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You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits |  |
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You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits | |
* Spin-offs * Restructurings * Merger Securities
* Mergers * Rights Offerings * Recapitalizations
* Bankruptcies * Risk Arbitrage
This is a practical and easy-to-use investment reference, filled with case studies, important background information, and all the tools you'll need. All it takes is a little extra time and effort -- and you can be a stock market genius.
网友对You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits的评论
结合案例，对事件类投资论述，无出其右者也
书很好，缺点是方法不适合中国。
I read this book about three years ago and really wish I'd come across it earlier. It has made me a mint. This is not a book for beginners; read Graham, Fisher, Lynch, and Buffet's essays first. Those authors will give you the basis for understanding and identifying a good investment but they won't give you a competitive advantage against the tens of thousands of analysts out there. This book literally changed the way I look at the market. I now look for situations where I can apply fundamental analysis, a la Graham et al, without competing against the armies of analysts with more time and resources or I look to exploit structural weaknesses in the market that give me an advantage. As a result I've returned over 40% in each of the past three years using the approaches outlined by Greenblatt. For example, Marriot's Vacation spin-off and Jim Malone's spin-off of Starz did very well. Both these invest were nearly identical to investments detailed in the book for Marriot and Malone's Liberty Media many years earlier. I also discovered Bruce Berkowitz's purchases of AIG and BAC after the 2007 crash by reading the section on Bruce Berkowitz's purchase of WF. Again the situations were nearly identical. History really does repeat itself and those repeats can be very profitable if you pay attention. Make no mistake, it still takes a hellacious amount of work, patience and discipline but the odds are much favorable following Greenblatt's advice. Greenblatt will tell you where to look for good buys but doesn't give much advice on when to sell - that's the trick. Never buy a stock without knowing when you are going to sell.
This book is a great read for anyone who wants to do more than simply save a percentage of their income each month. To read it, though, you are going to have to have slightly more than a basic understanding of investing. I found this out as I was reading and had to Google for a better understanding of a concept or word. Having said that, I found it quite impressive that someone like Joel Greenblatt could get down to such a level to explain these very sophisticated concepts.
I particularly enjoyed the chapter about bankruptcy, and the case studies about spinoffs were also very valuable. My favorite example, though, was when he discussed Viacom taking over Paramount pictures because back in 2006 I had read Sumner Redstone's book, A Passion to Win, and he spent about 10 pages talking about this deal, and how the price for Paramount soared as a competitor kept professing it was their "manifest destiny" to own it. Seeing a less personal perspective on this was very good.
Lastly, it was great to see that while the majority of the deals he discusses were great successes, they tended to take some time. I remember one investment that stayed flat for quite some time and threatened to be worthless. It ended up making a substantial return, but the following year. The lesson I took away was that if you need the money for luxuries like food, then you don't need to be investing it.
The book in two words: institutional biases
The book in a sentence: a forced seller is the best companion for an enterprising investor
If you consider yourself a serious, enterprising value investor, this book is REQUIRED reading.
This book does not have any "magic formulas" to help you get rich overnight, but it gives the reader something far more valuable - a repeatable process.
This is simply the best book on special situations investments. Greenblatt's writing is clear and concise. I never thought a finance book could be funny but I laughed out loud at some points.
HIGHLY RECOMMENDED.
This installment from Joel Greenblatt, now almost fifteen years old, is still a relevant and worthwhile read for aspiring do-it-yourself investors. The book expounds upon the value investing principles, first laid out in the books of Benjamin Graham and practiced by the likes of Warren Buffet, in both an accessible and entertaining way. This is not a wonk's theory-heavy tome. It is a book that attempts to cut through the obfuscating jargon of the investing world, and to move straight to the heart of the matter.
Most poignantly, like Seth Klarman's "Margin of Safety", this book delineates how to size up value opportunities, particularly in special situations: spin offs, bankruptcies, restructurings, recapitalizations, and stub stocks. It also opines on how to use long-dated equity options (LEAPs) to capitalize on investment views, and warns against the value traps present in mergers and acquisitions arbitrage investing.
This book uses primarily cases studies to highlight how value opportunities can present themselves in special situations. Greenblatt (the founder of the immensely successful hedge fund Gotham) shows how he thought through and profited from particular special situations in the past.
Greenblatt doesn't promise any false, get-rich-quick investment schemes; rather, he shows the kinds of ways one can look at special situations (while highlighting that every special situation is different) in order to capture significant profits. There is no magical prescription here, Greenblatt says. There is, however, a way to look at the world and the markets to increase the probability that you will notice the opportunities when they arise.
What this book does not do is get into is the basics of how to dissect a corporate balance sheet, income statement, and statement of cash flows. Also, this book does not talk about how to analyze particular financial ratios (Price-to-Book, Price-to-Earnings, etc.) as a way to make sense of the world. For this, one will have to look to some of Greenblatt's other writings.
In the end, for an entertaining, easy-to-read introduction to how special situations in particular can present lucrative value propositions, this book is a wonderful and recommended place to turn.
I was first introduced to Mr. Greenblatt's work when I read his second and third books. If your personal library consisted of only one book, "You Can Be A Stock Market Genius" would put you on the right track for superior future profits. He shows you where to start your research and then how to follow up. (A Word Of Caution: Although some of the information is dated, a little creative thinking and the Internet will point you in the right direction). This book's strategies aren't for everyone. But if you're willing to put in the effort and are a contrarian by nature, you will have some fertile ground to exploit.
Here's the thing... The strategies explained in this book if used correctly could make up your whole portfolio. (Some of the strategies would be too risky by themselves; SpinOffs, however don't share that level of risk.) Mr. Greenblatt even suggests an option of using your favorite strategy as a core position and supplement it with the special situations addressed in this book.
However you decide to go about it, read then re-read this book. The writing style is very entertaining and the information is straight forward. All in all, a great guide and reference book. This is my Very Favorite Book on investing. I'll bet it will be yours as well, if you give it a read. And if you do? Remember, don't judge a book by its cover... or it's title.
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