Joel Greenblatt & Howard Marks discuss Value Investing
Joel Greenblatt sits down with Howard Marks at Columbia for a conversation about special situations, margin of safety, and why the goal is to find the easier game rather than the harder one. He explains how spin-offs, recaps and liquidations gave him a place to hunt where the crowd wasn’t looking, why he eventually drifted from cheap businesses toward good ones, and how he sizes positions around what he can’t lose rather than what he might make. Along the way he tells the story of the stock trading at half its cash value that led to the Value Investors Club, the Comdex position that taught…
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