This recording, hosted by Simon, took place at the London Value Investor Conference in Summer 2024, where Joel Greenblatt was the guest speaker.

Joel not only founded and runs Gotham Asset Management, but was an adjunct professor at Columbia Business School for 20+ years.

Joel previously ran Gotham Capital, where he famously achieved 50% annualised returns between 1985-1994 (34.4% net). Joel also helped Michael Burry set up Scion Capital in 2000.

Joel offers some exceptionally valuable insights into the issues of active versus passive, if valuation works pays, the need for patience, thoughts on concentration, and learning from mistakes.

He talks on the need for detailed valuation work in order to identify compelling valuation opportunities, but also of the need for patience for the market to recognise such situations.

He advocates passive for those ill-equipped to undertake detailed valuation work, and also recognises the challenges of owning too many overvalued and insufficient undervalued companies when you are passively invested.

He discusses that the best way to learn from one’s investing mistakes is to lose amounts of money that matter. He also acknowledges that he would have been fired several times over, had it not been his own firm! A treasure trove of advice from a pro!

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TOPICS:
00:00:00 - Insights from "The Big Secret" on Patience and Market Valuation
00:02:35 - Understanding Market Dynamics and Value Investing
00:05:08 - Evaluating Individual Stocks vs. the Stock Market
00:07:47 - Valuation-Based Investing vs. Passive Investing
00:10:28 - Emotional Market Reactions and Valuations
00:12:57 - Evaluating Momentum in Risk Management
00:15:51 - The Impact of Overregulation on Small Businesses
00:17:22 - Thoughts on the US Higher Education Sector
00:18:58 - Evolution in Portfolio Management Strategies
00:21:46 - Importance of Active Management in Market Efficiency
00:24:56 - Warren Buffett's Guide: Knowing Your Circle of Competence
00:27:09 - How to Evaluate Portfolio Managers
00:30:03 - Future of Berkshire Hathaway Post-Buffett
00:32:27 - Finding Value Off the Beaten Path
00:35:26 - Impact of Changing Interest Rates on Private Markets
00:37:30 - Evaluating Long-Term Success in Blue Chip Stocks
00:40:09 - Learning from Investment Mistakes

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