Joel Greenblatt: The Genius Behind the Magic Formula—Lessons from a Legendary Value Investor

How a professor-turned-hedge-fund titan reshaped investing and what you can learn from his timeless strategies.

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Joel Greenblatt is a name synonymous with value investing—a master who seamlessly blends analytical rigor with practical strategies that empower everyday investors. For those in their 20s and 30s, Greenblatt offers more than just a roadmap to financial success; he provides a way of thinking that emphasizes simplicity, discipline, and long-term focus. But he’s far from the only investor who has left an indelible mark on the investing world.

Alongside Greenblatt, there are investors like Stanley Druckenmiller, Terry Smith, Monish Pabrai, Tom Gayner, and Chuck Akre who have quietly shaped the investing landscape with their wisdom, principles, and unique approaches to the market. While some like Druckenmiller are famed for their macro strategies, others, such as Pabrai and Akre, are dedicated disciples of long-term value creation. These figures, though less talked about than the Buffets and Mungers of the world, have been a crucial part of my own investing journey.

Their timeless knowledge, combined with their individual methods of navigating the complexities of markets, sets them apart from the crowd. They’ve not only influenced countless individual investors but also contributed to a richer and more disciplined culture of investing. Their teachings continue to resonate with those who seek to grow wealth sustainably while avoiding the pitfalls of speculation.

Before diving into Greenblatt’s remarkable journey, philosophy, and the lessons he teaches, I want to take a moment to express gratitude to these investors. Their insights have shaped my own approach to markets and taught me that successful investing isn’t about finding shortcuts—it’s about embracing a mindset of patience, curiosity, and resilience.

Now, let’s explore what makes Greenblatt’s story so compelling and what you can take away from his extraordinary career.

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The Early Days: From Classroom to Wall Street

Joel Greenblatt’s journey into finance began in the modest suburbs of Great Neck, New York, where he was born in 1957. Growing up, Greenblatt displayed an affinity for numbers and problem-solving, skills that would serve as the bedrock of his career. His academic path led him to the University of Pennsylvania’s Wharton School, where he earned a bachelor’s degree and an MBA. Even in his student years, Greenblatt’s analytical abilities stood out, and he began to explore the foundational concepts of investing, focusing on long-term value creation.

Co-Founding Gotham Capital: The Beginning of a Legacy

In 1985, at just 27 years old, Greenblatt co-founded Gotham Capital, a hedge fund that would go on to achieve legendary status. The initial $7 million in seed money came from a mix of investors, including prominent figures like Michael Milken, a pioneer of the junk bond market.

Greenblatt’s strategy at Gotham was rooted in a disciplined, value-driven approach. Unlike many hedge funds chasing speculative opportunities, Gotham focused on identifying mispriced securities through rigorous fundamental analysis. Greenblatt applied a contrarian mindset, often buying businesses that others ignored or undervalued.

The results were nothing short of extraordinary. Between its inception in 1985 and January 1995, Gotham Capital achieved audited annualized returns of 50%, far surpassing the broader market. This means that every $1.00 invested in the fund grew to an astonishing $51.97 over a decade—a return few hedge funds, then or now, can claim.

Breaking down Gotham’s year-by-year performance, the fund delivered incredible results, such as a 70.4% return in its first nine months and an eye-popping 115.2% in 1993. Even when markets were less favorable, Gotham consistently posted double-digit gains, demonstrating Greenblatt’s ability to precisely navigate varying market conditions.

This unparalleled success not only cemented Greenblatt’s position among the upper echelon of hedge fund managers but also solidified Gotham Capital’s reputation as one of the best-performing funds of its time. Such remarkable consistency is a testament to Greenblatt's disciplined value investing approach, his deep understanding of business fundamentals, and his knack for identifying mispriced opportunities in the market.

A Methodical and Introspective Approach

Despite his meteoric rise, Greenblatt wasn’t the archetypal Wall Street personality. Greenblatt stood out for his introspection and methodical nature in an era of brash, high-flying traders chasing quick profits. He was more interested in understanding the intrinsic value of businesses than in riding market trends. Greenblatt spent countless hours poring financial statements, dissecting business models, and developing a framework to separate noise from genuine opportunity.

