In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market—a New York Times best seller with 300,000 copies in print—Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009.

In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author’s time-tested formula that makes buying above-average companies at below-average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using sixth-grade math, plain language, and humor. He shows how to use his method to beat both the market and professional managers by a wide margin.

You’ll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone “knows” it. While the formula may be simple, understanding why the formula works is the true key to success for investors. Greenblatt will take listeners on a step-by-step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market.

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Listening Length	3 hours and 51 minutes
Author	Joel Greenblatt
Narrator	Adam Grupper
Audible.com Release Date	September 14, 2010
Publisher	Simon & Schuster Audio
Program Type	Audiobook
Version	Unabridged
Language	English
ASIN	B00435KR9C
Best Sellers Rank	#3,593 in Audible Books & Originals (See Top 100 in Audible Books & Originals) #50 in Investing & Trading #71 in Finance (Books) #74 in Personal Finance (Audible Books & Originals)

Customer reviews

5 star		71%
4 star		18%
3 star		8%
2 star		1%
1 star		3%

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Top reviews from the United States

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Madeline M.

Sole purpose of book is to sell the Magic Formula

Reviewed in the United States on November 18, 2019

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I have mixed emotions... the book was very simple me easy to read as an investment newby. The book promises you this magic formula, which it does explain in detail but that’s really all the book was about and it strongly discourages you from investing on your own. I was hoping for some more broad info about the stock market and stuff. At the end of the book, there’s a link to his free website, where you can use the computer system that generates the “magic formula” so I guess that’s pretty cool. He has a mutual fund where he uses the formula that you can buy into for a 1% fee. I feel like the whole book and the website are just there to make you buy into this fund so he can make money. You could do without his fund and use the formula yourself but I’m not sure how confident I am in my stock market skills yet.

55 people found this helpful

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Leo Liu

Fun book to read. But be careful what gurus promise you

Reviewed in the United States on February 26, 2020

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In my early days of learning investing i really enjoyed this book, and I even recommended it to my friends. The idea is simply: buying undervalued good businesses and holding them long-term will eventually beat the market index.

However it's bit of a fairy tale to expect something as simple as this book can make you 20%+ every year for a long time. I'm curious how many readers have actually followed this formula ... like I did. Cruel truth: over the past 2.5 years, the magic formula underperformed SP500 for more than 30% (SP500 + 20%, VS magic formula -12%). This is a huge gap to overcome, so even if i keep trying and wish everything goes well like the book says, i expect my first underperform period (vs SP500) will be at least 5-6 years.

5 years of underperformance during a bull market! No normal people can stay that long simply because a book's promises. FYI I studied the capital market trend and i finally able to understand why we shouldn't follow this book at all. There are simply too many flaws in logic for individuals like me.

Anyway, you all are welcomed to try, some of you may actually be able to do pretty well, but I'm sure at the end most of us are still better off just sticking to indexing . May the force be with you.

39 people found this helpful

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Fabricio

It is a good book but unnecessary

Reviewed in the United States on October 26, 2019

Verified Purchase

I discovered the love of the stock market through this. Well explained, a good place to start, and broken down at a beginner's level.

You are going to learn about the stock market and ratios. It was very useful when I bought it 3 years ago. Since then, I realized that everything you need and want to learn is readily available for free.

However, had i followed the advise within, I'd have lost money when using their formulas. For example, one of the constants in the website from the book is Gilead. In three years since I bought this book, Gilead still not making investors money outside of the dividends provided.

26 people found this helpful

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Brad F

Entertaining but would like to see more rigorous back testing period

Reviewed in the United States on June 4, 2017

Verified Purchase

The Good: Its a short entertaining book that you can finish in a few days of casual reading. The investing strategy presented appears to work (at least over the 19 years described).

The Not so Good: After reading a bunch of academic papers where investing strategies are rigorously back tested over 50-80+ year time frames I was a bit shocked to see the original version of this book listed a '17 year' back test period. Why 17 years and not 15? Why not 20 years? Why choose the back test period that has a huge long bull market (80s and 90s)? Seems a bit like curve fitting the data to me and without a good explanation from the author on why those 17 years were chosen we are left to wonder. Thankfully this updated version includes 4 'out of sample' years which start from 2005 and end in 2009 showing that the strategy seems to have held up by outperforming the S&P over that 4 year period (not each year but over the 4 years total). Furthermore, you are buying and selling 30 stocks each year this will have tax consequences (unless you are investing through an IRA or 401k) and transaction costs which were not really mentioned.

