Greenblatt's Magic Touch Falls Short? Magic Formula Large And Mid Cap Q1 Update [Seeking Alpha]
FIVE PRIME THERAPEUTICS (FPRX)
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Source: Seeking Alpha
Summary (Credit: michaelkonik.com) Joel Greenblatt developed a quantitative "buy and hold" value investing strategy to find stocks of quality companies selling at bargain basement prices. This strategy is of course the Magic Formula. The strategy scores stocks on two main criteria, quality (or a high return on capital) and price (a low EV/EBIT, a more refined version of the P/E ratio). For a detailed look at this strategy and historical performance please read my profile of this strategy here . In a recent article we looked at performance of the Large Cap version of this strategy (largest 20% of stocks in the testing universe by market cap). The strategy beat the benchmark for the first quarter of 2017, managed to stay ahead of the benchmark for virtually the entire period. The large and mid cap strategy screens from the largest 50% of stocks by market cap. In some strategies, the less large cap holdings that are included in the strategy the better, as smal
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