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Joel Greenblatt on why efficient markets are not a reality, even though they make sense on paper From his conversation at Wharton with Howard Marks "Look at the most followed stocks in the most followed market in the world, and that would be the S&P 500 From 1996 to... show more

Boring_Business

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36,006 görüntüleme • 5 ay önce •via X (Twitter)

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An investing gem by Joe Greenblatt! One of the most comprehensive Investing lectures ever given. Here are my 6 favorite takeaways from this genius talk: 1. Not "Value" but "Valuation" Investing Low P/B or low P/S investing is what Morningstar labels Value Investing. That approach hasn't worked well for quite some time now. Momentum investing did work well over the last decade. But will it continue? Nobody knows. But there's one thing that'll always work: Valuation Investing. Investing based on sound valuation work. 2. Is Outperformance as an Active Investor Still Possible? There are so many smart people working in finance and asset management. There are more and more computers and AI systems. Is active Investing dead? Simple Answer: From 1997-2000, the S&P 500 doubled. From 2000-2002, it halved. From 2002-2007, it doubled. From 2007-2009, it halved. From 2009 to today, it multiplied sixfold. And that's just the index. Individual stocks were even more volatile. -> People are still crazy. There's still lots of opportunity. 3. Differentiate for Superior Performance Superior performance comes from differentiation. The main reason why so many people fail to outperform is because they fish in the same water. If you only look for S&P 500 stocks, where is the superior performance supposed to come from? The further you get away from the most famous stocks, the higher the chance for different performance. Yes, also for underperformance. Buying things right matters more than ever, then. 4. Valuation Look for "absolute cheap" in combination with "relative cheap." When assessing the absolute cheapness of a company, Greenblatt focuses on the FCF yield. FCF Yield: Free Cash Flow (per share) / Market Price (per share) Only after you've assessed a company "absolute cheap," you can also check for relative cheapness by comparing it to competitors within the industry. 5. Valuation is like Gravity If you're right with your valuation of the company, the stock price will follow, sooner or later. If you buy overvalued companies, >99% of them will come down. Only <1% will grow so significantly that you don't lose money on them. The problem is that people voluntarily look for those opportunities. They don't want beaten and off-the-path opportunities that are undervalued. They want Tesla to grow into an enormous valuation and then say:" I told you so!" And maybe Tesla is the one outlier out of 100. But why bet on that when there are so many less risky bets out there? 6. The Fallacy of Diversification The fact that people think you need to own at least 30 stocks shows that they didn't understand the idea of thinking like an owner. No one would call someone who owns six different businesses in your hometown a speculator. In the stock market, they do, because they think about pieces of paper and tickers on their screen. Not about businesses...

An investing gem by Joe Greenblatt! One of the most comprehensive Investing lectures ever given. Here are my 6 favorite takeaways from this genius talk: 1. Not "Value" but "Valuation" Investing Low P/B or low P/S investing is what Morningstar labels Value Investing. That approach hasn't worked well for quite some time now. Momentum investing did work well over the last decade. But will it continue? Nobody knows. But there's one thing that'll always work: Valuation Investing. Investing based on sound valuation work. 2. Is Outperformance as an Active Investor Still Possible? There are so many smart people working in finance and asset management. There are more and more computers and AI systems. Is active Investing dead? Simple Answer: From 1997-2000, the S&P 500 doubled. From 2000-2002, it halved. From 2002-2007, it doubled. From 2007-2009, it halved. From 2009 to today, it multiplied sixfold. And that's just the index. Individual stocks were even more volatile. -> People are still crazy. There's still lots of opportunity. 3. Differentiate for Superior Performance Superior performance comes from differentiation. The main reason why so many people fail to outperform is because they fish in the same water. If you only look for S&P 500 stocks, where is the superior performance supposed to come from? The further you get away from the most famous stocks, the higher the chance for different performance. Yes, also for underperformance. Buying things right matters more than ever, then. 4. Valuation Look for "absolute cheap" in combination with "relative cheap." When assessing the absolute cheapness of a company, Greenblatt focuses on the FCF yield. FCF Yield: Free Cash Flow (per share) / Market Price (per share) Only after you've assessed a company "absolute cheap," you can also check for relative cheapness by comparing it to competitors within the industry. 5. Valuation is like Gravity If you're right with your valuation of the company, the stock price will follow, sooner or later. If you buy overvalued companies, >99% of them will come down. Only <1% will grow so significantly that you don't lose money on them. The problem is that people voluntarily look for those opportunities. They don't want beaten and off-the-path opportunities that are undervalued. They want Tesla to grow into an enormous valuation and then say:" I told you so!" And maybe Tesla is the one outlier out of 100. But why bet on that when there are so many less risky bets out there? 6. The Fallacy of Diversification The fact that people think you need to own at least 30 stocks shows that they didn't understand the idea of thinking like an owner. No one would call someone who owns six different businesses in your hometown a speculator. In the stock market, they do, because they think about pieces of paper and tickers on their screen. Not about businesses...

