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IC Interviews: Joel Greenblatt
Investors' Chronicle
The Magic Formula for a Normal Cycle
I wondered if it's harder to work out what normal is and what normal earnings might be. What we tend to do, you know, there's a lot of ways to invest. One of the things we're doing now is buying buckets of companies trying to be right on average. There are some great opportunity sets in this type of investing. And our definition of value is cash-oriented, not low price oriented.
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