Joel Greenblatt
Joel Greenblatt
Investment Philosophy
Joel Greenblatt is the creator of the “Magic Formula” — a simple quantitative strategy that ranks stocks based on earnings yield and return on capital. His books “The Little Book That Beats the Market” and “You Can Be a Stock Market Genius” have become essential reading for value investors worldwide.
Through Gotham Asset Management, Greenblatt applies a systematic, quantitative approach to value investing, using proprietary models that identify companies trading below their intrinsic value while maintaining high returns on capital. His philosophy is that value investing works precisely because it is uncomfortable.
Buying out-of-favor stocks requires the patience and conviction that most investors lack. Greenblatt’s systematic approach removes emotional bias and enforces discipline — the same discipline that allows long-term outperformance even when individual positions are temporarily painful.
Current Portfolio
Source: SEC 13F Filing (Q4 2025)
| Ticker / Security | Type | Shares (MM) | Δ Shares (%) | Value (Full $) | 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% |
| COF / Capital One Financial | Common | 1.10 | -20.58% | $266,600,000 | 3.66% |
| CASY / Casey's General Stores | Common | 0.46 | -9.00% | $251,480,000 | 3.46% |
| CRS / Carpenter Technology | Common | 0.79 | -7.65% | $247,150,000 | 3.40% |
| LYV / Live Nation Ent. | Common | 1.73 | +27.78% | $245,810,000 | 3.38% |
| CSGP / CoStar Group, Inc. | Common | 3.17 | +4.91% | $212,810,000 | 2.93% |
| MTZ / MasTec, Inc. | Common | 0.93 | +27.59% | $201,070,000 | 2.76% |
| RKT / Rocket Companies, Inc. | Common | 9.52 | +137.88% | $184,210,000 | 2.53% |
| LPLA / LPL Financial Holdings | Common | 0.51 | -14.16% | $182,160,000 | 2.50% |
| CMG / Chipotle Mexican Grill | Common | 4.72 | NEW | $174,820,000 | 2.40% |
| CEG / Constellation Energy | Common | 0.47 | NEW | $167,800,000 | 2.31% |
| VST / Vistra Corp. | Common | 1.00 | +7.49% | $162,140,000 | 2.23% |
| DHR / Danaher Corporation | Common | 0.60 | +1,100.00% | $137,350,000 | 1.89% |
| SN / SharkNinja, Inc. | Common | 1.20 | -33.33% | $134,280,000 | 1.85% |
| TSM / Taiwan Semi | Common | 0.42 | -61.36% | $129,150,000 | 1.78% |
| BABA / Alibaba Group | Common | 0.82 | NEW | $120,930,000 | 1.66% |
| APG / APi Group Corporation | Common | 3.00 | NEW | $114,780,000 | 1.58% |
| FIX / Comfort Systems USA | Common | 0.10 | -47.50% | $98,000,000 | 1.35% |
| SPOT / Spotify Technology | Common | 0.10 | NEW | $58,070,000 | 0.80% |
| KVUE / Kenvue Inc. | Common | 3.25 | -63.89% | $56,060,000 | 0.77% |
| PGR / Progressive Corp | Common | 0.22 | NEW | $50,100,000 | 0.69% |
| TMO / Thermo Fisher Scientific | Common | 0.05 | NEW | $28,970,000 | 0.40% |
| SRTA / Strata Critical Medical | Common | 5.00 | 0.00% | $24,050,000 | 0.33% |
| WIX / Wix.com Ltd. | Common | 0.23 | NEW | $23,380,000 | 0.32% |
| CSX / CSX Corporation | Common | 0.50 | NEW | $18,120,000 | 0.25% |
| HTZ / Hertz (Warrant) | Warrant | 3.97 | 0.00% | $10,640,000 | 0.15% |
| PCG / PG&E (Preferred) | Preferred | 0.14 | 0.00% | $5,740,000 | 0.08% |
| BHC / Bausch Health Co. | Common | 0.35 | NEW | $2,430,000 | 0.03% |
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