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Strategies & Market Trends : Greenblatt's Little Book That Beats The Market
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To: Stewart Whitman who wrote (58)2/2/2006 4:35:11 AM
From: bruwin   of 218
 
I suppose if that's what Greenblatt does, it's his way of removing any "extraneous" items which he considers may not have that much to do with the regular ongoing aspects of the business, and possibly not that easy to quantify, such as Intangible Assets.
Probably much the same, in principle, as disregarding 'Extraordinary Items' in the Income Statement.

If he does all that "pruning" with Fixed Assets, one wonders as to the merit of that Price/Book ratio which many fundamentalists regard as an important component to their investment strategy ??!!

Personally, from what I've read of his book, there's certainly much merit in his approach to stock screening and investment. I do believe, however, that his considerations are only a part of the story.
In our opinion, greater consistency in his success rate would probably be achieved were he to incorporate other components within a company's Income Statement and Balance Sheet.
But that's just our opinion ....
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