According to his latest 13F filing with the SEC, Joel Greenblatt 368,000 shares of Office Depot (ODP). Joel Greenblatt also sold out of American Express (AXP), Aeropostale (ARO), Autozone (AZO) and reduced his holdings in Wal-Mart (WMT).

Many well known value investors have been buying up shares of Office Depot and Staples. Along with Office Max, these 3 companies represent a small part of a fragmented industry (Office Supplies). The company it self is well run and definitely looks like a bargain. The stock is trading at historical low levels with a pre-tax earnings yield over 25%.

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