His calm, thoughtful demeanor allowed him to maintain discipline in a market environment often driven by fear and greed. Rather than succumbing to short-term pressures, Greenblatt focused on the long game, a philosophy that would later underpin his educational and literary work.

The Seeds of Simplification

While Gotham Capital’s success cemented Greenblatt’s reputation as a brilliant investor, he was deeply aware that much of Wall Street's jargon and complexity alienated average investors. Early in his career, Greenblatt began considering how investing principles could be distilled into more straightforward, actionable concepts. He believed that anyone, regardless of financial expertise, could succeed in the markets if they approached investing systematically and with discipline.

This idea would later culminate in Greenblatt’s Magic Formula, a simplified strategy aimed at helping individual investors make rational decisions. His ability to translate complex financial concepts into accessible frameworks set him apart from many peers and solidified his role as an educator and practitioner.

Key Lessons from His Early Career

• Patience Pays Off: Gotham Capital's success was built on Greenblatt’s willingness to wait for the right opportunities. He famously said, “The stock market is a giant distraction to the business of investing.” This long-term mindset helped Gotham achieve its impressive returns.

• Focus on Fundamentals: Greenblatt’s approach was grounded in the fundamentals of business valuation. He viewed stocks as partial ownership in a business, not just ticker symbols to trade.

• Think Independently: Greenblatt uncovered opportunities others overlooked by ignoring market noise and focusing on his own analysis. His contrarian approach was a key driver of Gotham’s performance.

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The Magic Formula: A Simple Approach to Beating the Market

Joel Greenblatt’s Magic Formula, introduced in his bestselling book The Little Book That Beats the Market, is arguably his most enduring investment contribution. Designed to simplify the stock-picking process, the Magic Formula distills Greenblatt’s decades of experience into a systematic approach that anyone—even those with no prior investing experience—can follow. It’s not only simple but also highly effective when applied consistently.

Source: Finrep.fi

The Two Core Components of the Magic Formula

At its heart, the Magic Formula ranks stocks based on two key financial metrics that reflect the fundamentals of a business:

1. High Earnings Yield (EY):
   This measures a company's profit relative to its stock price, expressed as a percentage. Essentially, it’s the inverse of the price-to-earnings (P/E) ratio. A higher earnings yield indicates that a company is generating more earnings per dollar invested, an essential undervaluation marker.

2. High Return on Capital (ROC):
   Return on capital (ROC) evaluates how efficiently a company uses its capital—both equity and debt—to generate profits. It’s calculated as operating income divided by the sum of net fixed assets and working capital. Companies with a high ROC demonstrate a strong ability to allocate resources effectively and generate high returns, making them attractive investments.

Greenblatt believed that combining these two metrics allowed investors to identify companies that were not only undervalued (via high earnings yield) but also high-quality (via high return on capital).

How the Formula Works

The simplicity of the Magic Formula is one of its most appealing traits. Greenblatt designed it as a straightforward, repeatable process:

1. Start with a Universe of Stocks:
   Select stocks from a specific market capitalization range (e.g., mid-cap or larger) to ensure liquidity and avoid microcaps, which may carry higher risks.

2. Rank All Companies by Both Criteria:
   First, rank all companies based on earnings yield, from highest to lowest. Then, rank them separately by return on capital, again from highest to lowest.

3. Combine the Rankings:
   Assign a combined score to each company by adding its rank for earnings yield and return on capital. The lower the combined score, the higher the stock ranks overall.

4. Build the Portfolio:
   Select the top 20-30 stocks from the combined ranking list. Invest equal amounts in each stock to diversify.

5. Hold for One Year:
   Let the portfolio sit for a year. At the end of the year, the stocks are sold, companies are using the formula, and the process is repeated.

This simple yet systematic method ensures investors stick to the plan without succumbing to emotional decisions or market noise.

Here’s the man, the myth, and the legend talking about his iconic Three-Legged Stool investing framework.

The Results: Proven Outperformance

Greenblatt’s backtesting of the Magic Formula showed remarkable results. Over a 17-year period, the strategy delivered average annual returns of 30%, a staggering figure that easily outperformed the broader market. To put this into perspective, such returns would more than double an investor’s portfolio every three years.

