Joel Greenblatt

Published on
December 13th, 2019
Duration
58 minutes

Joel Greenblatt

The Jim Grant Series ·
Featuring Joel Greenblatt

Published on: December 13th, 2019 • Duration: 58 minutes

Joel Greenblatt, managing principal and co-chief investment officer at Gotham Asset Management, sits down with the iconic Jim Grant of Grant's Interest Rate Observer to talk value investing, the efficient market hypothesis, human psychology, negative interest rates, and education in the modern age. Greenblatt breaks down the simple strategy that led to his tremendous success and explains how it can be applied in today's high-tech, complicated markets. Filmed on November 6, 2019 in New York.

Comments

Transcript

  • MW
    M W.
    8 January 2020 @ 16:52
    I respect Grant as a financial historian and writer but he's a terrible interviewer. Too many interruptions, doesn't know enough to interview the guests (e.g. asking Ben Melkman what delta is) and goes off on tangents not relevant to the topic at hand (e.g. Greenblatt's writing style).
  • DM
    Douglas M.
    24 December 2019 @ 12:18
    Jim, always interested in what you have to say, but I wish you'd simply stop interrupting.
    • NI
      Nate I.
      5 January 2020 @ 04:43
      Same feedback I've left many times for Jim. His wit is terrific and Jim has forgotten more about financial markets that I know, but please Jim - stop interrupting your guest. Let them answer your question. Very basic.
    • OD
      Orin D.
      6 January 2020 @ 20:33
      yeh I was going to leave same feedback, he keeps interrupting, why ask the question if you won't let the person answer???
  • PP
    Pat P.
    23 December 2019 @ 23:48
    Jim let the man finish an answer
  • dp
    david p.
    23 December 2019 @ 03:17
    When mortgage rates dropped to record lows, every arsehole came out of the woodwork to buy property and immediately drove the prices UP. If they had understood the numbers, they would have realized they could never make money if markets leveled. Anyone who didn't want to pay those prices lost out on the property at that time. All of this free money now allows investors to throw money at low return/high risk investments and/or value companies at completely unrealistic valuations....but they know they will probably get bailed out. Let people fail. Let banks and business go bankrupt End the Fed!
  • dp
    david p.
    23 December 2019 @ 03:11
    Jim, Let the man finish his thoughts!!! Leave 5 minutes for a monologue at the end
  • PS
    Patrick S.
    20 December 2019 @ 00:33
    Don't even think of swapping Jim out. I have enjoyed his style for multiple decades. I still remember his conversations with Louis Rukyser on WSW. He is sharp, witty and a keeper. Jim, just let people complete their thoughts. Cheers to RV
  • M.
    Milton .. | Founder
    16 December 2019 @ 08:12
    Look folks most of you probably know this but we're very lucky to be able to record a conversation between friends because this is what it is. It's not the classical long form interview, it's a discussion between friends. We all have enthusiastic friends that love to add points to the discussion, amend different parts or even take charge of the discussion. We learn to like them the way they are and embrace the difference.
    • PS
      Patrick S.
      16 December 2019 @ 22:10
      Milton, you seem to be taking this personally. RV always strives for continuous improvement. I for one think Jim Grant is a very smart and insightful chap. However, as many have pointed out, the interruptions of the guest were distracting. If founders don't want constructive criticism, please let us know! Cheers
    • MH
      Michael H.
      17 December 2019 @ 01:39
      he interrupts frequently in each interview ive watched
    • EF
      Eric F.
      18 December 2019 @ 22:45
      I consider these conversations more than interviews, as I’m here to also listen / learn from Jim. Every one of Jim’s conversations is exactly the same so I’d simply suggest if you don’t like that style just move on rather than moaning. Too many snowflakes here as far as I’m concerned.
    • WA
      Wissam A.
      19 December 2019 @ 05:15
      I've seen Raoul interview his friends too and his does not interrupt them. Maybe Mr. Grant requires little bit of coaching from RV to improve his interviewing skills.
    • BS
      Bradley S.
      20 December 2019 @ 00:14
