The Little Book That Beats the Market 下载 pdf 电子版 epub 免费 txt 2025

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Book Description

A guide to beating the market for all ages

Two years in MBA school won’ t teach you how to double the market’ s return. Two hours with The Little Book That Beats the Market will. Hedge fund manager and Columbia Business School Professor Joel Greenblatt has set out to show, in step-by step fashion, how beating the market can be made simple and easy for investors of any age. In addition to setting out the basic principles of successful stock market investing, the book provides a magic formula that is easy to use and makes buying good companies at bargain prices automatic. Though the formula has been extensively tested and is a clear breakthrough in the academic and professional world, the common sense method is convincingly explained using 6th grade math skills, plain language and humor. Readers will learn how to use this low risk method to beat the market and professional managers by a wide margin. Along the way, readers will also learn: how to view the stock market; why success eludes almost all individual and professional investors; and why the formula will continue to work even after everyone knows it.

From Publishers Weekly

Contrary to efficient-market naysayers, this engaging investment primer contends that ordinary stock-market investors can indeed get better-than-market returns over the long haul. Greenblatt (You Can Be a Stock Market Genius), a Columbia Business School adjunct professor, touts a "value-oriented" approach that looks for bargain stocks whose share price is cheap relative to the company's profitability. His version is a "magic formula" that ranks stocks on the basis of two variables—the earnings yield and the business's return on capital. His Web site, magicformulainvesting.com, virtually automates the procedure for novices. Greenblatt offers lots of statistical proof of the formula's success, but emphasizes the importance of faith in seeing the investor through inevitable short-term downturns: "It will be your belief in the overwhelming logic of the magic formula that will make the formula work for you in the long run." He conveys his ideas through a lucid if rudimentary and rather corny explanation of basic investment concepts about risk, return, interest and business valuation. Although the fabulous returns he touts seem too good to be true, Greenblatt's formula is a reasonable variant of mainstream value-investing methods. Investors seeking a little more hands-on excitement than the average mutual fund offers won't go too far wrong following his advice. (Jan.)

From AudioFile

A Wharton-trained head of a successful investment partnership has a foolproof method for evaluating stocks: Companies are worth what they return to investors on a consistent basis. Trusting yourself to use this simple principle will work much better than any get-rich schemes, and much better than trusting other people to select stocks for you. The method requires some digging into a stock's fundamentals, understanding risk factors, and paying close attention to timing when buying and selling. An enhanced CD contains printable details of the author's "magic formula" for evaluating stocks. Adam Grupper does well with this material, projecting confidence and using vocal tones and pacing that are enjoyable for the entire program. T.W.

Book Dimension

length: (cm)18.6 　　　 　　　　　 　　　　　 width:(cm)13.1

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在线阅读地址：The Little Book That Beats the Market在线阅读

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在三年期的测试中，神奇公式投资组合在95%的情况下都能领先于市场。

凡是能获得高投资回报率的公司都能获得某种独特的竞争优势，这种独特的优势能够阻止其他竞争者破坏该公司的赢利能力。

将一个正常年份（指公司内部、所在行业或整个经济没有发生特殊或者异常情况的年份）的预期收益用于神奇公式。

我们也需要评估一下我们在预测方面的信心，评价一下这些收益在未来是否能够增长，以及是否有一个诚实的管理团队能将这些利润进行聪明的在投资。然后我们根据正常收益，将收益率与无风险的利率为6%的政府债券以及其他的投资机会进行比较。

神奇公式不是选择个股 ，而是一次选择一批股票。

一、选择市场超过5000万美元或1亿美元的公司。

二、获得位于神奇公式前列的公司名单。

三、买入排名靠前的5-7个公司的股票作为开始。第一年投入20%-33%的金额。

四、每隔两三个月重复上一步。经过9-10个月，就有20-30只股票的投资组合。

五、持有一种股票期满一年后将其卖出。

六、多年内持续这一过程。

投资回报率：EBIT（息税前利润）/（净流动资本+净固定资产）

收益率：EBIT（息税前利润）/EV（企业价值，股本市值+净有息债务）

神奇公式对市值最小的股票最有效果。

书籍介绍

在线阅读本书

Book Description

A guide to beating the market for all ages

Two years in MBA school won’ t teach you how to double the market’ s return. Two hours with The Little Book That Beats the Market will. Hedge fund manager and Columbia Business School Professor Joel Greenblatt has set out to show, in step-by step fashion, how beating the market can be made simple and easy for investors of any age. In addition to setting out the basic principles of successful stock market investing, the book provides a magic formula that is easy to use and makes buying good companies at bargain prices automatic. Though the formula has been extensively tested and is a clear breakthrough in the academic and professional world, the common sense method is convincingly explained using 6th grade math skills, plain language and humor. Readers will learn how to use this low risk method to beat the market and professional managers by a wide margin. Along the way, readers will also learn: how to view the stock market; why success eludes almost all individual and professional investors; and why the formula will continue to work even after everyone knows it.

