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all right let's unlock some investing Secrets today sounds good to me we're diving deep into a classic the little book that still beats the market oh yeah Joel greenblat yep it's basically the Bible for Value investing kind of a mustre for anyone who wants to really understand this stuff yeah and we're going to pull out all the best bits the you know the really actionable stuff give everybody a good tool kit to spot good opportunities so green blat starts off kind of throws a curveball says buying a stock isn't really about right you know ticker symbols or whatever that's not about the letters it's about it's about it's about owning part of a business owning a piece of a real company yeah becoming like a mini partner in that company yeah you're entitled to a share of its future earnings I like that he uses this fun analogy about a sixth grader okay named Jason who builds this gum selling Empire you know from his school so owning a share of business it just means you get a piece of his profits simple simple as that yeah it's not about gambling on stock prices you know it's about understanding the actual company right in potential to earn money it's potential to earn money but how do we how do we make sense of the stock market though right where prices go up and down like crazy it can be a wild ride yeah totally well greenl introduces this character Mr Market okay and Mr Market is really just a way to embody the emotional roller coaster that the stock market can be he's driven by fear and greed offering to buy or sell stocks at these wildly fluctuating prices okay so well Mr Market's kind of like one day yeah one day he's super euphoric yeah like a gambler and he's offering you you know a Skyhigh price yeah for your shares totally and then the next day he's in a total panic right begging you to sell at a discount right the point is don't play Mr Mar it's game don't get caught up in the hype or the fear right instead use your understanding of the business's true worth I like that to make rational decisions okay so don't try to time the market buy when it's low sell when it's high that's where the margin of safety comes in okay what is that yeah so instead of trying to perfectly time the market right we're looking for a buffer okay we want to buy businesses for significantly less than they're actually worth think of it as a built-in cushion to protect you against uncertainty yeah potential errors in judgment cuz we're going to make those we all make mistakes yeah so so you're basically minimizing your downside risk okay I like that minimizing downside risk all right so that's margin of safety now here's where things get really interesting I'm ready this is green blats magic formula the magic formula are it lay it on me so he claims it can help us identify good businesses at bargain prices it does sound kind of too good to be true it does okay it does but it all boils down to two key metrics okay return on Capital and earnings yield got it so return on Capital tells us how efficiently a company okay generates profits are they taking every dollar they invest and turning it into even more money so they're good at making money they're good at making money that's what we want to see but how do we how do we figure that out the basic idea is pretty straightforward okay we look get how much profit a company makes okay compared to the amount of money they've invested in their business okay so think about Jason again all right our gum selling entrepreneur okay his return on Capital would be how much profit he makes from selling dumb compared to the money he spent buying gum setting up his little shop so like the more efficient he is the better yeah exactly okay so if Jason's making a killing selling dumb but he had to spend a fortune on fancy gum displays it's got it and a prime location yeah rent his return on Capital might not be that impressive right right but if he's keeping costs low right and selling tons of gum yeah his return on Capital would be through the roof that's what we want that's what we want High return on Capital so we want to see that a company is generating a healthy profit relative to the capital it it has invested okay the higher the better the higher the ratio the better all right so that's return on Capital mhm what about earnings yield all right so earnings yield bring us home this is all about finding those Bargains okay those businesses that are priced attractively in the market right it tells us how much profit a company is making compared to its current stock price right so a high earnings yield means we're getting a lot for we're getting a lot of bang for our buck yeah like a like a really good sale it's like finding a designer handbag on clearance you know I like great quality but at a fraction of the original price okay so high return on Capital means they're good at making money exactly High earnings yield means we're getting a good deal we're getting a steal we're getting a steal they're taking advantage of Mr Market being taking advantage of Mr Market irrational yeah okay exactly so we've got our two key ingredients right I'm writing this down high return on Capital okay High earnings yield got it now green blat actually back tested this formula oh really so he he ran the numbers yeah he ran a simulation cool to see how it would have performed over 17 years oh wow okay and the results were impressive okay the magic formula consistently outperformed really the market averages wow often doubling or even tripling the returns no way of the broader Market that's amazing but of course there were periods yeah I was going to say it couldn't have all been smooth sailing of course not there were periods where it underperformed okay but over the long haul it proved to be a winner so this is really like a long game yeah it's not a get-rich quick scheme yeah you got to be patient it's about playing the long game exactly exactly and that brings us to Mr maret's going to go up and down yes but we're going to be steady that brings us to one of the most crucial points okay that green blat emphasizes throughout the book patience okay in fact he tells this story about a guy who wrote A selling investing book oh wow so he's like a he even launched a mutual fund okay based on his research but he couldn't resist oh no tinkering with his winning formula to chase the quick butter to try to chase quick gains oh that's so tempting