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Title	:	The Most Important Thing: Uncommon Sense for the Thoughtful Investor
Author	:	Howard Marks
Book Format	:	Hardcover
Book Edition	:	Deluxe Edition
Pages	:	Pages: 180 pages
Published	:	May 1st 2011 by Columbia University Press (first published January 1st 2011)
Categories	:	Economics. Finance. Business. Nonfiction

The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Howard Marks

Hardcover | Pages: 180 pages

Rating: 4.34 | 7238 Users | 368 Reviews

Commentary During Books The Most Important Thing: Uncommon Sense for the Thoughtful Investor

"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.

Details Books Supposing The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Original Title:	The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor
ISBN:	0231153686 (ISBN13: 9780231153683)
Edition Language:	English

Rating Out Of Books The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Ratings: 4.34 From 7238 Users | 368 Reviews

Discuss Out Of Books The Most Important Thing: Uncommon Sense for the Thoughtful Investor

More of 3.5 stars, which was disappointing given how insightful his memos are and his outstanding investment performance over a long time frame. I follow Oaktree on Twitter so I never miss one of his memos again. A review by "Max" in May 2015 sums it up extremely well and is quoted below.One outstanding illustration he shows is in the Understanding Risk chapter (fig 5.2). Risk / reward is not merely a positive sloping line, you must include the greater uncertainty that comes from higher risk -

I find Howard Marks great to read because everything he says is the correct way to go about investing, but it is not easy to follow his advice - hence why investing is such a challenging field to be successful in over many years. While at first, I found this book a bit difficult to go through as every other page is a long quote from one of his memos, after a bit, I got used to the format of the book. I also found the form, mainly 21 areas that Howard has found to be the most important thing at

The version I read is actually titled 'The Most Important Thing Illuminated' but I don't see it here on Goodreads. It is actually a reissue of the earlier book, this time with annotated comments from Christopher Davis, Joel Greenblatt, Paul Johnson and Seth Klarman. Greenblatt and Klarman are contemporary value investing legends familiar to many people. I can't say that the comments really add much to the original text though. If you pay enough attention to what Marks himself says, you could

This book is based on 20 notes Howard Marks left for his team in Oaktree Capital -global asset management firm. All of them started with "the most important thing...." and every chapter is short and informative. I really liked it for the different point of view on the same mantras like "buy low sell high" etc.Would read again for sure :)

This deserves to be read again and again and again, for both investors and non investors. It contains the wisdom of someone who has been in the game from the very start, and took the momentous effort to crystallize these nuggets of gold for future investors.

Nothing new considering what I have already read before. But this book is an extremely useful review for anyone interested in investing. A must-read along with Black Swan and Antifragile.

This is one of the best two or three books on investing I've ever read. If I was a younger person (I'm retired) just starting out (or under 50 years old), I'd read this investment advice book, and probably first. It gives an overview of how to look at investments, how to consider the market, and let's the reader know what it really takes to "beat the market." It isn't the best written book I've ever read -- it's drier than it needs to be -- but from a real professional like Mr. Marks, it is easy