      Hi Milton, I'm sorry, but I have to agree with many of the other voices here. I think I understand where both you and Raoul are coming from-- you want viewers to see RV as a venue for free and uncensored discussion. I think it's great that you guys don't treat people like children, and allow people to use whatever language they want to. From my POV, bad manners and rudeness are still disrespectful and inappropriate in any serious discussion, no matter if among "friends". How ironic for someone as fastidious as Jim Grant to incessantly interrupt his guest and show such discourtesy. I also completely get that RV can get caught in the uncomfortable middle, not wishing to push back on invited hosts with "mind your manners" type coaching. I would simply say, this is just part of running any public-facing business. All comments offered respectfully and in a constructive spirit. I'm a huge RV fan, and hope the service will continue to improve and thrive.
  • WA
    Wissam A.
    19 December 2019 @ 05:10
    Mr. Greenblatt is simply great. I have read all his books and highly encourage everybody to do so. I wish that Mr. Grant asked him what are this thoughts on QE and whether this has affected his investment models due to this distortion.
  • kk
    karl k.
    18 December 2019 @ 21:28
    Jim should be swapped out for someone else or he should learn from the feedback in this comments field. It is truly annoying to watch this interview.
  • OY
    Ongun Y.
    18 December 2019 @ 15:17
    Please, let someone else do the interviews. Someone with a bit more listening ability and attention span. It’s the most annoying thing to have someone so experienced and successful sit down and be interviewed by a guy, who doesn’t let him finish a sentence. The structure of the interview was bad too, jumping from one topic to another. As the interviewer, you want to ask open questions and you want to be genuinely curious about your guest. This guy just wanted to give his opinion... if you didn’t know who was interviewer and interviewee you couldn’t tell the difference at time.
  • SS
    Sam S.
    18 December 2019 @ 13:59
    PS>I wrote below BEFORE reading the other comments. Seems like RV subscribers agree.
  • SS
    Sam S.
    18 December 2019 @ 13:58
    Jim, you need to let the guest speaker finish his answer to your questions. You interrupted many times, only to seem like you wanted to show how clever you are. We've lost the flow of Joel's answers and really teaching us something. I really like you Jim, I know your clever and smart, but this is an improvement much needed. It's business, not personal.
  • AH
    Andreas H.
    17 December 2019 @ 20:40
    Very good interview!
  • PJ
    Peter J.
    17 December 2019 @ 10:30
    I thought it was another great interview by Jim. Joel, very eloquent and easy to follow. Definitely a must watch if he returns
  • DG
    Daniel G.
    17 December 2019 @ 09:55
    Please stop interrupting.
  • TH
    Truman H.
    17 December 2019 @ 03:44
    I have watched all the JG interviews. Maybe RealVision get him to interview Peter Toogood? https://www.cnbc.com/video/2019/12/16/strategist-says-markets-have-nothing-to-do-with-fundamentals-anymore.html
  • MH
    Michael H.
    17 December 2019 @ 01:50
    fast forward to 31:25 remaining "Two-fer" ... Grant is not a great interviewer - he routinely chimes in with nerdy quips that repulse the interviewee and the viewer
  • JL
    Jim L.
    16 December 2019 @ 02:52
    came to watch my first video on RV in months because i respect Joel so much. Read the comments first and remembered how annoying I found Jim interrupting his guests. I'll pass. What a shame
    • MH
      Michael H.
      17 December 2019 @ 01:41
      hes almost as bad as Joe Kernen
  • MH
    Michael H.
    17 December 2019 @ 01:38
    Jim is not a great interviewer. He also is not funny like he desribes
  • SV
    Sander V.
    16 December 2019 @ 09:09
    You see Joel developing a nervous twitch by wiggling his right foot because he is so frustrated with Jim not letting him finish continuously. Bad manners from Jim.
  • MA
    Matthew A.
    16 December 2019 @ 03:55
    Jim literally takes 1 minute and 22 seconds to ask a single question, from 17:40 to 16:18. And Joel gets less than 60 seconds before he's interrupting again. Parts of this are really hard to watch.
  • DM
    Douglas M.
    16 December 2019 @ 03:18
