, based on what we've seen recently, is downright implausible, defying all stock market logic, especially since no concrete details are provided about his performance, unlike all the other "iPhone wizards" in the book.
He's very vague about his strategy and arguments, readily admitting that the company he works for is very lax in its controls. It's a bit reminiscent of Kerviel and others. So, this Schwaiger book is perhaps the least relevant of all for small proprietary traders, given that most of the traders interviewed operate within much larger structures with far greater resources.
Now, what do you think of Joel Greenblatt, the Hatten wizard, who knows the... Magic formula for the stock market. Thank you for watching this entire video. Click the like button below and subscribe to the YouTube channel so you don't miss future videos. As a bonus, you can also access my exclusive training, "The Fast Track to Financial Independence in the Stock Market," for free by clicking on the corresponding thumbnail.
I'll show you how to truly succeed in the stock market if you're a beginner. If you're more experienced, check out the next video that just appeared. See you very soon on the " Trade Together" channel. Don't forget, join the winning traders who are inspired by the magicians of Hatfield.
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