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The Most Important Thing: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing)

Amazon.com Price:  $19.00 (as of 12/05/2019 17:46 PST- Details)

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Description

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’s nowadays sought out by the world’s leading value investors, and his client memos brim with insightful remark and a time-tested, fundamental philosophy. Now for the first time, all readers can get pleasure from Marks’s wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor.

Informed by an entire life 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 making an investment and the perils of the financial world. Brilliantly applying insight to nowadays’s volatile markets, Marks offers a volume that may be part memoir, part creed, with various broad takeaways.

Marks expounds on such concepts as “second-level thinking,” the price/value relationship, patient opportunism, and defensive making an investment. 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 making an investment requires thoughtful attention to many separate aspects, and each and every of Marks’s subjects proves to be an important thing.

“This is that rarity, a useful book.”–Warren Buffett

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