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IC Interviews: Joel Greenblatt
Investors' Chronicle
The Magic Formula and Cash Flow
I appreciate that you use the Magic Formula and I think it's being used correctly when you use it for two purposes. One is to buy a large bucket of companies and try to be right on average. The other would be to create a list of things that might be cheap. Let me take a deeper dive on each one. Here's a list of opportunity, an opportunity set for me to look at and take a deeper Dive. It was really the stock market because everybody knows what they've just heard or seen in their day jobs. And if you don't know how to value a business, you can't make intelligent investments.
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