📖Joel Greenblatt
Lifelong Learning
Knowledge compounds like interest for investors.
The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest.
🏠 Everyday Analogy
📖 Core Interpretation
Joel Greenblatt advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Continuous learning is a lifelong competitive advantage.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Pre-Crisis Risk Trim (2008)
Strong run in financials and commodities made them oversized allocations by mid-2008.
✨ Outcome：Annual rebalance cut exposure and added defensives; drawdown in 2008–2009 was smaller and recovery to prior peak occurred faster.
2
Spin-off: Liberty Media from AT&T (2000)
AT&T spun off Liberty Media, which appeared complex and overlooked. Greenblatt analyzed underlying assets and saw a large discount to intrinsic value.
✨ Outcome：Held through volatility; as the market recognized underlying media asset value, returns were multiples of initial investment over several years.
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