The formula’s success stems from its ability to exploit inefficiencies in the market. By focusing on companies with high earnings yield and return on capital, the strategy systematically identifies stocks that are both undervalued and operationally efficient—characteristics often overlooked by the broader market.

Caveats and Adaptability

While the Magic Formula has a strong track record, it’s not without its limitations. Like any investing strategy, it doesn’t work all the time. During periods when growth stocks dominate or when the market heavily favors speculative investments, value strategies like the Magic Formula may underperform. Greenblatt himself warns that patience and consistency are critical—investors must be willing to endure short-term volatility and stick to the plan.

Moreover, Greenblatt encourages investors to adapt the formula to suit their needs. For example, some prefer to adjust the criteria for market capitalization, focus on specific industries, or incorporate additional filters for risk management.

The Legacy of the Magic Formula

Joel Greenblatt’s Magic Formula is more than just a stock-picking strategy—it’s a lesson in disciplined investing. It teaches young investors that success comes not from trying to outguess the market but from systematically identifying and investing in great businesses at good prices. For those who adopt its principles, the Magic Formula offers a practical and time-tested path to long-term wealth creation.

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The Ups and Downs: Lessons in Humility

Even for a legendary investor like Joel Greenblatt, the journey hasn’t been without its challenges. Despite his track record and the widespread acclaim for his Magic Formula, Greenblatt has faced periods of underperformance and moments that tested his philosophy and patience. However, it’s precisely how he navigated these challenges that cements his legacy—not just as an investor but also as a teacher and thinker who values process over perfection.

When the Magic Formula Stumbled

The Magic Formula was designed to be a simple, repeatable strategy with the potential to deliver market-beating returns over the long term. However, as Greenblatt himself has repeatedly emphasized, no strategy works all the time. The Magic Formula has underperformed during certain periods, particularly in environments where growth stocks dominated or speculative bubbles drove the market. For instance:

• Frothy Bull Markets: During bull markets where high-growth or speculative stocks surged, the Magic Formula’s value-oriented approach often lagged. This is because the formula prioritizes businesses with strong fundamentals and undervalued metrics—qualities that can fall out of favor when the market is chasing momentum and "story stocks."

• Short-Term Volatility: The formula requires patience, as its success hinges on sticking to the process for multiple years. Many investors, particularly those new to the market, struggled with the discipline required to endure short-term underperformance.

Greenblatt has candidly acknowledged these periods of underperformance and repeatedly stressed the importance of patience and consistency. He has remarked that the formula isn’t about beating the market every single year but about achieving superior results over the long term. For Greenblatt, the temporary struggles of the strategy were not failures but rather moments that reinforced his philosophy of disciplined investing.

Gotham Capital’s Shift to Mutual Funds

After winding down Gotham Capital’s hedge fund operations in the mid-1990s, Greenblatt transitioned into a new phase of his career: managing mutual funds aimed at bringing his investing principles to a broader audience. These funds applied a systematic, algorithm-driven approach to identify undervalued stocks—a natural evolution of the Magic Formula.

While these mutual funds performed respectably, they didn’t replicate the extraordinary results Gotham Capital achieved during its early years, when Greenblatt’s hands-on approach and deep-dive analysis were central to the fund’s success. Some reasons for this include:

• Broader Mandates: Unlike the highly concentrated and flexible hedge fund strategies employed at Gotham, mutual funds often face regulatory and operational constraints, such as diversification requirements and liquidity needs, which can limit their ability to achieve outsized returns.

• Market Competition: By the 2000s, markets had become increasingly competitive, with a surge in algorithmic and quantitative strategies making it harder to identify and exploit inefficiencies.

While these mutual funds didn’t achieve Gotham’s legendary returns, they still served an important purpose. For Greenblatt, they represented an opportunity to refine his systematic approach and make disciplined investing accessible to a wider range of investors.

Humility and Adaptation

One of Greenblatt’s most admirable traits is his humility. Instead of being discouraged by the periods of underperformance, he has used them as opportunities to reflect, adapt, and educate. He often reminds investors that:

• Investing is a Long Game: Greenblatt has always stressed the importance of focusing on long-term results rather than short-term performance. He encourages investors to think in terms of years and even decades, not months.

• No Strategy Is Perfect: Markets evolve, and no single strategy can outperform in every environment. Greenblatt has never claimed the Magic Formula—or any other method—is infallible. Instead, he views it as a reliable tool that works well over time when applied consistently.

