Joel Greenblatt and Robert Goldstein of Gotham Asset Management

Gotham Capital returned all of its limited partners’ capital in 1995, closing the book on one of the best performing investment partnerships of its generation. After compounding at 50 percent annually after expenses1 over 10 years, Joel Greenblatt and Robert Goldstein planned to simply continue investing their own money in the same concentrated style with which they’d had so much success, leaving allocators to look for “the next Gotham Capital.”

Then in 2002, a little experiment intended to satisfy their intellectual curiosity proved so encouraging that in 2005 Joel turned it into a bestselling book, The Little Book that Beats the Market. The book marked the beginning of a longer project, five more years in the making, with more than $20 million spent on research and development. During this time, Joel and Rob built a proprietary database of stocks that may be the only one of its kind in the world. The result is Gotham Asset Management, which opened in 2010 and already manages $600 million in several institutional long-only strategies and two long- short partnerships. Each strategy is based on an idea that is as simple to state as it was difficult to execute: Take the best of what Joel and Rob learned about valuing companies over the last 20 years, and apply it to a much broader universe of stocks. The goal: to produce outstanding returns after fees, while capturing the benefits of diversification and superior liquidity.

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