El pequeño libro que bate al mercado: Descubra la formula mas rentable para invertir en Bolsa

by Joel Greenblatt, María Isabel Merino (Translator), Andrew Tobias (Preface)

¿Quiere lograr el máximo rendimiento para su dinero? Este pequeño manual pone a su alcance un método que ya ha demostrado su eficacia en el mundo de las grandes inversiones, un mercado que puede resultar misterioso a simple vista pero cuyo balance es siempre positivo para los que saben aprovechar la ocasión. La fórmula de Joel Greenblatt será su guía a la hora de invertir de manera sencilla y con un amplio margen de seguridad: usted mismo, sin necesidad de complicados análisis financieros, será capaz de escoger aquellas empresas cuyas acciones posean un mayor potencial, y también conocerá de antemano cuál es el momento idóneo para realizar cada adquisición. The little book that beats the market es una herramienta indispensable para diversificar sus inversiones de una forma racional. Y lo más importante: descubrirá que puede duplicar las ganancias que proporcionan las estrategias convencionales.

Genres: Finance, Business, Nonfiction, Money, Economics, Personal Finance, Self Help

160 pages, Paperback

First published December 31, 1999

About the author

Joel Greenblatt is an American hedge fund manager and founder of Gotham Capital. He is also an academic and a writer. He is also an adjunct professor at the Columbia University Graduate School of Business. He is the former chairman of the board of Alliant Techsystems and founder of the New York Securities Auction Corporation.

Reviews

[Marko · Rating 2 out of 5]

This is a book where the writer tries to sell in a concept in a funny and easy way. But it isn't funny and he seems to think that the reader is stupid.
The method of picking stocks might work, but the writer could have explained it in one page instead. He doesn't need to sell in the method on 95% of the pages of the book.

[Jon · Rating 5 out of 5]

This is just fantastic. In his little book which is part of a larger series on investing, Greenblatt humourously ivites us to a time tested fairly simple investing strategy called the "Magic Formula". http://www.magicformulainvesting.com/

In essence it is value investing by looking at the earning yield (not dividend yield!)and the return on assets (ROA).

I find Greenblatt to be a fantastic and amusing mentor that describes finance in a very simple and thorough manner. The introduction should be obligatory reading for all investors to put them in the right mindset. While not new (Buffett, Graham), his light and easy-going way of describing what a business is and how to think about it, is stellar.

While the method may not be for everyone, it is certainly a good starting point for everyone and there are some pretty bad investing books out there detrimental to the health of your wallet. This is not one of them.

[ScienceOfSuccess · Rating 4 out of 5]

Quite interesting, written as simple as possible, not sure how good the formula would be tho.

[Erik · Rating 5 out of 5]

As a person with a degree in Finance, working in the industry, and with an advanced financial certification, this book was useful to oversimplify concepts of picking individual stocks. It's a good read and would recommend to all ages. Wish I would've read it sooner rather than later.

[Saugat Banerjee · Rating 4 out of 5]

The advice given in the book about the 'magic formula' sounds good and the author backs it up with past 17 years of results. Its about picking 20-30 stocks with high Return on Capital and available in bargain prices. Its a quite unique way of investing as you need to keep selling the stocks around one year mark and then buy new ones with the magic formula. His website is free to find the stocks out using the 'magic formula'. But, its like a process which needs time and patience (and ofcourse money) and needs constant (atleast once in a few months to buy/sell stocks) monitoring. The book is an easy read with nice examples to press forth the fundamentals of investing in general.

[Victor · Rating 5 out of 5]

The second to last chapter made me giggle: knowing exactly what EBIT, EV and tangible capital employed are the Devil hiding in the details and it's strange not seeing them mentioned in the comments. It means that they were either ignored or the readers kept them for themselves. I hope for the latter.

A criticism I have is that the tangible capital employed is a less intuitive way of looking into Return of Invested Capital and that financial firms are excluded for Greenblatt's calculations and that's a pity. Far from me to disagree with a professor in finances but I think financial firms use debt itself as a working capital meaning that it's interest payment shows up in the EBIT rather than in financing costs, transforming it into something like "EBT" and modifying EV to include only the equity portion with the ROIC remaining unchanged. But I'd love to be contradicted.

[Matt · Rating 5 out of 5]

Being interested in finance at an early age is pretty difficult for me because of all of the complex terminology and concepts. My brother, who is in finance, suggested this for me because it is easy to understand. He was completely right, Greenblat was able to explain market analysis so well a 10 year old could go out tomorrow and be able to choose stocks well. He used interesting metaphors with his kids and their candy business as if they were a multi-million dollar company. After reading this book I feel I can finally now understand what my brother and my dad are talking about at the dinner table. It is amazing that Greenblat was capable of explaining something that people get paid millions of dollars to do, to a 15 year old. I would recommend this to anyone interested in finance.