From Publishers Weekly

Contrary to efficient-market naysayers, this engaging investment primer contends that ordinary stock-market investors can indeed get better-than-market returns over the long haul. Greenblatt (You Can Be a Stock Market Genius), a Columbia Business School adjunct professor, touts a "value-oriented" approach that looks for bargain stocks whose share price is cheap relative to the company's profitability. His version is a "magic formula" that ranks stocks on the basis of two variables—the earnings yield and the business's return on capital. His Web site, magicformulainvesting.com, virtually automates the procedure for novices. Greenblatt offers lots of statistical proof of the formula's success, but emphasizes the importance of faith in seeing the investor through inevitable short-term downturns: "It will be your belief in the overwhelming logic of the magic formula that will make the formula work for you in the long run." He conveys his ideas through a lucid if rudimentary and rather corny explanation of basic investment concepts about risk, return, interest and business valuation. Although the fabulous returns he touts seem too good to be true, Greenblatt's formula is a reasonable variant of mainstream value-investing methods. Investors seeking a little more hands-on excitement than the average mutual fund offers won't go too far wrong following his advice. (Jan.)

From AudioFile

A Wharton-trained head of a successful investment partnership has a foolproof method for evaluating stocks: Companies are worth what they return to investors on a consistent basis. Trusting yourself to use this simple principle will work much better than any get-rich schemes, and much better than trusting other people to select stocks for you. The method requires some digging into a stock's fundamentals, understanding risk factors, and paying close attention to timing when buying and selling. An enhanced CD contains printable details of the author's "magic formula" for evaluating stocks. Adam Grupper does well with this material, projecting confidence and using vocal tones and pacing that are enjoyable for the entire program. T.W.

Book Dimension

length: (cm)18.6 　　　 　　　　　 　　　　　 width:(cm)13.1

• 作者：六月草 发布时间：2013-03-19 00:52:49

  虽然对普通投资者的指导很细心，但真的没人觉得这书废话太多了么……

• 作者：K2 发布时间：2008-08-28 14:04:28

  没什么收获，只是提到了竞争优势。

• 作者：Jessie 发布时间：2015-12-21 09:50:04

  magic formula: buy good companies only at bargain prices

• 作者：大毛光光头 发布时间：2011-10-25 10:27:24

  浅显易懂的价值投资指南。

• 作者：晏 发布时间：2023-01-08 13:27:09

  更全面，可以说是猫咪习性百科，当然作者也很谨慎没有采取绝对的说法～总之作为初步了解完钱够的一本！

• 作者：tael 发布时间：2016-04-25 12:55:21

  非常适合入门者，有学术讨论有亲民的例子。

• 简洁为美

  作者：豆友2533629 发布时间：2013-04-05 22:13:30

  从页数来说，这本书确实如其名：a little book。我用在车上的两个小时翻完了。

  很多国内知名的金融业者推荐过这本书，所以我就动了念想，找来了原版

  整本书的理念非常简洁，内容全部是围绕“推销”一个核心的投资理念：the magic formula。为了推销这个理念，作者做了相当篇幅的铺垫，包括为什么要出售股票、股票的回报率、如何进行估值等等，逻辑清晰，浅显易懂，学金融的这部分可以快进。然后来到了核心理念：如何选择股票。

  作者的逻辑大致是这样：遵循价值投资的原则，市场上总能挑选到一些价廉物美的好公司股票。所以问题是怎么挑？其实挑选的方法也简单得很，作者就用了两个指标：投资资产的回报率（ROIC）和盈利回报率（EY）。把美国股市的3500只股票按照这两个财务指标排序，比如A股票在全部3500只股票中ROIC排序为123顺位，EY排序为241顺位，则加总为364，B股票若ROIC和EY分别为322和156，则加总为478,。加总靠前的为优，故应选择A而不是B。上述即为作者的the magic formula。

  相当的简洁，是不是？

  ROIC反应的是企业投入资本的回报率，通常来说，资本回报率越高的企业，其资产的利用利率是更好的，往往说明企业具备一些可以构成“护城河”的特质，能够防御其他企业进入形成竞争。而EY实际是市盈率的倒数，反应的是股票的昂贵程度。

