Joel Greenblatt (born December 13, 1957) is an American academic, hedge fund manager, investor, and writer.
[1] At Wharton, his paper "How the small investor can beat the market" was published in The Journal of Portfolio Management.
[4] In 1985, Greenblatt started a hedge fund, Gotham Capital, with $7 million, most of which was provided by "junk-bond king" Michael Milken.
[10][11][12][13] Greenblatt served as an adjunt professor teaching value investing classes for MBA students at Columbia University's Graduate School of Business for over 20 years.
[15] A 2012 academic study showed that the recommendations of the members of the club do in fact appear to generate significant abnormal profits.
Several studies from around the world have found Greenblat's formula tends to result in long-term outperformance relative to market averages, but is also associated with significantly higher short-term volatility and sharper drawdowns due to his concentrated approach of 20–30 stocks.
[24] Greenblatt’s book, The Big Secret for the Small Investor: A New Route to Long-Term Investment Success, was released in 2011.
[29] During 2007 and 2008, Joel Greenblatt, Robert Goldstein and Gary Curhan created a website, inspired by the Value Investors Club, to spur idea sharing in order to advance cancer research.