[Guido Profitos · Rating 3 out of 5]

Es un libro idóneo para que alguien neófito en finanzas pueda comprender el funcionamiento básico sobre cómo se eligen las acciones para invertir (guiándose en el análisis fundamental y el largo plazo, antes que en el análisis técnico y el corto plazo). También se da cierta introducción a estrategias de inversión. No me agradó del todo el tono del libro, ya que si bien el autor lo pensó para adolescentes, al final se terminó vendiendo para adultos, aunque conservó el tono infantil. Por otra parte me desagradó la repetición constante, casi en todas las páginas, de ciertos conceptos que no era necesario repetir tantas veces... Creo que el autor subestima a los lectores.

[Ajinkya Jadhav · Rating 3 out of 5]

Decent read. Beats a bit around the bush when it really has only few concepts (very solid ones though) to offer.
Would be a better read for someone in early 20s just starting out their investing journey.

[Kenneth · Rating 2 out of 5]

Good but essentially a value investing white paper stretched to book-length.

[Thomas Edmund · Rating 4 out of 5]

It's actually quite hard to rate and review this litte book - its fairly sagely and useful advice, presented in a fairly funny and easy to digest manner. I guess the challenge is that it kind of sits between levels of knowledge - I wouldn't necessarily recommend to a complete beginner, but then I think if someone had already dived into more technical stuff it may be a little less useful.

Given that its a short thesis I wouldn't necessarily worry about picking it up and finding it only so helfpul but equally I wouldn't be throwing it on the must-read pile.

Actually I have one group that its probably the best for - perhaps people who have a lot of experience in investing but perhaps are struggling or having difficulty deciphering some of the more in depth parts of investing this book is a good bridge!

[Carmen Bartley · Rating 4 out of 5]

Even if you aren't (yet!) an investor trying to beat the market, this is a great book to learn the basics of stock market investing in as simple language as possible. I've seen it mentioned in other books/articles as I've tried to educate myself in this area. It is a short, quick read.

[Benjamin Slang]

Very curious as to how the magic formula performs in the years since this was published. With tech stocks taking up a larger chunk of the overall market indexes used to measure the formulas success, does that lead to a diminished performance?

Would love a follow up to this

[Mohammadreza Khedmati · Rating 5 out of 5]

پادکست پرسه زنی در بازار در اپیزود آخرش خوندن این کتاب رو به شنوندگانش توصیه کرد. از اونجایی که این کتاب رو قبلا خونده بودم ، نظرم رو در مورد کتاب می نویسم. امیدوارم که به برای دوستان مفید باشه.
حقیقتش کتاب عنوان چیپی داره که همین باعث شده بود که حس خوبی در موردش نداشته باشم و این حس حتی موقع خوندن ده-بیست صفحه اولش هم تقویت شد اما به هر حال ادامه دادم و خوب خوشبختانه برداشت ابتداییم غلط بود. کتاب برای انتخاب سهام استفاده ترکیبی از دو نسبت مالی رو توصیه می کنه و قبل از معرفی اون نسبت ها، مفصلا به مقایسه نتایج بازده شرکتهای انتخاب شده با استفاده از این نسبتها و بازده بازار و بازده شرکت های بزرگ می پردازه و نشون میده که در طی یک دوره هفده ساله، بازده سبد شرکتهای گلچین شده به طور قابل ملاحظه ای بالاتر از بازده بازار و شاخص های مختلف بوده.
اما این به معنی نبوده که همیشه بازدهی مثبت بوده، در بعضی از سالها شاید برتری شرکت های گلچین شده به روش توصیه شده کتاب این بوده که بازده منفی کمتری داشتن وضمن اینکه حتی در بعضی از سالها بازده ضعیفتری به نسبت بازار داشتن. حرفی هم که کتاب می زنه اینه که در بلندمدت هست که کارایی روش انتخاب سهام این کتاب مشخص می شه و بازار رو شکست میده.
به نظر من برای گلچین کردن شرکتها به روش که کتاب گفته، نیاز به استفاده از سامانه و نرم افزارهایی رو دارید که به طور اتوماتیک بتونند شرکتهای بورسی رو بر حسب نسبتهای مالی مختلف، رده بندی کنند تا کار راحتتر بشه. البته در مورد دقت محاسبات این نرم افزارها در ایران حرف و حدیث هست و محض اطمینان خاطر بهتره عدد این نسبتها در مورد شرکت ها گلچین شده توسط خود شخص بررسی بشن.

درمورد کارآمدی این شیوه انتخاب سهام در بازار ایران نمی تونم نظری بدم چون مدت زیادی نیست که فعالیت تو بازار بورس رو شروع کردم.
من نسخه انگلیسی کتاب رو خوندم اما می دونم کتاب با دوعنوان "کتاب کوچک غلبه بر بازار" و "با این کتاب بازار را قبضه کنید" ترجمه شده. دومین نسخه ترجمه در اپلیکیشن های طاقچه و کتابراه موجوده و کیفیت ترجمه اش رو از طریق نسخه نمونه می تونید بررسی کنید.

