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on 7 January 2012
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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on 25 March 2017
Good read, though a bit repetitive. It goes through the basics of value investing and serves as a solid guide and reminder to the average investor of he psicological forces in the markets
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on 27 May 2017
Recommend by Buffet, and you can see why. Really delves deep into the core of what investing really means. Highly recommened
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on 30 April 2017
Some useful stuff in here for investors. Marks has a lot of experience and this is invaluable for both novice investors and professionals.
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on 8 September 2017
one of the best books on investing you will ever read, sharp and succint, this is a must for anybody interested in the complicatedart of investing
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on 29 November 2011
Howard Marks shares his twenty most important things to know about successful investing. He explains such concepts as "second level thinking", value, understanding and controlling risk, and defensive investing. It's not a step-by-step guide to investing, but instead sets out what Marks sees as the ground rules of investing.
The insight and advice he provides help develop critical thinking, risk assessment, and investment strategy. There is plenty of use to newcomers and more seasoned investors. His advice comes recommended by legendary investor, Warren Buffett.

The book brings together advice built up over four decades of investing, which have seen Marks learn from the booms and busts of the 1970's through to today. He's invested during the stagflation of the 1970's, the booms of the 80's and 90's, as well as Black Monday, the dot com boom and bust, and the global financial crisis of 2007-8. He shares his unique learning and experiences as an investment manager with us.

Howard Marks is the chairman and co-founder of Oaktree Capital Management, a Los-Angeles based investment firm with $80 billion invested for their clients. Marks is renowned for his insightful assessment of market opportunity and risk, which he shares with us in this book.
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on 14 October 2011
I think of this book as a useful aide in staying focussed on getting through a possible worst case scenario so as to be able to buy risk assets when there is massive pessimism & the tabloids are pronouncing the end of capitalism & have financial news on the front pages.

As other reviewers point out, it is all about flipping the mind set to buy low(er) & then either activate a buy & hold & rebalance strategy or just sell (all or part) higher.

This requires that scary combination of missing out by being invested too early in government bonds/cash/money market & then being prepared to come in on 25%+ (or some other arbitrary trigger) falls in equities trusting in eventual mean reversion.

The author just takes you through how he arrived at thinking like this, there aren't any tips or action plan, it's a genuinely thoughtful call to 'stand back, be fearful when everyone else is greedy, be greedy when everyone's fearful, the big money is made by investing when there is blood on the streets, sometimes you're going to be years stuck in cash/money market/bonds & when you do come in you'll near certainly be too early, so get the mindset right'.

It is not really new or groundbreaking, it's in the long line from Loeb through to Buffett who like to stay out in manias & come in when the probabilities are in their favour. But I'd recommend it from an investment psychology/perspective, particularly for those who, perhaps alongside a 'drip feed into equities' strategy or a 60:40 or 50:50 risk:non risk rebalancing portfolio strategy, want to play a contrarian or value game with a portion of their capital. It is also a good antidote to the momentum or trend following strategies that seem to be in vogue right now.
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on 17 November 2012
I don't often write positive reviews (being a value investor with a negative disposition :)) However this book has prompted me to do so. You need to know I read incessantly and have been investing for 15 years so I was not looking at this as a beginner looking for an investing guide. This book is definitely not an investment guide book. I have also read this author's memos to his clients at Oaktree Capital on which much of the wisdom in this book is based. This author is well worth listening to. He will show you how to think differently than the rest of the market (The only way you will make money). He explains the market in a way you may not (and I hadn't) thought of it before. In my view this book should be required reading alongside "Security Analysis", "The Intelligent Investor" and anything by Bruce Greenwald on investing. It is an inspired book and has completely changed my outlook on the markets and on investing. I am not exaggerating when I say this book has changed my thinking. Well worth reading, but not your first investment book. Read "The Intelligent Investor" first and then this and then "Security Analysis" and then read Bruce Greenwald's work and then Warren Buffet's letters to shareholders at Berkshire Hathaway.
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on 30 July 2011
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...
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on 18 September 2011
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...
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