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Joel Greenblatt Screens

Picture of Joel Greenblatt

Joel Greenblatt - Value Investor, founder of Gotham Capital and the Value Investors Club. Author of The Little Book that Beats the Market.. Here follow a selection of stock screening strategies that we have modelled based on the writings of or about Joel Greenblatt. These strategies are not endorsed by the author.

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Greenblatt's Magic Formula

This screen implements the Magic Formula value investing strategy pioneered by hedge fund manager, Joel Greenblatt. It is based on buying 20-30 "good, cheap companies" defined as having the best available combined MFI ranking in terms of Earnings Yield and a Return on Capital.  Greenblatt argues that return on capital is the best determinant of whether a business is a good one or not (companies that can earn a high ROC over time generally have a special advantage that keeps competition from destroying it, such as a unique business model). Earnings yield is his metric for 'cheapness'. Greenblatt believes that stock prices of a firm can experience “wild” swings even as the value of the company stays relatively constant giving investors opportunities to buy low and sell high. more »

Quality Investing
Annualised Return: 12.3%
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