Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Does Joel Greenblatt's “Magic Formula Investing” really beat the market?
Probably not.  Once the formula is out there, and if it actually seems to work, more and more investors chase the same stocks, drive the price up, and poof!  The advantage is gone. This is the very reason why Warren Buffett doesn't announce his intentions when he's buying.  If people know that BRK is buying, lots of others will follow.