📖Joel Greenblatt
Wisdom for Investing and Life
Investment principles apply to life too.
The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life.
🏠 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：Character virtues drive success in investing and life.
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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
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.
2
American Express Post-Asia/Russian Crises (2001)
American Express traded at depressed multiples after emerging market and Russian crises hurt travel and card volumes.
✨ Outcome：Greenblatt’s long-term view on brand strength and card economics led to holding; as conditions normalized, valuation rerated and produced strong multi-year gains.
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