Happy New Year!
Hope you all had a nice holiday break. Today, we wrap up our series in which we profile the famous “value investors.” In our first post, we talked about David Einhorn. Then, we profiled Seth Klarman and in our last post before the break, we did a piece on Howard Marks.
Our last profile is Joel Greenblatt. We talked about him briefly in our last post. Greenblatt is an American academic, hedge fund manager, investor and writer. Along with Robert Goldstein, he runs Gotham Funds; they are both Managing Principals & Co-Chief Investment Officers. He has achieved extraordinary returns, with an annualized rate of about 50% from 1985 to 1994, before closing the fund to outside investors.
Gotham’s tagline is “a fundamental disciplined approach to value investing.” Is Greenblatt another legendary investor who falls for the “value investing” fallacy? It’s a bit more complicated.