The Most Important Thing: Uncommon Sense for the Thoughtful Investor: Uncommon Sense for Thoughtful Investors Columbia Business School Publishing: Amazon.co.uk: Howard Marks: Books

Review

Everyone knows about the anticipation leading up to Warren Buffett's annual shareholder letters. But for a certain Wall Street set, there are equally high expectations for the writings of Howard Marks. -- Peter Lattman Wall Street Journal Regular recipients of Howard Marks's investment memos eagerly await their arrival for the essential truths and unique insights they contain. Now the wisdom and experience of this great investor are available to all. The Most Important Thing, Marks's insightful investment philosophy and time-tested approach, is a must read for every investor. -- Seth A. Klarman, president, The Baupost Group When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book. -- Warren Buffett, Chairman and CEO, Berkshire Hathaway Few books on investing match the high standards set by Howard Marks in The Most Important Thing. It is wise, witty, and laced with historical perspective. If you seek to avoid the pitfalls of investing, you must read this book! -- John C. Bogle, Founder and former CEO, The Vanguard Group If you take an exceptional talent and have them obsess about value investing for several decades, including deep thinking about its very essence with written analysis along the way, you may come up with a book as useful to value investors as this one - but don't count on it. -- Jeremy Grantham, cofounder and chief investment strategist, Grantham Mayo Van Otterloo The Most Important Thing is destined to become an investment classic-it should easily earn its place on every thinking investor's bookshelf. Howard Marks has distilled years of investment wisdom into a short book that is lucid, entertaining, and ultimately profound. -- Joel Greenblatt, Columbia Business School, founder and managing partner of Gotham Capital A clear and expert resource for all investors. Kirkus Reviews 5/1/11 Veteran value-investing manager Howard Marks draws on pithy memos he wrote to clients over the years to dispense insightful advice on everything from risk taking to the role of luck. Money Magazine 5/1/11 There is, quite simply, an incredible amount of wisdom between the covers of his book and an investor is doing them a disservice if they don't read, and re-read, this book. FocusInvestor.com 4/20/11 The book is written in a way that both seasoned investors and novices should appreciate. -- Brenda Jubin Seeking Alpha 5/2/2011 If Benjamin Graham's and David Dodd's Securities Analysis was the essential, must have investment book of the end of the 20th century, then Howard Marks's The Most Important Thing is a serious contender for parallel status in the 21st century. -- Stephen E. Roulac New York Journal of Books 5/1/2011 ...many valuable insights into the psychological roots of investors' habitual errors. -- Martin Fridson Barron's 10/3/11 All investors should read it. -- Alex Dumortier The Motley Fool 7/12/11

Product Description

"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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3 of 3 people found the following review helpful

Classic 7 Jan 2012

By D. L. Anderton

Format:Hardcover

I must admit that I am a sucker for anything that Warren Buffet endorses. I have read numerous books over the years on investing and this is one of the best. It reminds me of when I read the intelligent investor for the first time by expanding my investment horizon. This is the type of book that I will read, like the intelligent investor, at least once a year to make sure I don't forget any of the valuable lessons between its pages. Buyer beware, this book is not going to show you exactly how to value companies but instead will give you a sound investing philosophy to follow. Buy this book you will not be disappointed.

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12 of 14 people found the following review helpful

Must read 30 July 2011

By Cachaza

Format:Kindle Edition

One of the best investing books I have read so far. It takes time and failure to realise that having a clear investing philosophy is crucial for success. It's really hard to get into the buy low and sell high philosophy, it makes so much sense but with all that noise around you (e.g. trend riding, etc) most people end up losing money and opening opportunities for people that do exactly that: buy low and sell high. Howard Marks is a great author with wise advise, listen to him...

6 of 7 people found the following review helpful

soon to be considered a classic... 18 Sep 2011

By Gcrikey

Format:Hardcover|Amazon Verified Purchase

wow! an investment book that doesn't rely on the use of charts... this book will teach you how to become a defensive investor so that you can minimise losses and be in the game longer. it is a real eye opener because most people only ever hear about the huge deals that earn investors tons of cash, however marks insists that the reason why investors make huge sums is because they control their losses. you will learn a hell of a lot from this book and it's an intelligent different perspective that will compliment the classics from graham, fisher etc. rated by by the likes of buffett, greenblatt and grantham - is definetely worth a read...