• Education Is Key: Through his books, lectures, and funds, Greenblatt has made it his mission to teach investors the principles of disciplined investing. He believes that understanding why strategies like the Magic Formula work helps investors stick to them, even during challenging periods.

The Bigger Picture: Lessons for Investors

For young investors, Greenblatt’s ups and downs offer some crucial takeaways:

1. Stay the Course: Even the best strategies experience rough patches. Success comes from sticking to the process and trusting the underlying principles, not abandoning them at the first sign of trouble.

2. Embrace Humility: Greenblatt’s willingness to acknowledge his challenges and adapt reminds that even seasoned investors must remain open to learning and evolving.

3. Focus on What You Can Control: While external market conditions are unpredictable, maintaining discipline, patience, and a long-term perspective is always within your control.

4. Use Setbacks as Opportunities: Greenblatt sees periods of underperformance as opportunities to educate himself and others, proving that challenges can be stepping stones to greater understanding.

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The Philosophy: Investing as Business Ownership

At the heart of Joel Greenblatt’s investing philosophy lies a simple yet profound question:

"If you were buying the whole company, what would it be worth?"

This mindset fundamentally shifts the way investors evaluate stocks. Instead of seeing shares as mere pieces of paper to be traded, Greenblatt emphasizes viewing them as partial ownership in real businesses. This approach forces investors to step into the shoes of a business owner, asking critical questions about a company's underlying value rather than getting caught up in the stock market's short-term fluctuations.

What Does It Mean to Value a Whole Company?

When Greenblatt asks, “What would the whole company be worth?” he’s encouraging investors to think beyond the stock price and focus on the true economic value of the business. This involves analyzing:

1. Cash Flow Generation:
   A business’s value is ultimately tied to the cash it can generate over its lifetime. Greenblatt emphasizes looking at a company’s free cash flow—the cash left over after operating expenses and capital expenditures—to gauge its profitability and ability to grow sustainably.

2. Competitive Advantages:
   Greenblatt looks for companies with durable competitive advantages—what Warren Buffett famously calls a "moat." These advantages could include strong brand recognition, economies of scale, or proprietary technology. Companies with moats are more likely to maintain profitability and fend off competition over the long term.

3. Growth Potential:
   While Greenblatt is firmly rooted in the value investing camp, he recognizes that growth is an important driver of a company’s intrinsic value. He evaluates whether the company can reinvest its profits at a high return on capital to fuel future growth.

4. Balance Sheet Strength:
   A company’s financial health plays a critical role in its valuation. Greenblatt stresses the importance of examining a company’s debt levels and liquidity to ensure it can weather downturns and sustain operations during tough times.

The Power of Long-Term Thinking

By framing stock ownership as business ownership, Greenblatt encourages a long-term perspective. Business owners don’t obsess over daily price movements; they focus on the profitability, operations, and future prospects of their business. Greenblatt urges investors to adopt the same mindset.

This approach naturally aligns with his belief that the stock market is often irrational in the short term. In his words, the market acts as a "voting machine" in the short run, driven by popularity and emotions, but as a "weighing machine" in the long run, reflecting a company’s actual performance and intrinsic value. This temporary mispricing creates opportunities for disciplined investors who can identify undervalued companies and patiently wait for the market to correct itself.

Why This Philosophy Works

The simplicity of Greenblatt’s approach belies its profound implications:

1. It Reduces Speculation:
   By focusing on business fundamentals, investors avoid the trap of speculating on short-term market movements, which are often driven by unpredictable factors like sentiment, news cycles, or macroeconomic events.

2. It Encourages Rational Decision-Making:
   Viewing stocks as businesses helps investors stay grounded during market volatility. When prices fall, disciplined investors see opportunities to buy high-quality businesses at a discount rather than panicking and selling.

3. It Promotes Disciplined Valuation:
   Greenblatt’s emphasis on intrinsic value forces investors to base their decisions on tangible metrics like cash flow and return on capital rather than hype or speculation.

