"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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