Joel Greenblatt - Zitate und Weisheiten

if you just stick to buying good companies (ones that have a high return on capital) and to buying those companies only at bargain prices (at prices that give you a high earnings yield), you can end up systematically buying many of the good companies that crazy Mr. Market has decided to literally give away. You can achieve investment returns that beat the pants off even the best investment professionals (including the smartest professional I know). You can beat the returns of top-notch professors and outperform every academic study ever done. In fact, you can more than double the annual returns of the stock market averages!

over time the interaction of all of these things—smart investors searching for bargain opportunities, companies buying back their own shares, and the takeover or possibility of a takeover of an entire company—work together to move share prices toward fair value. Sometimes this process works quickly, and sometimes it can take several years.