TIP339: Common Sense Investing w/ Joel Greenblatt
The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 7 March 2021
⏱️ 67 minutes
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| 0:00.0 | You're listening to TI-P. |
| 0:30.0 | I'm going to show you a video of how Joel thinks about position sizing and much, much more. |
| 0:50.0 | This was a real thrill for me and I really hope you enjoyed as much as I did. |
| 0:54.0 | So without further ado, please enjoy my discussion with Joel Greenblatt. |
| 0:59.0 | You are listening to the Investors podcast where we study the financial markets and read the books that influence self-made billionaires the most. |
| 1:07.0 | We keep you informed and prepared for the unexpected. |
| 1:19.0 | Alright everybody, I'm sitting here with the man, the myth, the legend, Mr. Joel Greenblatt. Joel, thanks for coming on the show. |
| 1:26.0 | Sure, thanks for having me, Tray. |
| 1:29.0 | So Joel, I just want to start off by saying that I find your career to be really fascinating and it seems like it's punctuated with these very fruitful yet counterintuitive decisions that you've made along the way. |
| 1:40.0 | One of which was dropping out a stand for law school. |
| 1:43.0 | So tell us about the day that you walked away from your pursuit of law and what drove you to pursue investing instead. |
| 1:50.0 | Actually, I was smitten with investing before I went to law school. I didn't really know how to pursue it. |
| 1:56.0 | I was in a five year program at Wharton and I was getting an MBA. |
| 2:01.0 | And most people in my position were taking 100 hour a week jobs on Wall Street, which didn't look that appealing to me. |
| 2:09.0 | So I thought that how could it hurt to go to law school? I was good at school. And it turns out that's not really a great reason to go to law school because I had no intention of ever practicing. |
| 2:20.0 | I was probably hiding from work more than anything else. |
| 2:23.0 | I was running a small fund, you know, I had been smitten with Ben Graham junior year. I read an article in Forbes talking about Ben Graham's formula for investing. |
| 2:33.0 | And I had been learning efficient markets in at Wharton. None of that made sense to me. |
| 2:39.0 | I always thought I was looking in the paper and they used to have in the newspaper 52 week high and low. |
| 2:44.0 | You would see every stock was the lowest 50 and the high was 100. |
| 2:47.0 | Now it was pretty much every stock. And it didn't make sense to me that those prices and all the prices in between were efficient. |
| 2:53.0 | The business had changed that much in a year. And when I read just a little taste of Ben Graham, |
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