Real-World Examples of Mispriced Businesses

Greenblatt’s philosophy has been validated time and again by examples of companies that were deeply undervalued but later realized their true worth:

• Apple in the Early 2000s: Before becoming a trillion-dollar giant, Apple traded at a fraction of its intrinsic value. Investors who analyzed its cash flows and competitive advantages saw the potential long before the broader market did.

• Southwest Airlines Post-9/11: In the aftermath of 9/11, airline stocks were heavily beaten down. However, investors who analyzed Southwest’s low-cost business model and strong balance sheet saw an opportunity to buy a well-managed company at a discount.

While Greenblatt hasn’t publicly highlighted these examples, they align perfectly with his belief in exploiting short-term mispricings.

What Can Investors Learn from This Philosophy?

1. Shift from Prices to Values:
   Don’t focus on where a stock price is today or where it might be tomorrow. Instead, ask whether the stock represents good value based on the company’s fundamentals.

2. Be Patient:
   Short-term mispricings are common, but it often takes time for the market to recognize a company’s true worth. Adopting Greenblatt’s mindset helps investors resist the urge to chase short-term gains.

3. Do the Homework:
   Thinking like a business owner requires digging into a company’s financials, understanding its competitive position, and assessing its future growth prospects. It’s not about following hot tips or trends; it’s about making informed, rational decisions.

4. Ignore the Noise:
   Stock prices are influenced by factors that often have little to do with a company’s actual value. Greenblatt’s philosophy reminds investors to focus on what truly matters: the business itself.

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The Educator: Giving Back to the Next Generation

Joel Greenblatt’s legacy extends far beyond the remarkable returns he achieved as an investor. While his investing prowess alone would have cemented his place in financial history, Greenblatt has devoted a significant part of his life to education and mentorship, sharing his wisdom with future generations of investors and empowering underprivileged communities. This dual passion for teaching and philanthropy has made him a transformative figure, not just in finance but also in education.

Mentor to the Next Generation of Investors

As a professor at Columbia Business School, one of the world’s leading academic institutions for finance, Greenblatt has been teaching value investing for decades. His course, designed for MBA students, is structured around the practical application of investment principles—an approach that reflects Greenblatt’s own belief in simplicity and accessibility.

Greenblatt’s teaching philosophy mirrors the principles he has championed throughout his career:

1. Focus on the Fundamentals:
   He emphasizes a deep understanding of intrinsic value, competitive advantages, and the importance of long-term thinking, encouraging students to look beyond stock prices and understand the businesses behind them.

2. Practical Application:
   Unlike traditional courses heavy on theory, Greenblatt uses real-world examples, case studies, and even live investment ideas to show students how to apply value investing principles in practice.

3. Simplicity is Key:
   Greenblatt’s lectures often focus on stripping away unnecessary complexity. He believes that investing can—and should—be accessible to everyone, not just financial experts.

His approach has inspired countless students who have gone on to successful careers in finance, often carrying forward Greenblatt’s principles of disciplined, patient investing.

Bringing Value Investing to the Masses

Beyond the classroom, Greenblatt has made it his mission to share the principles of value investing with a wider audience. His bestselling books, such as The Little Book That Beats the Market and You Can Be a Stock Market Genius, have become essential reading for individual investors. These works distill decades of investing experience into simple, actionable strategies that empower readers to take control of their financial futures.

Through these books, Greenblatt has reached millions of aspiring investors worldwide, proving that sound investing isn’t just for professionals—it’s for anyone willing to learn, stay disciplined, and focus on the long term.

Philanthropy and the Success Academy Charter Schools

Greenblatt’s passion for education isn’t confined to the financial world. In 2006, he co-founded the Success Academy Charter Schools in New York City, a network of schools that has transformed the lives of thousands of students from underserved communities.

Success Academy’s mission is to provide high-quality education to children regardless of their socioeconomic background, and Greenblatt’s involvement has been pivotal in shaping the program’s success. The school emphasizes academic rigor, critical thinking, and a commitment to excellence—values that align closely with Greenblatt’s own approach to investing.

Under Greenblatt’s guidance and support:

1. The Network Expanded Rapidly:
   Success Academy has grown into one of the largest and highest-performing charter school networks in the United States, consistently outperforming public schools in standardized testing.

2. Focus on Underprivileged Communities:
   Many Success Academy students come from low-income families, and the schools provide them with opportunities that were previously out of reach.

