The Most Important Thing: Uncommon Sense for the Thoughtful Investor
(Adobe EPUB eBook, Kindle Book, OverDrive Read)
"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.
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Howard Marks. (2011). The Most Important Thing: Uncommon Sense for the Thoughtful Investor. Columbia University Press.
Chicago / Turabian - Author Date Citation (style guide)Howard Marks. 2011. The Most Important Thing: Uncommon Sense for the Thoughtful Investor. Columbia University Press.
Chicago / Turabian - Humanities Citation (style guide)Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor. Columbia University Press, 2011.
MLA Citation (style guide)Howard Marks. The Most Important Thing: Uncommon Sense for the Thoughtful Investor. Columbia University Press, 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.- reviews
- premium: True
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- content:
May 1, 2011
The chairman and co-founder of Oaktree Capital Management explains investing.
The world of market investing is often complex and uncertain, but Marks presents his knowledge and experience in an understandable style. The author's debut originated from a series of "investment philosophy" memos he wrote for clients over the past 20 years. Marks' advice is meaty and useful, and covers a number of dense economic concepts, such as market efficiency versus inefficiency, understanding and controlling market risk and defensive investing. His thorough reckoning of the material leads to savvy, in-depth economic advice. Investors are encouraged to employ second-level thinking, Marks writes, because the "buy low, sell high" philosophy is just a simple, first-level thought—determining a stock's intrinsic value delves deeper and often results in better return. Interestingly, Marks wrote a memo 10 years ago that described the 2008 financial crisis. While the author is aware investing has very few certainties, his two core principles hold firm—the market is cyclical, and the greatest opportunities arise when others forget the cyclical nature of the market. Readers should not miss "The Poor Man's Guide To Market Assessment," an exercise Marks recommends as a gauge. Also includes charts and graphs to help investors avoid the many potential hazards along the way.
A clear and expert resource for all investors.
(COPYRIGHT (2011) KIRKUS REVIEWS/NIELSEN BUSINESS MEDIA, INC. ALL RIGHTS RESERVED.)
- premium: True
- source:
- content:
May 1, 2011
The chairman and co-founder of Oaktree Capital Management explains investing.
The world of market investing is often complex and uncertain, but Marks presents his knowledge and experience in an understandable style. The author's debut originated from a series of "investment philosophy" memos he wrote for clients over the past 20 years. Marks' advice is meaty and useful, and covers a number of dense economic concepts, such as market efficiency versus inefficiency, understanding and controlling market risk and defensive investing. His thorough reckoning of the material leads to savvy, in-depth economic advice. Investors are encouraged to employ second-level thinking, Marks writes, because the "buy low, sell high" philosophy is just a simple, first-level thought--determining a stock's intrinsic value delves deeper and often results in better return. Interestingly, Marks wrote a memo 10 years ago that described the 2008 financial crisis. While the author is aware investing has very few certainties, his two core principles hold firm--the market is cyclical, and the greatest opportunities arise when others forget the cyclical nature of the market. Readers should not miss "The Poor Man's Guide To Market Assessment," an exercise Marks recommends as a gauge. Also includes charts and graphs to help investors avoid the many potential hazards along the way.
A clear and expert resource for all investors.
(COPYRIGHT (2011) KIRKUS REVIEWS/NIELSEN BUSINESS MEDIA, INC. ALL RIGHTS RESERVED.)
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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...- sortTitle
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- tableOfContents
Introduction
The Most Important Thing Is...
1. Second-Level Thinking
2. Understanding Market Efficiency (and Its Limitations)
3. Value
4. The Relationship Between Price and Value
5. Understanding Risk
6. Recognizing Risk
7. Controlling Risk
8. Being Attentive to Cycles
9. Awareness of the Pendulum
10. Combating Negative Influences
11. Contrarianism
12. Finding Bargains
13. Patient Opportunism
14. Knowing What You Don't Know
15. Having a Sense for Where We Stand
16. Appreciating the Role of Luck
17. Investing Defensively
18. Avoiding Pitfalls
19. Adding Value
20. Pulling It All Together- bisacCodes
- code: BUS036000
- description: Business & Economics / Investments & Securities / General
- code: BUS036070
- description: Business & Economics / Investments & Securities / Analysis & Trading Strategies
