Value Investor Joel Greenblatt Launches New Fund

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Joel Greenblatt is confident he can do it again. The famed value investor, whose Gotham Capital hedge fund earned average annualized returns (before fees) in excess of 50 percent in the ten years of its existence, is launching Gotham Asset Management, a New York-based firm that will offer value-focused funds to institutional and retail investors. It is the first time Greenblatt will be running institutional money since 1994, when he closed his former fund and returned capital to outside investors.

The new funds are based on Greenblatt’s so-called Magic Formula, a common-sense approach to value investing that ranks stocks on price and yield and recommends buying and holding a basket of cheap companies that have been overlooked or are under-appreciated by investors. (Greenblatt outlined the philosophy in his 2005 book, The Little Book That Beats the Market.) Greenblatt and his 16-person investment staff have been working to create a slate of value strategies, both long-only and long-short funds, which both build on and enhance his value-investing formula.

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