though he is tempting so even this guy even this guy who like wrote the book on this stuff yeah couldn't help himself he struggled to stick with his own proven strategy oh that's fascinating yeah he ended up abandoning did he regret it the very approach that had brought him success o and he admits later that it was a mistake it just highlights how even the smartest investors can get right caught up in the short-term noise and lose sight of the big picture so if this guy couldn't do it what hope is there for the rest of us right I mean well green blad argues that sticking to a sound strategy even when it's not the hottest thing at the moment yeah is what separates the winners from the losers that's a good that's a good point it's about having the conviction to stay the course even when things get a little bumpy so how can we apply all this wisdom right this magic formula stuff in our own lives well is this just for the Wall Street guys or that's a great question can regular people use it and that's what we'll explore next okay green blat offers practical guidance right for both seasoned stock Pickers okay and those who prefer a more hands-off approach so whether you're ready to get your hands yeah picking stocks exactly or if you just want something a little simpler yeah Green blad's got something for you he's got you covered okay well stay tuned as we keep going on our Deep dive right into the little book that still beats the market sounds good all right all right welcome back to our Deep dive into the little book that still beats the market we're on the hunt for those undervalued businesses we're talking magic formula right yeah we're going to break it down a little further okay so return on Capital and and earnings yield those are the two biggies those are the two key ingredients but what do those actually mean in plain English well let's start with return on Capital remember we're looking for those companies that are really efficient at generating profits right they're taking that dollar and turning it into $2 turning it into even more money like they've got this secret money-making machine right so high return on Capital basically means they're rock stars they're good at making money yeah but how do we actually how do we find that out do we need like you don't need a fancy Finance degree okay good it's a pretty simple idea okay we're looking at how much profit a company makes okay compared to the amount of money they've invested in their business all right think back to Jason our gum entrepreneur our sixth grade little yeah business tycoon his return on Capital would be how much profit he makes from selling gum right compared to the money he spent buying gum and setting up his shop so like the the more efficient is with his money yeah exactly the higher his return on cash the higher the ratio the better okay so Jason could be making a ton of money selling gum right but if he spent a fortune on like I don't know a fancy website or something fancy gum displays yeah his yeah his return on Capital wouldn't be so hot exactly but if he's keeping costs low selling tons of gum yeah his return on Capital would be through the roof okay that's what we want to see we want we want to see a company generating a healthy prod profit yeah relative to the capital that they've invested Okay Okay cool so that's return on Capital all right what about earnings yield remind me what that one's all about all right so earnings yield this is where we find the deals it's all about finding the bargains those businesses that are priced really well in the market okay it basically tells us how much profit a company is making okay compared to its current stock price so a high earnings yield basically means we're getting a steal we're getting a lot of bang for our buck we're getting that that Black Friday special like finding that designer handbag on clearance yes exactly I love that great quality at a fraction of the price okay so high return on Capital means they're good at making money exactly High earnings yield means we're getting a good deal we're getting a good deal and that means we're outsmarting Mr Market we're taking advantage of Mr Market when he's being a little you know when he's not thinking straight emotional yeah exactly okay I like it so we got our two secret ingredients right High return on Capital High return on Capital High earnings yield High earnings yield and now green black goes and he back tests this formula yeah he actually ran a simulation over like 17 years right to see how it would have performed over 17 years that's a lot of data a lot of data and the results were good right the results were remarkable the magic formula consistently outperformed the market really often by a large margin wow that's pretty impressive iive but of course there were periods yeah there's got to be some Downs right there were periods where it underperformed sometimes for years so even with the magic formula we can't expect to get rich quick it's not a getrich quick scheme got to be patient patience is key right cuz Mr Market's going to go up and down Mr Market's going to do his thing but we're going to stay steady and that brings us to one of the most important points that green blat makes okay patience patience we hear it all the time but it's crucial why is it so important in this case well he tells this story about this guy who literally wrote a best-selling book about investing so this guy knows what he's talking about he even launched a mutual fund okay based on his research so he's like a he's a real deal investor is the real deal but even he couldn't resist couldn't resist tinkering with his winning formula oh no what did he do you know trying to chase those quick gains I mean that's so tempting it is so tempting when you see the market doing its thing they try to time it yeah you think you're smarter than everyone else and he ended up abandoning the very approach oh wow that had brought him so much success so he he like messed with his own formula he messed with his own formula backfired and later he admitted it was a huge mistake ouch and I think it really shows how even the smartest investors yeah no one's immune can get caught up in that short-term noise right right and lose sight of the big picture so if this guy who who literally wrote the book on investing right couldn't do it couldn't resist what hope is there for us mere mortals right you know the greenblat says that sticking to a sound