Friday, June 29, 2012

Joel Greenblatt quote (valuation)

“…generally, if you have done good valuation work, 98 percent of the time, two or three years is enough time for the market to agree with you. That is a very powerful concept. It gives you patience. Of course, if you do poor valuation work, you can get into trouble. But if you stick to things you understand well, do good valuation work, give yourself a wide margin of safety, and have confidence in your work, eventually, you will end up doing quite well.” –Joel Greenblatt (as quoted in the book Hedge Fund Market Wizards)