Joel Greenblatt

  • Few people can combine the ability, knowledge, and timing to foresee and profit consistently from future events. Whether the in-laws can or cannot predict the future is beside the point; they don’t have to – they already know how to profit from studying the present.
  • “Don’t trust anyone over thirty and don’t trust anyone thirty or under.”
  • The most successful horse players (I guess they lose the least) are the ones who don’t bet on every race but wager on only those occasions when they have a clear conviction.
  • Don’t screw up a perfectly good stock-market strategy by diversifying your way into mediocre returns.
  • Prices fluctuate more than values—so therein lies opportunity.
  • The market may not agree with you in the short term, but you have to stick it out to get right.
  • “I love our strategies. We can make lots of money over time with them. But people don’t stick with it. Most people have a difficult time sticking with strategies that underperform from time to time.”
  • “Value investing works over long periods of time but doesn’t necessarily work in any particular month or year.”
  • Paraphrase – because value investing doesn’t always work in the short run, is exactly why it will continue to work over the long run