Many should be familiar with The Little Book that Beats the Market  by Joel Greenblatt. It was an experiment conducted by Greenblatt in attempt to discover if Buffett’s investment strategy could be quantified. Just based on the fact that Greenblatt being regarded as one of the best ‘special situations’ investors in his generation changed his entire investment strategy after this experiment is something that should propel every value investor to take a second look at this investment strategy.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the symbols. Our advice: Beware of geeks bearing formulas.

Warren Buffett, Shareholder Letter 2000

In the nutshell, the results of this experiment were so impressive that in 2006, Greenblatt named this strategy quantifying Buffett ...

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