The Most Important Thing

The Most Important Thing

Uncommon Sense for the Thoughtful Investor

Book - 2011
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"This is that rarity, a useful book."--Warren Buffett

Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor.

Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.

Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing .
Publisher: New York : Columbia University Press, c2011
ISBN: 9780231153683
Characteristics: xii, 180 p. : ill. ; 24 cm


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Jan 05, 2017

I highly recommend this book for anybody just starting to invest. There are countless books out there on investing, but this one is very simple to read. I would definitely read this first before reading intelligent investor.

Jan 14, 2012

Interesting current book on the philosophy of investing in stocks and bonds. The advice and viewpoint is very sage, I have lived it for many years. To go into depth, see Motley Fools' books for value, analysts, the rating system for mutual funds is not helpful for instance. Buy and hold, and be a contrarian. The long view is: every stable stock is in a cycle, except overpriced tech stocks, new ventures, etc. and the latter probably should be avoided. Just insert "debt" for leveraged, and you will understand most of the advice.


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