The Most Important Thing: Uncommon Sense for the Thoughtful Investor
Chairman and cofounder of Oaktree Capital Management, Howard Marks has been linked to Warren Buffett for his lucid assessments of market opportunities and risks. His memos to clients have long been consulted by the world's leading value investors. Now he brings his insightful commentary and investment philosophy to everyone.
Informed by a lifetime of experience and study, Marks helps readers understand the keys to investment success and how to avoid the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, he teaches by example. Part memoir, part creed, the book shows the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Marks's insight applies brilliantly to today's markets, supplying many broad takeaways for both the amateur and seasoned investor.
Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. His frank and honest assessment of his own decisions—and occasional missteps—provides valuable lessons on critical thinking, risk assessment, and investment strategy. Marks encourages investors to be "contrarian," to judge market cycles wisely, and to achieve returns through aggressive yet measured action. Which is the most essential element? Successful investing requires thoughtful attention to many separate aspects. Each of the subjects Marks covers is the most important thing.
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LibraryThing ReviewUser Review - browner56 - LibraryThing
If you were to ask most people to name their top ten favorite novelists, movie stars, or musical performers, there may not be a lot of agreement across the lists they’d create, but no one would have ... Read full review
In need of an editor.User Review - djgmd - Overstock.com
This 180 page book could easily be edited down to a 20 page article without loss of value. One must be suspicious of the value of the investment advice given by such a ripoff artist. Read full review
Understanding Market Efficiency and Its Limitations
Being Attentive to Cycles
Awareness of the Pendulum
Knowing What You Dont Know
Having a Sense for Where We Stand
Combating Negative Influences
Pulling It All Together