    I didn't see the issue with Jim's interruptions on this one. Telling Grant he interrupts too much is like telling Babe Ruth he sucked as a hitter because he won only one batting title and led the league in strikeouts five times.
  • TS
    Thomas S.
    16 December 2019 @ 01:02
    Would have loved to hear his response to the question: Did you get impatient with Michael Burry?
  • SS
    Stuart S.
    16 December 2019 @ 01:01
    I’d never noticed interruptions in any of the earlier Grant interviews. This was unbearable. If you don’t want to hear the guest answer the question then don’t ask it. Joel was compelling and articulate, so no need to redirect the conversation.
  • CE
    Ch E.
    16 December 2019 @ 00:03
    Stopped listening due to Grant
  • bp
    bart p.
    15 December 2019 @ 23:19
    I like Grant's enthusiasm but he does interrupt quite a lot and that is quite annoying at times.
  • ED
    Edward D.
    15 December 2019 @ 22:55
    Oh my word, please stop interrupting.
  • CT
    Christopher T.
    15 December 2019 @ 20:05
    more content like this and less bear porn.
  • FG
    Flavio G.
    15 December 2019 @ 18:52
    Great interview and I love Jim extending himself off-topic and rambling in things like his parallel between the priest's sainthood summarized guide: "subordinate your every earthly desire to something divine" and his own version of the guest's investment-manual distillate "lay aside your every human instinct to be impatient and impetuous and to do the wrong thing". I very much enjoy Jim's erudition, and yes, I do realize he interrupts his guests frequently. But I can perfectly live with that.
  • SE
    Sylvain E.
    15 December 2019 @ 17:39
    Excellent content but please Jim, stop interrupting.
  • NP
    Nick P.
    15 December 2019 @ 09:45
    I don't agree with the comments about Jim. Better we stop and listen, compared to tearing a gentleman down. Jim is highly intellectual and expects his followers to do their homework. Jim knows he cut the guy off because he understood the point. I believe Jim thinks this should be obvious to his followers. This just my view.
    • DS
      David S.
      15 December 2019 @ 17:00
      Agreed. Where else could you possible get the following (paraphrased) - ... with a Gothic shrug, sometimes you have a bad decade, ... DLS
  • BT
    Bryan T.
    15 December 2019 @ 15:29
    From this interview alone I’ve joined a new investment club online and added three books to my reading list. That level of actionable content doesn’t happen for me often. Well done
  • RS
    Rob S.
    15 December 2019 @ 09:40
    Jim! Let the man speak!
  • PL
    Phil L.
    14 December 2019 @ 22:26
    Stop interrupting the guests Jim
    • RC
      Rich C.
      15 December 2019 @ 00:23
      Particularly bad in this interview. You can even hear the frustration in the interviewees voice.
  • DS
    David S.
    14 December 2019 @ 22:29
    All of Mr. Grant's guests are outstanding! Let Mr. Grant be Mr. Grant. At 73 neither one of us can change our style easily. Mr. Grant is just as interested in knowing the guest's take on his opinions as he is on the guest's opinions on other topics. Think of it more as a diner conversation and you are a fly on the wall. Always worth the time. DLS
  • MH
    Mark H.
    14 December 2019 @ 21:41
    I hate to pile on - I love Jim Grant - other interviews I’ve heard have been great. But some of the interruptions were really disruptive and I’ll times when Mr Greenblatt was halfway through an interesting point. That was the drawback. Otherwise this is a great interview. Value will be highly relevant again!
    • MH
      Mark H.
      14 December 2019 @ 21:42
      Ill-timed not “I’ll timed”....auto-correct fail...
  • VV
    Vanessa V.
    14 December 2019 @ 06:12
    Whilst I respect some people's concern about Jim's interruptions, I find his input valuable. I also assume that his guests are on RV due to their personal connection with him - thank you Jim for giving us access to your network. Please keep the interviews coming as they are a privilege to listen to and I have learnt a great deal through the content.
    • TB
      Theron B.
      14 December 2019 @ 21:27
      Completely agree. There is no way I would have this level of access, other than Jim mining his Rolodex.
  • ES
    Elmo S.
    14 December 2019 @ 21:00
    Please tell Jim he’s suppose to ask and listen, not interrupt!
  • SG
    Sven G.
    14 December 2019 @ 19:20
