Joel Greenblatt
Gotham Asset Management
Profile & Investment Philosophy
Joel Greenblatt, founder of Gotham Capital and author of "The Little Book That Beats the Market," has built a philosophy spanning systematic quantitative value and discretionary special situations. His "Magic Formula" — screening for companies with high earnings yields and high returns on invested capital — is a widely tested quantitative strategy. It encapsulates Buffett's insight: buying a great business at a fair price, implemented through a rules-based process to remove bias. Beyond quantitative strategies, Greenblatt excels at special situations: spin-offs, restructurings, and reorganizations where complexity creates mispricing. He views spin-offs as a reliable source of alpha, as institutional investors often sell them regardless of quality. Greenblatt's philosophy emphasizes process over prediction: by removing emotional components, systematic value strategies extract the market's tendency to misprice businesses over short horizons.
Current Portfolio
LATEST 13FLatest SEC Form 13F filing. Total portfolio value: $5.3B. Holdings: 37 positions.
| Ticker / Security | Type | Shares | Δ vs Prev | Value | Portfolio % |
|---|---|---|---|---|---|
| PCG PG&E Corporation | Common | 34.30 | -31.54% | $551,200,000 | 7.58% |
| NVDA NVIDIA Corporation | Common | 3.51 | +3.51% | $550,170,000 | 7.56% |
| AMZN Amazon.com, Inc. | Common | 2.17 | -22.95% | $499,730,000 | 6.87% |
| MSFT Microsoft Corporation | Common | 0.93 | -15.91% | $447,350,000 | 6.15% |
| UNP Union Pacific Corp. | Common | 1.81 | +106.86% | $418,690,000 | 5.76% |
| CRH CRH plc | Common | 2.60 | +20.09% | $324,480,000 | 4.46% |
| SGI Somnigroup Int. | Common | 3.40 | +13.33% | $303,550,000 | 4.17% |
| BN Brookfield Corporation | Common | 6.20 | +32.62% | $284,520,000 | 3.91% |
| NSC Norfolk Southern Corp. | Common | 0.97 | -40.91% | $281,500,000 | 3.87% |
| TDS Telephone and Data | Common | 6.67 | -0.48% | $273,680,000 | 3.76% |
SOURCE: SEC Form 13F. See the live BMI Smart Money Tracker.