股市稳赚
The Little Book That Beats the Market
Joel Greenblatt · 初版 2005 年
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在商学院读两年MBA并不能教会你如何使市场回报率翻倍，但阅读《The Little Book That Beats the Market》两小时却可以。在这本小书中，Gotham Capital的创始人兼管理合伙人（其20多年的年化复合回报率达40%）Joel Greenblatt所做的，不仅是简单阐明成功进行股票投资的基本原则。他提供了一个易于使用的“神奇公式”，使以便宜的价格买入优秀公司股票变得自动化。尽管该公式经过了广泛检验并在学术界和专业投资界取得了突破，Greenblatt依然
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我完全同意你的观点。不过，关于神奇公式这一点，我强烈建议初入股市的投资者读读 Joel Greenblatt 的书《股市稳赚》（The Little Book that Beats the Market），他在书里概述了这个“神奇公式”。相关的网站是 www.magicformulainvesting.com。神奇公式基本上是把美股投资标的按资本回报率（EBIT……
I agree with your point completely. However, on the magic formula bit, I do highly reccomend beginning investors read Joel Greenblatt's book,"The Little Book that Beats the Market", in which he outlines the "magic formula". www.magicformulainvesting.com is the associated website with it. The magic formula basically sorts the US public investing universe by return on capital (EBIT…
……企业到底需要多少营运资金形式的现金，以及日常的维持性 capex 与成长性 capex 的对比。我建议可以 Google 一下沃伦·巴菲特关于透视盈余（look through earnings）的入门文章。Greenblatt 的《股市稳赚》也能很快读完。
…much cash the business requires in the form of working capital and on-going maintenance capex vs growth capex. I would suggest googling Warren Buffett's primer on look through earnings. Greenblatt's "Little Book that Beats the Market" can also be read quickly.
……在没有实际现金流的情况下，目前争议很大，但这实际上是虚拟圈地和货币投机的结合体。推荐几个资源：本杰明·格雷厄姆的《聪明的投资者》（巴菲特的圣经）、Greenblatt 的《股市稳赚》；关于财富无形资产的：Galloway 的《The Algebra of Wealth》https://www.youtube.com/watch?v=uNrjrDV9-YQ。哦对了，如果你想玩投机的话，investopedia 有个挺不错的股票模拟交易工具
…without an actual cash flow is controversial right now but it's a mix of a virtual land grab and currency speculation. a couple resources: The Intelligent Investor -Ben Graham (Buffett's Bible) The Little Book that beats the Market -Greenblatt intangibles regarding wealth: The Algebra of Wealth -Galloway https://www.youtube.com/watch?v=uNrjrDV9-YQ Oh and investopedia has a neat stock simulator if you want to speculate
Joel Greenblatt 写的《股市稳赚》。为什么推荐这本？因为希望能激发你对储蓄和投资的兴趣。
"The Little Book That Beats The Market", by Joel Greenblatt. Why? Because hopefully it will get you interested in saving and investing.
……不过这很容易证明。关于这个话题我最喜欢的两篇：沃伦·巴菲特的《格雷厄姆和多德维尔的超级投资者们》- https://www8.gsb.columbia.edu/sites/valueinvesting/files/fil...，Joel Greenblatt 的《股市稳赚》- https://www.magicformulainvesting.com/Home/AboutTheBook
…easy to prove though. 2 of my favorites on this topic: Warren Buffet's "The superinvestors of Graham-and-Doddsville" - https://www8.gsb.columbia.edu/sites/valueinvesting/files/fil... Joel Greenblatt "Little book that beats the Market" - https://www.magicformulainvesting.com/Home/AboutTheBook
……基于这些指标，而不是只看指数基金，你可以把被动投资和主动投资结合起来。这叫作“Smart Beta”，是一个很有意思的新兴策略。入门读物推荐《股市稳赚》。这个策略就是买入“又便宜又好”的股票并一直持有。便宜的定义是高 EBIT / EV（每单位资本有强大的盈利能力），好则是指高 ROIC（企业能把钱转化成……
…based on these metrics, rather than just index funds, you can blend aspects of passive and active investing. This is called "smart beta" and is an interesting emerging strategy A good primer is "the little book that beats the market". The strategy is to buy "cheap and good" stocks and just hold them. Cheap is defined by high EBIT / EV (lots of earning power per unit of capital) and good by high ROIC (the business can turn money…