3. A Model for Reform:
   Success Academy has become a model for how education reform can close achievement gaps and allow every child to succeed.

For Greenblatt, the success of this initiative isn’t just about academic performance—it’s about creating opportunities and lifting entire communities.

Why Education Matters to Greenblatt

Greenblatt’s dual focus on investing and education stems from his belief in empowerment through knowledge. In his view, financial literacy and academic education are critical tools for improving individual lives and society as a whole. He has often expressed frustration that important concepts—like understanding how to invest or how to critically analyze problems—aren’t taught more widely in schools.

Through his books, teaching, and philanthropic work, Greenblatt has worked tirelessly to bridge this gap, ensuring that his insights and resources are accessible to as many people as possible.

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Legacy and Final Thoughts: Lessons That Endure

For investors in their 20s and 30s, Joel Greenblatt represents far more than just a name in financial textbooks or a figure from Wall Street’s history. He’s a guidepost—a reminder that success in investing doesn’t require complexity, insider knowledge, or high-frequency trading. Instead, it hinges on deceptively simple but incredibly powerful principles: discipline, patience, and a deep understanding of the businesses behind the stocks.

The Blueprint for Success

Greenblatt’s career offers a roadmap for achieving lasting wealth and financial freedom. From his groundbreaking work with Gotham Capital to his Magic Formula and his teachings at Columbia, his philosophy consistently emphasizes a timeless framework for investing. Here’s what sets him apart:

1. Simplicity Over Complexity:
   Greenblatt’s Magic Formula perfectly exemplifies how simplicity can outperform even the most sophisticated strategies. By focusing on just two metrics—earnings yield and return on capital—he demonstrated that long-term success is accessible to anyone willing to stick to the process.

2. Patience Pays Off:
   One of Greenblatt’s most enduring lessons is the importance of patience. Markets are inherently volatile, but Greenblatt reminds investors that this volatility often creates opportunities. By thinking long-term and ignoring short-term noise, investors can take advantage of mispricings and let time work in their favor.

3. Think Like a Business Owner:
   At the core of Greenblatt’s philosophy is the idea that stocks are pieces of businesses, not lottery tickets. This business-owner mindset helps investors focus on fundamentals like cash flow, competitive advantages, and growth potential rather than being swayed by market sentiment or hype.

A Mentor for the Modern Investor

For younger investors—those just starting out or looking to refine their approach—Greenblatt’s teachings hold particular relevance. In a world dominated by speculative trends, cryptocurrency booms, and meme stock frenzies, his advice acts as a compass for navigating the chaos.

His emphasis on sticking to the fundamentals and resisting emotional decision-making is more critical than ever in an age where instant gratification often overshadows disciplined investing. For those willing to follow his path, Greenblatt offers a proven way to avoid the pitfalls of speculation and build a portfolio rooted in value and long-term growth.

Beyond Returns: A Legacy of Teaching and Giving Back

Greenblatt’s impact goes far beyond his personal financial success. Through his teaching at Columbia Business School, his books, and his philanthropic efforts like the Success Academy Charter Schools, he has extended his reach to empower individuals and communities. His legacy is one of multiplying impact, not just wealth.

For young investors, this serves as a reminder that success isn’t just about accumulating capital—it’s also about sharing knowledge, creating opportunities, and leaving the world better than you found it.

Timeless Advice for Modern Markets

Greenblatt’s principles are timeless because they are rooted in human behavior and market dynamics that have persisted for decades. His career reminds us of the following:

• Focus on What Matters: Fundamentals will always outweigh fads in the long term.

• Trust the Process: Even the best strategies will have periods of underperformance. What matters is sticking to the plan.

• Invest in Yourself: Whether through learning, refining your approach, or giving back, investing isn’t just about money—it’s about growth and impact.

Closing Thoughts: Smart, Not Magic

Joel Greenblatt’s story is a source of inspiration and practical guidance for investors. He shows that extraordinary success isn’t about reinventing the wheel or chasing shortcuts—it’s about consistent effort, rational decision-making, and sticking to principles even when the going gets tough.

So, the next time the market swings wildly, or a flashy new trend distracts you, remember Greenblatt’s enduring advice: focus on the fundamentals, trust the process, and play the long game.

It’s not magic—it’s just smart investing.

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