Daniel Mahncke

247,527 görüntüleme • 3 yıl önce

S&P 500. Now built for DeFi. deSPXA is live on Base. Designed for open onchain markets. → trade it → borrow against it → short it → deploy it in strategies Built by Centrifuge, deSPXA brings tokenized exposure to the S&P 500 via the Janus Henderson Investors S&P 500 Index Fund, under license from S&P Dow Jones Indices.

S&P 500. Now built for DeFi. deSPXA is live on Base. Designed for open onchain markets. → trade it → borrow against it → short it → deploy it in strategies Built by Centrifuge, deSPXA brings tokenized exposure to the S&P 500 via the Janus Henderson Investors S&P 500 Index Fund, under license from S&P Dow Jones Indices.

Centrifuge

184,293 görüntüleme • 5 ay önce

Disney has been raising the prices of items at their theme parks far outpacing inflation - This Mickey Ice Cream Bar cost $2.75 at Disney World in 2009. With inflation, that bar would cost $4.22 today. But the price has more than doubled to $6.50 - Basic Mickey Ears are up 67%. In 2009 Mickey Ears cost $11.99, today they cost $19.99 - And the Mickey Pretzel is up 118%. In 2009 a pretzel cost $3.79, today the price is $8.25 - It's also gotten more expensive to get inside the parks. From 2015 to 2025, Disney World's top tier annual pass nearly doubled from $829 to $1,629. That's a 44% increase after inflation. “Every year I think to myself, well, what's my breaking point?”

Disney has been raising the prices of items at their theme parks far outpacing inflation - This Mickey Ice Cream Bar cost $2.75 at Disney World in 2009. With inflation, that bar would cost $4.22 today. But the price has more than doubled to $6.50 - Basic Mickey Ears are up 67%. In 2009 Mickey Ears cost $11.99, today they cost $19.99 - And the Mickey Pretzel is up 118%. In 2009 a pretzel cost $3.79, today the price is $8.25 - It's also gotten more expensive to get inside the parks. From 2015 to 2025, Disney World's top tier annual pass nearly doubled from $829 to $1,629. That's a 44% increase after inflation. “Every year I think to myself, well, what's my breaking point?”

Wall Street Apes

565,925 görüntüleme • 7 ay önce

The S&P 500 is boring. That is why it works and why most people don’t want to hold it.

The S&P 500 is boring. That is why it works and why most people don’t want to hold it.

Anthony Pompliano 🌪

598,874 görüntüleme • 1 yıl önce

It would seem even the most proper among the ton err from time to time. Though, it is certainly entertaining to watch.

It would seem even the most proper among the ton err from time to time. Though, it is certainly entertaining to watch.

Bridgerton

397,528 görüntüleme • 2 yıl önce

.Secretary Sean Duffy: "This is the gateway to America from the Capital city. It should be the most beautiful airport in the world bar none—and when people fly in from around the world and they come to this airport, they think America is dumpy because it's a dumpy airport...we are going to make it beautiful."

.Secretary Sean Duffy: "This is the gateway to America from the Capital city. It should be the most beautiful airport in the world bar none—and when people fly in from around the world and they come to this airport, they think America is dumpy because it's a dumpy airport...we are going to make it beautiful."

Rapid Response 47

70,339 görüntüleme • 1 ay önce

"I've met individuals with PhDs from some of the most prestigious universities in the world.... dedicated their entire career in academia to Islamic studies, they’re learning it not to help it or to benefit from it but to weaponize it."

"I've met individuals with PhDs from some of the most prestigious universities in the world.... dedicated their entire career in academia to Islamic studies, they’re learning it not to help it or to benefit from it but to weaponize it."

