Greenblatt -The little book that beats the mark

[buffett]

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The question is if he popularizes it, will the future returns be as good with thousands of investors chasing the same stocks?

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Mr. Market (the paranoid schizophrenic alcoholic we all know and love) will be the same guy he is today for many decades to come.

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Here is a quote from Bill Mann's article today that says it better than I could:

"As Greenblatt notes in the book, one of the great things about the formula is that occasionally it doesn't work.

Oh, you want me to explain why that could possibly be good? Well, one of the most hallowed truths in investing is that something that works all of the time will immediately be rendered neutral by the market. A company cannot be priced at $1 per share while earning $17. Not for long. For those who might think that Greenblatt immediately renders his magic forumla useless by writing about it, take heart. In an age of attention spans measured in seconds rather than years, the formula's occasional failure means that many investors won't stick with it."