TIP677: You Can Be a Stock Market Genius w/ Roger Fan
We Study Billionaires - The Investor’s Podcast Network
Analyzing the Strategic Spinoff of Host Marriott
This chapter explores Host Marriott's strategic spinoff to disentangle its profitable hotel management from struggling property development. It highlights how this move addressed real estate challenges and enhanced shareholder value by recognizing mispriced assets.
On today’s episode, Clay is joined by Roger Fan to discuss Joel Greenblatt’s book, “You can be a Stock Market Genius.” Joel Greenblatt is one of the greatest hedge fund managers of all time. Greenblatt famously averaged 40% a year over 20 years. At that rate, $1 million grows into $836 million.
He’s also the author of best-selling classics like “The Little Book that Beats the Market” and was a key character in William Green’s book, “Richer, Wiser, Happier.”
Roger Fan is the Chief Investment Officer at RF Capital Management. RF Capital seeks to achieve superior risk-adjusted returns by investing in obscure, undervalued companies globally.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:22 - An overview of Joel Greenblatt’s background as an investor, author, teacher, and philanthropist.
06:22 - Why Greenblatt focused much of his attention on special situations to beat the market.
10:47 - What a spinoff is and why they are ripe hunting grounds for mispricings.
19:04 - One of Greenblatt’s favorite case studies for spinoffs.
21:01 - The three key characteristics to look for in a spinoff transaction for investors.
33:50 - How Joel Greenblatt views investing in bankruptcy deals.
58:50 - Which special situations Roger prefers to invest in.
01:11:03 - How Roger approaches concentration in his portfolio.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Roger’s Firm: RF Capital Management.
- Joel Greenblatt’s books: You Can Be a Stock Market Genius, The Little Book That Beats the Market.
- Related Episode: RWH003: How To Win The Investing Game w/ Joel Greenblatt.
- Related Episode: TIP339: Common Sense Investing w/ Joel Greenblatt.
- Follow Roger on Twitter & LinkedIn.
- Follow Clay on Twitter.
- Check out all the books mentioned and discussed in our podcast episodes here.
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