Joseph Muztich

29,000 görüntüleme • 9 ay önce

‘The UK is bringing in men from countries they warn women against travelling to. Our borders are open to people from the most misogynistic cultures on Earth. Why is it a crime to be alarmed by this?’ Tom Slater on the UK’s migrant crimewave

‘The UK is bringing in men from countries they warn women against travelling to. Our borders are open to people from the most misogynistic cultures on Earth. Why is it a crime to be alarmed by this?’ Tom Slater on the UK’s migrant crimewave

spiked

95,513 görüntüleme • 5 ay önce

$SPX (S&P 500) S&P has made up all its ground that it lost from the Iran war. We've had a bullish reversal candle leading the setup from two weeks ago. However we are now at near term resistance of all time highs. Enjoy the video & give it a like & repost to see more of these

$SPX (S&P 500) S&P has made up all its ground that it lost from the Iran war. We've had a bullish reversal candle leading the setup from two weeks ago. However we are now at near term resistance of all time highs. Enjoy the video & give it a like & repost to see more of these

Wick

38,418 görüntüleme • 5 ay önce

🚨 S&P 500 HAS ENTERED THE CORRECTION PHASE You need to know this! The Fibonacci retracement from the entire S&P 500 history puts current price at the 0.236 level That's the shallowest retracement zone on the entire chart Every time the index reached this extension, a significant correction followed Now look at what's inside that index Five AI companies make up 28% of the entire S&P 500 OpenAI loses $14 billion a year NVIDIA's valuation is built on the assumption that AI capex never slows down But the Fibonacci doesn't care about narratives It shows price stretched further from fair value than at any point since the dotcom bubble The correction that just started has a long way to go before any of these levels find real support Next meaningful Fibonacci support: $4,970 at the 0.382 level If you've been following me closely you knew when and why S&P 500 would start correcting Many of my followers also took profit from the GOLD pump The next stock market updates will be the most important ones The reason is simple - we're entering a correction phase Turn on notifications and you'll realize how much valuable info you've been missing by not doing it sooner

🚨 S&P 500 HAS ENTERED THE CORRECTION PHASE You need to know this! The Fibonacci retracement from the entire S&P 500 history puts current price at the 0.236 level That's the shallowest retracement zone on the entire chart Every time the index reached this extension, a significant correction followed Now look at what's inside that index Five AI companies make up 28% of the entire S&P 500 OpenAI loses $14 billion a year NVIDIA's valuation is built on the assumption that AI capex never slows down But the Fibonacci doesn't care about narratives It shows price stretched further from fair value than at any point since the dotcom bubble The correction that just started has a long way to go before any of these levels find real support Next meaningful Fibonacci support: $4,970 at the 0.382 level If you've been following me closely you knew when and why S&P 500 would start correcting Many of my followers also took profit from the GOLD pump The next stock market updates will be the most important ones The reason is simple - we're entering a correction phase Turn on notifications and you'll realize how much valuable info you've been missing by not doing it sooner

NoName

25,674 görüntüleme • 3 ay önce

Want to know the one indicator that signals a market crash? Most people think it's by unemployment or interest rates. But the market doesn't move based on those things - it moves on corporate profits. That’s why the indicator that matters the most is S&P 500 Real Earnings Growth - and it works like a binary signal: Above zero = Earnings are growing → Enter/Hold Below zero = Earnings are falling → Exit This indicator has predicted every major crash: • 1989: Earnings went negative → Market collapsed • 2000: Earnings went negative → Market halved • 2007: Earnings went negative → 60% crash • 2020: Earnings dipped → Market dropped It's the clearest market crash signal you'll find. Want to understand this indicator in more detail? I cover how to track it for free and how to interpret the signals in a 9-minute tutorial. Like + comment "CRASH" and I'll DM it to you.

Want to know the one indicator that signals a market crash? Most people think it's by unemployment or interest rates. But the market doesn't move based on those things - it moves on corporate profits. That’s why the indicator that matters the most is S&P 500 Real Earnings Growth - and it works like a binary signal: Above zero = Earnings are growing → Enter/Hold Below zero = Earnings are falling → Exit This indicator has predicted every major crash: • 1989: Earnings went negative → Market collapsed • 2000: Earnings went negative → Market halved • 2007: Earnings went negative → 60% crash • 2020: Earnings dipped → Market dropped It's the clearest market crash signal you'll find. Want to understand this indicator in more detail? I cover how to track it for free and how to interpret the signals in a 9-minute tutorial. Like + comment "CRASH" and I'll DM it to you.

