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I worked with a writer, Kathleen Boyce. It was a wonderful experience. . . but I didn't expect that the last chapter would be the last chapter of Donna Karan. That was probably the biggest shock.

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Joel Greenblatt

Value investing doesn't always work. The market doesn't always agree with you. Over time, value is roughly the way the market prices stocks, but over the short term, which sometimes can be as long as two or three years, there are periods when it doesn't work. And that is a very good thing. The fact that our value approach doesn't work over periods of time is precisely the reason why it continues to work over the long term.

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Choosing individual stocks without any idea of what you're looking for is like running through a dynamite factory with a burning match. You may live, but you're still an idiot.

Dynamite, Funny, Ideas, Individual, Looking, Running

The secret to investing is to figure out the value of something - and then pay a lot less.

Figure, Investing, Pay, Secret

The more confidence I have in each one of my stock picks, the fewer companies I need to own in my portfolio to feel comfortable.

Comfortable, Company, Confidence, Needs, Portfolios, Stock

Remember, it’s the quality of your ideas not the quantity that will result in the big money.

Big, Ideas, Quality, Remember

There’s a virtuous cycle when people have to defend challenges to their ideas. Any gaps in thinking or analysis become clear pretty quickly when smart people ask good, logical questions. You can’t be a good value investor without being an independent thinker – you’re seeing valuations that the market is not appreciating. But it’s critical that you understand why the market isn’t seeing the value you do. The back and forth that goes on in the investment process helps you get at that.

Good, Independent, Investor, Questions, Smart, Thinking
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