{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/a4c5de36-8260-4222-8e38-ff997dc73436/6418a798543003001185c903?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":" IC Interviews: Joel Greenblatt","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/61b9b44742e856e989985776/1679337244630-2f0d478df4bf204e26b5b116ce9d7828.jpeg?height=200","description":"<p>Joel Greenblatt is managing director and co-chief investment officer at Gotham Asset Management, having co-founded Gotham in 1985. His written work includes the famous tome <em>The Little Book That Beats the Market</em>, published in 2005, which set out his ‘magic formula’ for private investors.</p><p><br></p><p>In this interview, he speaks to Dan Jones about the relative cheapness of certain US shares, why he is still a fan of big tech, the origins of the magic formula and its usefulness for investors, and the prospects for the UK equity market.</p><p><br></p><p>Timestamps:</p><p>00:00 - Intro</p><p>00:58 - Investment philosophy</p><p>04:27 - Risk-free rate in 2023</p><p>06:00 - Are we in a 'normal' environment?</p><p>13:40 - Knowing your 'circle of competence'</p><p>17:06 - Value versus growth in the last decade</p><p>20:40 - The magic formula</p><p>27:03 - Cash flow versus EBIT&nbsp;</p><p>32:00 - The UK market</p><p>36:23 - Company spin-offs</p><p>39:35 - Conglomerates</p><p>40:37 - Outro</p>","author_name":"Investors' Chronicle"}