Felix Prehn 🐶

134,804 görüntüleme • 9 ay önce

MARKET RECAP 📉 What a day, what a week. The S&P 500 continued the sell off from yesterday into the morning, but rebounded midday, going from down 1.2% to flat. 👀 So what the heck is going on?! Let’s talk about it 🗣️

MARKET RECAP 📉 What a day, what a week. The S&P 500 continued the sell off from yesterday into the morning, but rebounded midday, going from down 1.2% to flat. 👀 So what the heck is going on?! Let’s talk about it 🗣️

Peter Tuchman

13,927 görüntüleme • 10 ay önce

"It's going to be happening in a lot of games, players are maneuvering to try and get it brought forward" Good honesty from Brian Ó Beaglaoich on the show on the handing the ball back rule - he's not a fan even though he benefited from it.

"It's going to be happening in a lot of games, players are maneuvering to try and get it brought forward" Good honesty from Brian Ó Beaglaoich on the show on the handing the ball back rule - he's not a fan even though he benefited from it.

Smaller Fish

43,186 görüntüleme • 7 ay önce

Freedom has had an upgrade. From education to the right to education. From food on the plate to knowing what’s on it. From having a job to not losing yourself in it. New battles. Same spirit. 🇮🇳

Freedom has had an upgrade. From education to the right to education. From food on the plate to knowing what’s on it. From having a job to not losing yourself in it. New battles. Same spirit. 🇮🇳

Rhiya

154,741 görüntüleme • 1 ay önce

Michael Jackson Indian Walk Dance Evulation from 1981--2009 Michael Jackson’s "Indian Walk" (also known as the "Camel Walk" or the "toe-heel shuffle") is a mesmerizing, Vaudeville-inspired move. Though secondary to the Moonwalk, it evolved alongside him from 1981 to 2009, morphing from a subtle funk step into an intricate staple of his touring choreography.

Michael Jackson Indian Walk Dance Evulation from 1981--2009 Michael Jackson’s "Indian Walk" (also known as the "Camel Walk" or the "toe-heel shuffle") is a mesmerizing, Vaudeville-inspired move. Though secondary to the Moonwalk, it evolved alongside him from 1981 to 2009, morphing from a subtle funk step into an intricate staple of his touring choreography.

Jantar The Botman🪼

17,520 görüntüleme • 3 ay önce

"You will say fuel has come down from 1500. Who took it to 1500? Same for Dollar... A car that was made in 2002 is more expensive today than it was in 2002. That's the economic reality..." - Zekeri Idris

"You will say fuel has come down from 1500. Who took it to 1500? Same for Dollar... A car that was made in 2002 is more expensive today than it was in 2002. That's the economic reality..." - Zekeri Idris

@𝗼𝗻𝗲𝗷𝗼𝗯𝗹𝗲𝘀𝘀𝗯𝗼𝘆

395,626 görüntüleme • 6 ay önce

Dale Earnhardt goes from 17th to 1st in just five laps to win the 2000 Winston 500. It was his final career win

Dale Earnhardt goes from 17th to 1st in just five laps to win the 2000 Winston 500. It was his final career win

Real Racing

52,703 görüntüleme • 11 ay önce

Sincere apologies to Steve Laws 🏴󠁧󠁢󠁥󠁮󠁧󠁿 for being so late on this upload. Steve has to be given credit for being extremely consistent on the point of the indigenous British becoming a minority in the country they call home, and the dangers it presents, which is the main focus of this short conversation from a few weekends ago in London. What stops people from coming to terms with this reality and the nature of the grounds on which it must be resolved? Make sure you check out our previous conversation from Nuneaton also

Sincere apologies to Steve Laws 🏴󠁧󠁢󠁥󠁮󠁧󠁿 for being so late on this upload. Steve has to be given credit for being extremely consistent on the point of the indigenous British becoming a minority in the country they call home, and the dangers it presents, which is the main focus of this short conversation from a few weekends ago in London. What stops people from coming to terms with this reality and the nature of the grounds on which it must be resolved? Make sure you check out our previous conversation from Nuneaton also

VOTV

19,285 görüntüleme • 3 ay önce