Joel Greenblat has a great interview on Wealthtrack with a host of incredible insights. He has only of the best track records, compounding his capital at 50% per year from 1985-1994 when he was running a hedge fund. He eventually returned his investor’s capital, investing only with his own money. He’s changed his investment approach from one of extreme concentration to a highly diversified approach making use of his “magic formula”. Its a great interview, and he talks a lot about why investors systematically underperform the market consistently......