    wow Jim really enjoyed interrupting in this interview.... kind of ruined it :(
  • GF
    George F.
    14 December 2019 @ 13:50
    Comdex was founded by Sheldon Adleson. Wikipedia claims Comdex business model fell apart in 2000 "In 2000, major companies such as IBM, Apple, and Compaq (now merged with Hewlett-Packard) decided to discontinue their involvement with COMDEX" 9/11 is also blamed in the WP article. I personally wonder if the internet meant people did not have to attend trade shows to collect brochures and ask basic questions. https://en.wikipedia.org/wiki/COMDEX#Early_2000s_and_closing
  • BR
    Byron R.
    14 December 2019 @ 10:30
    Interesting interview, but the interuptions interupt the flow - and sometimes cut off interesting insights before they are expressed. In the future, if Jim can tap down the interuptions, the interviews will flow better and thus be easier to listen to. Despite the interuptions the topics and people interviewed are interesting to me.
  • DD
    Daniel D.
    13 December 2019 @ 22:12
    Amen to all who commented on the interruptions. Joel is so interesting, I want to hear him talk not Jim! Let him complete his answer before you go off on a another obscure topic rattling through your head. You can see that Jim can't wait to plow in the second his guest takes a breath.
    • RM
      Robert M.
      14 December 2019 @ 00:52
      Came to the comments to express the same sentiment. Love Jim, but guests are not getting the chance to complete their thoughts as Jim feels the need to jump in with his opinion on his own question. While Jim has a lot of wisdom, it would benefit the interview to let the guest finish answering the question.
    • MK
      Michael K.
      14 December 2019 @ 03:20
      Kindly disagree. I wish to hear jim just as much as the guests. He himself is wise and experienced.
    • tc
      thomas c.
      14 December 2019 @ 09:00
      since people want to hear more of the interviewee and Jim then make it longer. I think we wouldn't mind another 15m.
  • JS
    Juan S.
    14 December 2019 @ 08:50
    Can someone please interview Jim
  • DP
    David P.
    14 December 2019 @ 02:48
    Really great interview. Joel's writing is terrific and was glad to hear him discuss his investment philosophy and other views. Well done!
  • GC
    George C.
    14 December 2019 @ 02:07
    Mr. Greenblatt is highly accomplished and sincerely committed to teaching those of us who lack his expertise and experience. Listening to him makes me want to re-read his books. I always appreciate Jim Grant, too -- his questions and sense of humor. I just wish five weeks hadn't passed before this interview was posted. If a guest is asked about the current market, time is of the essence.
  • RC
    Ronald C.
    13 December 2019 @ 15:49
    very good interview. I could listen to Joel Greenblatt for hours. Jim Grant is obviously very bright and asks questions I would have never anticipated but he needs to reduce his interruptions.
    • PS
      Patrick S.
      13 December 2019 @ 23:41
      Jim was really off his game. It was really annoying to have him continuously interrupt Joel. Perhaps once on a topic, Joel is hard to stop, however, cutting him off in mid thought and changing direction was awful. Joel is very patient. Perhaps that is what happens when you have five children.
  • KD
    Kenny D.
    13 December 2019 @ 18:41
    I used to get excited about Jim Grants interviews after he interviewed Stanley Druckenmiller. Now, I expect plenty of interruptions to occur and wish someone else interviewed these great people
  • TR
    Travis R.
    13 December 2019 @ 15:57
    Jim Grant is very smart and I value his opinion. Interviewing is not his strength. Interrupting and constantly leading back to his own opinions detracts from the interview. Amazing guests but I believe we are missing key thoughts and insights.
    • CW
      CC W.
      13 December 2019 @ 18:02
      I have watched all of Jim Grant interviews. I agree he interrupts a bit too much. It would be great to let Raoul interview because I like the technical questions that Raoul asks.
  • PG
    P G.
    13 December 2019 @ 17:26
    “Joel Greenblott father of 5” thanks! This was amazing!!
  • Ar
    Ajay r.
    13 December 2019 @ 06:14
    such a great interview. Greenblatt is a legend. Great to hear a person who you've studied.
  • CH
    Craig H.
    13 December 2019 @ 05:34
    fantastic interview!