"I call it "the big picture effect." Getting to see earth as a small planet and to see it in that perspective, seeing it in the heavens as a planet as opposed to being down here among it, most of the people, in fact, I guess all of the people who have had that experience, shift their thinking."

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The big picture is: the main thing you should be concerned about in the future are incremental returns on capital going forward. As it turns out, past history of a good return on capital is a good proxy for this but obviously not foolproof. I think this is an area where thoughtful analysis can add value to any simple ranking/screening strategy such as the magic formula. When doing in depth analysis of companies, I care very much about long term earnings power, not necessarily so much about the volatility of that earnings power but about my certainty of "normal" earnings power over time.

— Joel Greenblatt