Скачать или смотреть How Joel Greenblatt Picks Stocks Like NVR and American Express

This session from Joel Greenblatt’s Columbia Business School class on special situation investing dives deep into real-world examples of value investing in action. Greenblatt explores how to find undervalued companies and apply disciplined financial analysis to uncover long-term opportunities.

The class features detailed investment studies on NVR Inc, NII Holdings, and Sportsman’s Guide — each presenting a unique special situation with strong business fundamentals, attractive valuations, and potential catalysts like spin-offs and buybacks. Greenblatt also walks through how to calculate key metrics such as Maintenance Capital Expenditures and Return on Capital, highlighting why doing your own homework matters more than ever.

Using the American Express spin-off as a teaching case, he explains valuation through a simple coupon and cash flow analogy, showing how great investors think about intrinsic value, risk, and portfolio construction. Greenblatt’s lessons echo timeless wisdom from Warren Buffett and Benjamin Graham, offering a masterclass in patient, rational investing.

📈 Topics Covered:
• How to identify special situation investments
• Deep dives into NVR, NII Holdings, and Sportsman’s Guide
• Understanding Maintenance Capex and Return on Capital
• The American Express spin-off valuation example
• Portfolio management and risk control for value investors

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