The Most Important Thing

The Most Important Thing

Uncommon Sense For Thoughtful Investors

eBook - 2011
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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.
Publisher: [United States] : Columbia University Press : Made available through hoopla, 2011
ISBN: 9780231527095
0231527098
Branch Call Number: eBook hoopla
Characteristics: 1 online resource
Additional Contributors: hoopla digital

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mengsta
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.

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lkreader
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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