📖Joel Greenblatt
Systematic Investment Approach
A systematic approach ensures consistent investing.
A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly.
🏠 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：Systematic processes outperform ad hoc decisions.
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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
Host Marriott / Marriott Spin-off (1988)
Marriott restructured, spinning off its real estate-heavy Host Marriott from its management business. Many investors dumped the more leveraged entity, pushing the price below intrinsic value.
✨ Outcome：Investing in the unpopular spin-off produced strong gains as asset values and earnings power were recognized over time.
2
Coca-Cola’s Simple Business (1988)
Greenblatt highlighted Coke’s dominant brand, straightforward business model, and predictable cash flows as a classic simple investment.
✨ Outcome：Long-term holders earned substantial returns as earnings compounded and the brand expanded globally.
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