• The Big Secret for the Small Investor

  • The Shortest Route to Long-Term Investment Success
  • By: Joel Greenblatt
  • Narrated by: Adam Grupper
  • Length: 3 hrs and 9 mins
  • Unabridged Audiobook
  • Release date: 04-05-11
  • Language: English
  • Publisher: Simon & Schuster Audio
  • 4 out of 5 stars 4.1 (201 ratings)

Regular price: $17.49

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Publisher's Summary

When it comes to investing in the stock market, investors have plenty of options:

They can do it themselves. Trillions of dollars are invested this way. (Of course, the only problem here is that most people have no idea how to analyze and choose individual stocks. Well, not really the only problem. Most investors have no idea how to construct a stock portfolio, most have no idea when to buy and sell, and most have no idea how much to invest in the first place.)
They can give it to professionals to invest. Trillions of dollars are invested this way.(Unfortunately most professionals actually underperform the market averages over time. In fact,it may be even harder to pick good professional managers than it is to pick good individual stocks.)
They can invest in traditional index funds. Trillions of dollars are also invested this way.(The problem is that investing this way is seriously flawed--and almost a guarantee of subpar investment returns over time.)
They can read The Big Secret for the Small Investor and do something else. Not much is invested this way. Yet....
Let top hedge fund manager, Columbia business school professor, former Fortune 500 chairman and New York Times best-selling author Joel Greenblatt take you on a journey that will reveal the Big Secret for both individual and professional investors. Based on path-breaking new research, find out how anyone can beat the market, the index funds and the experts by following a new approach that relies on the principles of value investing, common sense and quantitative discipline. Along the way, learn where "value" comes from, how markets work, and what really happens on Wall Street. By journey's end, small investors (and even not-so-small investors) will have found their way to some excellent new investment choices.
©2011 Joel Greenblatt (P)2011 Simon & Schuster
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Customer Reviews

Most Helpful
3 out of 5 stars
By Golden Gate Love on 10-19-11

Missing something important...

Either I read Greenblatt's books out of order or this entire book missed the main point of why I read it... to learn how to value companies.

The book adeptly described the difficulty of being accurate in valuations of a business and offered some ways of thinking about valuing a business relative to many factors that I personally would not have thought of. The book went into very interesting detail about why the small investor has a big leg up on hamstrung Wall St. mutual fund managers just seeking to keep their day jobs. He even describes different types of indexes that you can buy and sell as ETFs and how these perform at higher levels than market cap indexes.

In the end, with all this high level understanding and real depth of knowledge on the intricacies of investing, I was still left without the basic strategy of how to go about valuing a business. Annoyingly, he kept alluding to us having or him later explaining the actual way to perform valuations, but it never came.

In the end, I'm like a first time fisherman trying to land a marlin with a 20 lb deep sea rod, 200 lb test line, the best lure money can buy, with no clue how to reel the **** thing in.

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13 of 13 people found this review helpful

2 out of 5 stars
By N. Price on 05-10-16

Make a quick $20, don't buy this book

Holy LORD this is bad ! Now I'm sure there will be some intellectuals out there that will spin his advice into a "Horoscope-Like" interpretation of how they can get their portfolio to perform better... but overall, this book tells you NOTHING!! In addition the author can't make his mind up on whether he wants to be "folksy" in his dispensing of info or an MBA throwing so much jargon at you that your head spins.
His whole premise is basically: Find Something; and Buy it for Less... But then goes on to talk about every way to determine a valuation (so that in theory you can buy it for less) and then says... yeah but that doesn't really work. Even his end advice... yeah big surprise here , invest in value mutual funds is flawed, because he pretty much admits that they will be up or down (depending on shear luck of the draw) but Never talks about how to determine if they're on the way up or down or over/under valued. Here's free advice.... There is No formula. Your best bet is to use the Bear Analogy.... If you and a buddy are getting chased by a bear, you don;t have to outrun the bear....just your buddy. Everyone is in the same crappy investment boat, as long as you hedge your bets and don;t go all in on freakin iceberg futures in Ethiopia, you'll be better off then the majority of people out there investing in lottery tickets every week. You Are Smarter Than This BOOK!!!

But I will say that the Narrator was pretty decent

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2 of 2 people found this review helpful

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Customer Reviews

Most Helpful
2 out of 5 stars
By Matt Lewis on 03-14-18

still wondering where the secret is

unfortunately i found this book a bit of an example of a C grade student trying to get through their exams - dump everything down on paper you can remember and fail to reach any conclusions

I think the book can be summarised in:
investing is hard
it takes patience
you probably cannot beat the market so just buy a low cost index tracker
value stocks beat the market but due to going against the herd and tracking issues it will mess with your head
smaller stocks will have best opportunity as big players won't be fishing in that pond

It's a pity as Joel's other books are fabulous and the magic formula was revolutionary

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1 of 1 people found this review helpful

3 out of 5 stars
By Amazon Customer on 08-15-15

Good introduction to some key truths

What was the most interesting aspect of this story? The least interesting?

It presents key issues that are vital to understanding how collective investments work, their weaknesses and the true behaviours of fund managers. It steers people towards passive, cheaper, systematic investments in the form of ETFs and particularly the newer breed of 'smart beta' ETFs. However, whilst the journey was enjoyable and informative, they could have just skipped to that simple suggestion without the need for an entire book. But if you are new to investment then the ideas will not be lost, they will be valuable.

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1 of 1 people found this review helpful

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Customer Reviews

Most Helpful
5 out of 5 stars
By Sitiveni on 06-07-17

Greenblatt has done it again

My favourite investor Joel Greenblatt has done it again and with the same narrator as previous books have made it enjoyable. I have followed his teachings and the returns I've made from less then $59 invested in his books is unbelievable.

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4 out of 5 stars
By Dominic Sinagra on 03-04-17

Good basic book for investors

Would you listen to The Big Secret for the Small Investor again? Why?

I would recommend this book as a great starting point for anyone looking to expand their knowledge on investing. Joel Greenblatt breaks it down into simple principles that are easily applied to the real world.

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