저자: BradKaellner · 외국인
요약 보기
Joel Greenblatt의 Invest 5 상품을 소개·분석한 영상. 결론: 개별 종목 투자 대신 자동 적립식 가치가중 S&P500 펀드에 장기 투자하는 방식이 규율 측면에서 가치가 있다는 평가. 복리와 조기 투자의 중요성을 19세 2000달러 7년 투자자와 27세 40년 투자자 비교 예시로 설명, 워런 버핏 사례 인용. Invest 5는 하루 최소 5달러씩 주 단위로 자동 이체해 Gotham Enhanced S&P 500 Index Fund에 투자하는 구조. 감정적 매매를 줄이는 자동화 장점 강조. 펀드는 S&P500 유니버스에서 시가총액이 아닌 밸류에이션 지표 등을 반영해 가중하는 100% 장기 롱 전략. 약 4년 3개월 운용 성과는 연 5.29%로 S&P500의 15.9%에 뒤처짐. 비용은 총보수 0.65%, 순보수 0.50%로, VOO 등 S&P500 ETF의 0.04%보다 높음. 발언자는 향후 경기침체 시 성과가 어떨지 지켜볼 필요가 있다고 언급. 시장 하락 시 자동 적립이 유리하다는 워런 버핏식 관점 공유, 시청자들에게 Greenblatt 펀드 투자 경험 댓글 요청으로 마무리.
다듬은 글
Hello, Stock Compounders! With you, Brad. So, today I want to talk about Joel Greenblatt's Invest 5 system , I think that's what it's called here. I get emails every few days. I guess I got caught up in their sales funnel. Not sure how I got there . But today I decided to dig a little deeper, because this is Joel Greenblatt, a legend in the investment world .
And I wanted to see : what kind of product is this? What is he promoting here? So, Invest 5, okay? In fact, Invest 5 is a system where you automatically invest at least $5 per day. And those funds go into an enhanced S&P 500 index fund managed by Joel Greenblatt. So let's talk a little bit about what's going on here, because I think it could be quite valuable for a lot of people who don't want to spend time picking individual stocks.
This might even be better than just investing in the S&P 500. So let's dig into this a little bit . He tells us who Joel Greenblatt is. Most of you probably know who he is. This is one of my favorite books about the stock market—"The Little Book That Beats the Market." The first thing he does after explaining who he is and why you should listen to him is give a lesson on compound interest, okay?
Of course, my channel Stock Compounder is dedicated specifically to the accumulation of interest. But this is a really important lesson. The essence of the lesson is that there are two people. One of them starts investing $2,000 a year at age 19, okay? And he's only been doing this for 7 years . Another starts investing at the age of 27 , it seems.
Contributes every year, sorry, at the age of 26 , contributes every year for 40 years. Good? So, you have an investor who invests $2,000 per year for 7 years. Another has been doing it for 40 years. But someone who has been doing it for 7 years starts early , right? Gets a 7- year handicap. Let's move on to the results.
This is a cool little visual demonstration of what's going on. So here's Investor B: 2000 per year invested between the ages of 19 and 25. And then, at the age of 26, another investor starts investing. So the power here is that you have a higher net return for an investor who only contributed seven times, but did it earlier, you know?
A 66-fold increase in these funds versus only 11-fold, which, you know , is also quite impressive. But it's just incredible, it really highlights the power of compound interest, the power of time, starting earlier and playing longer. Well, look at Warren Buffett, right? How much is Warren Buffett? Ninety?
Is he 90? He might be 90 already. I think he's turning 90 this year. But he started investing when he was 11 , right? One of the richest people in the world. But most of it, the vast majority, has only come in recent years through the power of compound interest, the exponential growth curve. So, let's talk about the idea behind Invest 5.
Maybe the solution is to go back to the simplicity of ninth grade. It's clear that investing early and in a disciplined manner is the key to harnessing the magic of compound interest, for sure. But for the most part, as a society, we are losing it. For those who haven't had a chance to start investing yet, and for those who are just starting out, perhaps this means we need an action plan that will add both discipline and help investors who should start a long-term strategy as soon as possible.
That's where Invest 5 comes in. It's designed to provide a simple, one-step solution that combines a disciplined plan with a strategy that investors can hopefully stick to over the long term. And that's the main key, guys . Have a plan that you can stick to , okay? And it doesn't have to be this plan.
It could be just an automatic investment in the S&P 500. It could be, you know, " magic formula" stocks. This could be shameless copying of successful investors. There are many, many options. But the main thing is to have something simple enough that you can stick to it. Quite simple, but you believe in it.
You have confidence in him. I think confidence is an important element that allows us to stick to something , right? We have to believe that it works in the long run, even if in the short run it deviates from what we expect, from the direction we want to see it go. So, discipline. With Invest 5, you choose an investment amount starting from $5 per day.
Friends, just to clarify, this is not an advertisement for Invest 5. The value I actually see in this is that Joel Greenblatt has been educating investors for years, you know? And he, you know, put all that experience into this product. Uh, and of course , he's going to make money off this product. But you have to understand what's behind how he developed this product, you know?