[Merdan Tekayev · Rating 4 out of 5]

Great book about investing supported by facts(didn't check it myself though).It concentrates on the two main factors of businesses( earning yield and return on capital) which could be an accurate indicators of its success or failure. Author illustrates what could be the best number of stocks in ones portfolio, gives step-by-step guidance and so on! Overall "straight-to-the-point" kind of book!

[Todd Wood · Rating 4 out of 5]

While a very simple and straightforward book, the concepts are actually very powerful and important. It is written in a way to be accessible to non-finance people, and offers a good explanation as to why certain companies outperform others. Most simplistically, you want to buy companies with above average earnings growth for below average prices... duh. But a nice reminder, and probably would be a good read for the average person. I knocked a star off due to the fact that calling this the "magic formula" is pretty corny, and the constant reference to the "magic formula" was a bit annoying.

[Pulkit Goel · Rating 4 out of 5]

This is a great book to get the most basic concept in investing straightened out. Being not from a finance background, as most people are, the investment jargon gets too heavy on a person who has a slight intersest in it, leave alone the art which is being played behind the scene. This book provides these basic concepts in a very elegant way.
However, this book has heavily stressed out the use of 'magic formula' throughout, which might not present the complete picture to the reader. Thus, advisable to supplement the knowledge with further read.

[Soon Mi · Rating 3 out of 5]

Of course his magic formula works retrospectively, every shot is a bulls eye if you draw the circles after you shoot... the book is pretty easy to read, which I appreciate as someone who’s still in the beginning stages of learning about the stock market. However, I feel dubious about the content and feel like he’s just a salesman. I’ll have to do some more personal research.

[Pyry Takala · Rating 1 out of 5]

The book suggests a simple strategy to beat the market.

Sounds good?

Except that:
1) The formula could be summarised in 1 page, and
2) The formula doesnt beat the market https://blog.portfolio123.com/does-jo...

[Vijay Chengappa · Rating 4 out of 5]

This book changed how investing was done in many large institutions. The focus shifted from unlocking value/seeking good deals to just finding high ROCE companies regardless of stock prices.
Impactful idea. Although it didn't need an entire book to convey.

[Manas Saloi · Rating 5 out of 5]

Really good investing framework for beginners but could have been a blog post.

[Amanda · Rating 3 out of 5]

This book is small but still could have been half as long. The author has good information but talks way too much about other stuff.

[J. Sebastian · Rating 3 out of 5]

This was a good book for me to read because it describes an important method for the valuation of companies and for making smart investments; this is usually a difficult subject that fills people with anxiety or puts them to sleep, but Greenblatt has written in a light and easy manner, with generous humour, and in such simple language that it removes anxiety, encourages the reader, and gets him excited to learn more, pick the right stocks, and give it a start. The book is easy to follow and understand even for those with no financial understanding to begin with. Greenblatt's secret is to buy good companies at bargain prices. His formula explains how to locate undervalued stocks, and to hold these until the market gives them a fair value. Of course, there can be no guarantees when investing in stocks, and he gives you a fair warning, but the system should work. :-)

[Novylia Saputro · Rating 4 out of 5]

I like how each sentence just flows naturally (with a bit of interesting back-story), rather than being a heavy investing guidance book. I know some people might feel that Greenblatt has prolonged the book than it should be, but I think that is because he would like the reader to fully comprehend the concept behind his so-called 'magic formula' to conquer the market.

I also believe this book is one of the simplest and easiest to understand for fundamental related investment books than most out there, not to mention with only 100+ pages that could be finished in one day. I have no intention to give out spoilers on his method, but I think his method is viable and reasonable to be applied.

[Malavika · Rating 4 out of 5]

A simple book with one formula which guarantees exceptional results, beating the index by a huge margin. The core is to invest in good companies available at a bargain which loosely translates to companies having high roce and high assets yield. Rest of the book is simply analogy, stories and page filling.

The merit of this magic formula however remains to be seen, atleast for me on a personal front.

[Miguel Abreu · Rating 4 out of 5]

A book for investors which helps to select good companies and a discount price in the market, gives also how investors should look for companies and compare them to make the right decision. In the end you need to do your homework and decide for yourself your own path of investment.

[Shubham Garg · Rating 4 out of 5]

Do not miss the appendix section. If you want just mathematical and practical calculations without the theory that explains it, skip to the appendix directly. Overall a fun read (never thought that fundamentals in investing can be introduced in such a hilarious way).

[Eileen reisin · Rating 5 out of 5]

Fucking tiptop. A 12-year-old could get this read and understood over a Sunday afternoon. Would recommend.

[Gowtham Injamuri · Rating 5 out of 5]

Amazing narrative of a framework for investing. Very detailed in a manner that can be understood by teenagers. This reminded me that I could've read this at least 6 years ago😂😂

[Abhinav · Rating 4 out of 5]

Meant for people who really want to automate all of their investments. Some of these companies have an irreversible path to destruction that can destroy a portfolio, but some stocks in the formula can net 40 percent returns. The main goal is to diversify your portfolio so one company can't destroy it