strategy okay so even when it's not even when it's not the the hot new thing the cool thing to do is what really separates okay the winners from the losers so don't chase Trends stick to the plan stick to the plan that's easier said than done though right it is it is especially when you see other people maybe making quick games yeah and you feel like you're missing out you feel like you're falling behind Okay so how do we actually apply this this magic formula in our own lives is it only for you know the great question people who do this professionally or can regular people use it that's what we'll get into next okay green blad actually offers a lot of practical guidance okay for both the season stock Pickers and for those who want a more hands-off approach so whether you're ready to like yeah in there and pick stocks yourself pick your hands dirty or if you're just kind of looking for something a little simpler or something for everyone Breen blad's got you covered he's got you covered all right well stay tuned as we keep going deeper all right into the little book that still beats the market okay welcome back to the show back for more magic formula we're going deep on on risk this time yeah got to talk about RIS it's the it's the thing everyone worries about the big scary our word right but green blat he doesn't shy away from it oh good in fact he kind of challenges the way most people think about risk okay how so well a lot of people just focus on those short-term price swings right like when your portfolio drops 10% and you're like oh no yeah you see red and you panic yeah exactly but green blat says that's not the real risk okay so what is the real risk then he wants us to think about risk as the potential for losing your money permanently permanently yeah so it's not about whether a stock goes up or down this week it's about whether the underlying business is solid okay so it's got to be a company that can survive exactly you know the ups and downs can it weather the storms yeah belong G adapt to change right right and still make money years down the road so those those like daily weekly ups and downs they're just noise they're just distractions what we really care about is the long-term health of business yeah a company that's built to last like building a house on a solid foundation like that you want it to withstand any storm okay so yeah we want companies with strong competitive advantages good management teams and a track record of making consistent profits that makes sense but even with all that even if you do our homework right there's always a chance things could go wrong right of course no investment is completely risk-free yeah and green blad admits that even his magic formula isn't perfect he says straight up it's not foolproof so no guarantees there are no guarantees in investing that's the truth that's a good point but that's why patience is so important right cuz even with the magic formula yeah we might see those periods of underperformance you got to ride out those rough patches okay and that can be tough especially when you see other things going up yeah you got to trust the process that's the process okay believe in the principles so and remember that money manager the guy who stuck to his guns yeah the one who had the conviction to stay the course even when everyone told him he was crazy that's the mindset we need that's tough it is tough but it can pay off big time okay so we've talked about risk in general right are there any risks that are specific to the magic formula well green blet does mention a couple of things okay one is that the formula could become a victim of its own success okay how's that well if too many people start using it piling into the same stocks it's not a secret anymore it's like a secret fishing spot that gets overcrowded right everyone's catching all the fish exactly okay so the prices get bit up and those bargain opportunities might disappear right so then the formula doesn't work as well anymore yeah but green blat thinks that's unlikely to happen why is that because the formula remember it has those periods of underperformance right it's not a smooth ride so most people won't have the patience to stick with it uh so the people who can't handle the bumps they'll drop out they're going to bail and that'll keep it from getting too crowded I see so the formula's own volatility yeah kind of protects it it's a self-regulating system I never thought of it that way and green blat also points out that as we get more data right because the world's changing so fast the formula might actually become even more effective interesting so even though there are risks yeah Green blot seems pretty optimistic about the future of the magic formula he believes in the long-term potential but he also says it's not for everyone right right it's not a one- siiz fits-all solution it's not for those who want want to get rich quick right the day Traders yeah if you're chasing the hot stocks this isn't for you you got to be patient you got to be patient do your research do your research and really really believe in the approach it's about playing the long game okay so big picture what are some key things you want our listeners to take away from all of this well I hope they've learned that value investing it's a powerful approach yeah and that it's all about focusing on the fundamentals the real businesses behind the stocks not getting swayed by the hype or the fear right cuz Mr Market's going to do his thing Mr Market will always be there we got to be smarter than him and the other big takeaway is patience patience can't say it enough it's not just a virtue it's a crucial ingredient for Success absolutely and you know I hope people listening yeah they feel like they can approach investing yeah with more confidence with more knowledge more knowledge they've got the tools they have a tool to make good decisions to make informed decisions so whether they use the magic formula or not yeah those principles are still so valuable those principles are Timeless this deep dive has been awesome I've enjoyed it I've learned a ton me too I really appreciate you breaking it all down for us my pleasure all right that's all the time we have for today well thanks for listening to our Deep dive into Joel green blads the little book that still beats the market hope you enjoyed it and we'll see you next time happy investing
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