传奇投资者乔尔·格林布拉特最成功的投资，竟然是一家银行……

Core Viewpoint - Joel Greenblatt is a prominent figure in value investing, known for his unique blend of investment practice, academic teaching, and thought leadership. He achieved remarkable returns through Gotham Capital and later transitioned to Gotham Asset Management, promoting a systematic value strategy known as the "Magic Formula" [1][2]. Group 1: Investment Philosophy and Approach - Greenblatt exemplifies a rational approach to market analysis, focusing on logic to achieve returns. His investment story involving a bank stock highlights the importance of structural undervaluation and the potential of unconventional investors [2][3]. - The narrative emphasizes that good investments do not depend on the investor's background, encouraging a focus on financial analysis and logical reasoning [2]. Group 2: Case Study of Hudson City Bank - In August 1999, Greenblatt and a supermarket employee identified Hudson City Bank as a unique investment opportunity due to its complex capital structure and the lack of market interest [10][12]. - Hudson City Bank was transitioning from a mutual bank to a publicly traded entity, allowing depositors to purchase shares during its IPO. This two-step conversion process provided a potential for significant value appreciation [14][15][20]. - The bank's initial public offering sold 47% of its shares, with the remaining 53% held by a mutual holding company (MHC), which could later sell its shares without diluting existing shareholders [20][21]. - The bank demonstrated strong financial metrics, including high return on equity (ROE) and return on assets (ROA), with a consistent increase in net income and efficiency ratios [24][26][28]. - Greenblatt and the supermarket employee's investment in Hudson City Bank resulted in an impressive 829% increase in stock price over four years, showcasing the effectiveness of their analysis and investment strategy [31]. Group 3: Value Investor Club - The success of the Hudson City Bank investment inspired Greenblatt to establish the Value Investors Club, a platform for like-minded investors to share insights based on logic rather than background [33][34]. - The club has produced notable investors, including Michael Burry, who gained recognition for his independent analysis and investment acumen [35][36]. - The story illustrates that alpha can originate from any source, reinforcing the idea that diligent analysis and logical reasoning are key to successful investing [37].