Even if you're not going to buy it, and I'm not going to either , okay? But there is wisdom, there is a certain simplicity in the way it is all arranged. So let's try to learn lessons from this. Once a week, the selected amount will be automatically transferred from your bank and invested in the Gotham Enhanced S&P 500 Index Fund.
We'll look at that in a few minutes. What kind of index fund is this? This automatic process, which does not require making new investment decisions every day, every week , every month, or even every year—which is crucial—should help investors continue to invest regardless of market movements. Think about how important making that one initial investment decision really is.
When the market falls, many investors get nervous and either sell their assets or stop investing until the situation becomes clearer, right? That's why when you see the results of the fund's work, right? And then you look at the profitability of the investors themselves who invested money in this fund, usually the fund's results are much higher than what investors earn .
The reason is that when the market goes down, when the fund falls, people don't want to make contributions. Of course? We are set up to make completely wrong decisions at the wrong time. So, given history and logic, such actions make little sense. In the long term, the market tends to grow along with economic development.
So we need this long-term picture. The truth is that stocks represent a share of ownership in a business. Stocks are not just pieces of paper that jump up and down. When the price of a business falls, the shares of that business can become an even more profitable purchase, you know? This, in fact, is largely the basis of value investing.
We do not focus on the price of a stock to understand its real value. The market behaves quite chaotically, but it serves us if we understand how much a stock is actually worth. We know when to buy, we know when to sell wisely. Warren Buffett often said that young investors should wish for the market to fall.
By the way, I personally also really want the market to fall. If you are a long-term investor, who wouldn't want to buy at a lower price rather than a higher one, right? People have a strange attitude towards this . They should want the stock market to fall. They should want to buy at a lower price.
However, without the discipline of an automatic investment program, most people find it difficult to continue buying when prices are falling. In most cases, they do the opposite. Although , when prices fall, the same amount of investment allows you to buy more shares. So, a disciplined automatic investment program provides the solution.
This, you know, explains the investment strategy a little bit. Now we will take a closer look at this fund. Yes, let's go straight to the fund. So Gotham Enhanced S & P 500 Index Fund. It is 100% long-term, it is not a fund with short positions. It is purely long-term. Now, there is a minimum investment amount.
I assume this doesn't apply, right? If you subscribe to the Invest 5 program. Because you can invest $5 per day, which is $1,825 per year. So you don't need that $5,000 down payment. It could be just $5. The founding date was ...what date is it? 4 years and 3 months ago. Now let's look at the results of the activity.
Yes, this is important. So, the fund is a value-weighted, long-term US equity-only investment strategy that selects assets primarily from the S&P 500 index universe . It is not necessarily limited to stocks from the S&P 500 list. But for the most part, these are the companies that make up this fund.
And it is weighted by cost. After all, the S&P 500 index is an index fund weighted by market capitalization, right? So, the largest companies in the S&P 500. Sorry, guys. I just have to update this . The largest companies in the S&P 500 make up, um, you know, have a higher share in the fund than, um, smaller companies.
But that's not the case, uh, with this fund. In this fund, uh, they are chosen not only based on market capitalization, not only based on capital size. Um, there are certain valuation metrics that apply to the companies included in this fund. Um, and you know, I imagine that over time, it will provide better results compared to a market cap-weighted index.
Now we can see how it has performed since its inception, er, over the past 4 years and 3 months. Uh, it lags a bit behind the S&P 500: 5.29% per annum versus 15.9% for the S&P. So, do you know what this is ? Um, 51 basis points, uh, that's what it's lagging behind. A small problem. Um, commissions are what I'm more interested in, uh, for evaluation here.
We have a gross expense ratio and a net expense ratio. 65 basis points and 50 basis points. Hmm, my…What does my intuition tell me about this ? Uh, when I think about what the advantage of a fund like this might be , since it's a value-weighted fund, compared to the associated fees. So you can buy the S&P 500 index, uh, with four basis points in commission, okay?
0.04%. I think it's, uh, one of the Vanguard funds, VOO. It seems like it's only four basis points. So, that's a big difference, uh, in terms of commissions. Um, and, you know, it's hard to say which one will perform better over the decades. Um, yeah, I would n't even have guessed. It will be interesting to see how it performs, um, in the future, uh, especially during a recession or something like that.
This, this could be revealing. Um, but, you know, here are some details about this fund. Uh , but yeah, I appreciate this structure because, you know, even myself, as someone who puts a lot of effort into investing in individual companies, my own, you know, emotional, uh, psychology, my own emotional biases about investing.
Uh , there's a lot to be said for mechanical investing, uh, automating the process and eliminating as much of this, you know, emotional decision-making, this irrational decision-making as possible. Um, so, you know, you guys know that I recently released a video about, you know, how to create a "shameless copycat" portfolio?
Um, I think there might be some ideas here, uh, about this strategy, the "invest in the top five" strategy, for that shameless copying portfolio. Um, so guys, just thought this was interesting, wanted to share. Uh, let me know if any of you are currently investing with Joel Greenblatt in any of his funds, uh, or even in this strategy.
Um, because he, he's a true legend. Uh, not a bad guy to join him on this financial journey. So, anyway , guys, just wanted to introduce this, thought it was interesting, and I'll see you all in the next video. Take care of yourself.
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