  说白了，在这个选股体系中，ROIC负责的是“物美”，而EY负责的是“价廉”。

  就是这么个简单的玩意儿，到底有没有作用？作者罗列了美国股市的大量统计数据支持整体上完胜大盘。作者更找出了一些有意思的理由说明为什么这个体系不能在共同基金中广泛使用，即这个选股系统从统计数据来看，每4年铁定跑输大盘一年，以两年为一个单位则每六个单位中有一个单位跑输大盘，而对压力巨大的共同基金经理来说，吹嘘自己有个好的体系而特立独行可未必有用。

  至于这个体系对中国股市的意义，我认为启发性大于实用性。中国的股市太复杂，人为因素太多，极大扭曲了一个纯粹的市场。在这样的市场里面单纯依靠这两个指标选股很可能是会出问题的。但是，对企业基本面的关注和分辨能力，则再怎么强调也不为过。比如，前两年的创业板大炒题材和概念，市盈率基本上天，而其实当前的创业板上市公司中，很多为“伪”创新型高技术企业，其对市场风险的抵御能力非常有限，金融危机中基本跌回原型。那些在几十甚至上百倍的市盈率时购买这些股票的投资者，不难想象其损失的惨重。另外，国内资本市场尤其喜好再融资，这样的再融资往往是低质量的扩张，通过募集资金拉大摊子，实际新项目的投资回报率非常低，一些时候，这样的募集资金甚至也许只是为了填补和掩盖企业前期的财务窟窿，这样的企业其低投资回报率下，能反应出企业本身的很多问题。

  在投资中坚持基本的底线，重视常识，不追风，不盲从，是我觉得这本书能给予的一个很重要的启示

• 价值投资之门

  作者：夕饮冰 发布时间：2008-10-29 23:24:36

  这本小书在华尔街影响很大，《憨夺型投资者》的作者，〈Enhancing Trader Performance〉和〈重塑证券交易心理〉的作者在他们的书中都引用过这本书。

  其作者Joel Greenblatt于１９９９年出版过一本《You Can Be a Stock Market Genius》，没有出过中文版。最近《Value》杂志社出版了中译本名为《你能成为股市天才》。

  张志雄对《天才》一书的评价是：“美国资深投资家葛林布雷的一本浅显却不失深刻的实战手册。巴菲特是股市天才，他的估值能力与资金实力都不是我们普通人所能企及的。作者以价值投资为取向，专找企业分拆和重整等公司事件型市场来获取投资的成功率。本报告实用生动，其投资技术早已流行于美国，对未来的中国股市应具有一定的前瞻性。”凭他选书的眼力，值得信任。

  近年一直逡巡于价值投资之门外，百思百读不得其法。很多大师都是从技术投机开始进入价值投资领域，不知最终到底是什么引领他们进入那个领域。很想知道这些大师在嬗变过程中的细节，以后可以做一个研究专题。《证券分析》搬来搬去的一页也没读进去。价值投资的书也读了不少，但仅在理论上，没有一个师傅的引领，在实战中入门之难无法用语言表达。这样的书对入门者总会引出些兴趣来，循着这条路可能就一直能走下去了。希望自己在下一个十年中能成为价值投资的门中人。

  在这里记住两个名词：收益率（Earning Yield)和投资回报率（Return on Investment, ROI)。

  还是读到了张志雄的一段评论，对本书的理解更为深刻：“说来简单，收益率的倒数就是市盈率。但早就有人说过，几十年前人们只知道收益率，后来别有用心之人造出个市盈率，收益率倒是很少有人提及了。市盈率确有障眼法之功，１０倍究竟有多低，６０倍究竟有多高，模糊得很。然而市盈率１０倍对应的收益率是１０%，６０倍对应的是１.６７%，一目了然。比起银行利息，１０%的收益率当然不错，而１.６７%就惨了。人们往往引经据典，论证６０倍的市盈率是高是低，但若提起１.６７%的收益率，恐怕就少有争议了。”

  “作者的第二个重点是判断企业的好坏，其简单工具是投资回报率，即利润产出与资本投入之比，如投资一家企业３０万元，每年可赚１５万元，则年投资回报率为５０%。这也简单得不能简单了，但仔细想想，它道出了企业成功与否的本质。比如一家企业的投资回报率只有２.５%，那我们不如去买国债。”

  “作者拿出如此简单的公式，无数的读者如获至宝，说明这个市场倒也不简单，至少糊涂的大有人在。”

  呵呵，包括自己。

  “