31 people found this helpful

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Amazon Customer

Excellent read, even today

Reviewed in the United States on March 18, 2020

Verified Purchase

This is one of the most highly rated introductions to value investing for "average folk" - and reading it through, you can clearly see why. If you have prior experience with stocks and investment, the first two chapters may seem a bit "slow", but this builds a solid foundation for the rest of the book. The rational, logical explanation to the investment approach recommended by the author is easy to understand, and clear guidance to implementing the steps in effective valuation (along with alternatives, if you choose to use slightly different approaches to the strict method recommended) is provided as well. Overall an excellent read.

8 people found this helpful

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Jake Suter

A shame the author doesn't clarify on the cover the book is for kids

Reviewed in the United Kingdom on October 24, 2018

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A book clearly written as something of a children's introduction to stocks. The book makes sense, is a fairly accurate, if dumbed down, exploration of the basics of stock trading, and can provide the faintest of outlines of a method you can try to use if you want to be a day trader. But that is unlikely unless you've already got enough money that day trading is an excuse not to get an actual job. The upshot of it all is "here's how you theoretically beat the market" and "use my secret formula" which turns out to be a free online program that records trends and suggests worthwhile stocks. Sound too good to be true? The author says so himself: it is. It is an algorithm that does a slightly better job than an actual broker, which is to say it doesn't do a great job. The program has shown below average results since this book was originally released. The author implores you to stay with it because he cites data "proving" its predictions could have made you a multi millionaire from the late 70's to early 2000's, but perfect hindsight will have that effect. I don't know whether the author believed his program could make millionaires or if he even cares beyond making a quick buck from a book written in one afternoon. In all, it's a good introduction to stock trading, if you haven't hit puberty yet. I would hazard to even call it stocks 101, so you would do well to spend your money on a book with more substance, which won't be hard.

19 people found this helpful

Amazon Customer

Brilliant for the Very Patient

Reviewed in the United Kingdom on June 9, 2016

Verified Purchase

It does beat the market of that I have no doubt but where it falls at the first hurdle for me at age 63 is time. I simply do not have enough time for the strategy to work or the nerves to watch my stocks fall and hopefully rise again. By the time the market wakes up to the value in the stocks it recommends I might be dead. A brilliant book which is well worth the read. If you are on the last leg like myself you could do a lot worse than order Stan Weinsteins book at the same time. I have no doubt that if I had bought this book twenty years ago I would be a very happy and wealthy man now.

12 people found this helpful

Worth a read but not for those looking to actively analyse company fundamentals

Reviewed in the United Kingdom on November 5, 2020

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Simply explained for a beginner but biased towards magic formula which makes sense but have to have a fairly high risk appetite. This is not a book that teaches you how to beat the market through traditional means. It's more of a follow this computer driven model to make investing easy for those not interested in the intricacies of analysis. Very easy read and worth buying to gain a fundamental understanding of the markets

One person found this helpful

Pedro

Simples e Genial

Reviewed in Brazil on August 26, 2019

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Joel Greenblat consegue explicar, de maneira extremamente simples e eficiente, o funcionamento de uma empresa e o seu processo de análise do ponto de vista do investidor. Ao longo do livro ele prepara uma séria de argumentos para defender o uso de um processo chamado Magic Formula para comprar empresas listadas na bolsa.

Não uso muito a Formula. Gosto de fazer analises mais profundas, já que trabalho com análise fundamentalista. Mas independente disso, o livro vale a pena ser lido, principalmente para pessoas que estão começando a estudar agora.

Linguagem bem simples, fácil de entender e engraçado. Incrível perceber que Joel Greenblat entende e domina tanto do assunto a ponto de explicá-lo de maneira que uma criança conseguiria entender.

16 people found this helpful

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Dr. K. Maslin

Great guide

Reviewed in the United Kingdom on May 13, 2017

Verified Purchase

Very good and easy read book to help understand how the stock market works (or doesn't at times) and why the only way to make money is to do the research on possible company stocks

2 people found this helpful

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