• The Most Important Thing

  • Uncommon Sense for The Thoughtful Investor
  • By: Howard Marks
  • Narrated by: John FitzGibbon
  • Length: 7 hrs and 9 mins
  • 4.7 out of 5 stars (2,262 ratings)

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The Most Important Thing  By  cover art

The Most Important Thing

By: Howard Marks
Narrated by: John FitzGibbon
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Publisher's summary

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 listeners 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. Using 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.

©2012 Howard Marks (P)2012 Audible, Inc.

Critic reviews

"This is that rarity, a useful book." (Warren Buffett)

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Thanks to the ever-changing nature of the economy, beginners and seasoned investment professionals alike have to stay on top of their game, always looking for the little bit of knowledge that will help them remain one step ahead of the curve. Whether you’re bearish or bullish, with a large portfolio or a limited budget, these investment-focused audiobooks can provide the perspectives and lessons you need to challenge yourself and grow.

What listeners say about The Most Important Thing

Average customer ratings
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Five Star Book, two Star Audiobook

Would you consider the audio edition of The Most Important Thing to be better than the print version?

No, not at all. The narrater is a great speaker. But he sounds like Kramer on the Seinfeld commercial where he was imitating the MoviePhone guy. It's not entirely his fault. I've watched hours of interviews with Howard Mark's and he tells his stories so great, with a great Queens accent. This is one of the greatest investing books ever written, but the way it's read widdle's it down to absolute boredom.

What was one of the most memorable moments of The Most Important Thing?

Mark's adages...which are funner and more memorable to hear from Mark's himself.

Any additional comments?

The print version of this is amazing. All of his video interviews are absolutely entertaining and insightful. I may keep this just because it's a great book and the information is valuable to me.

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16 people found this helpful

  • Overall
    3 out of 5 stars
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    3 out of 5 stars
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    3 out of 5 stars

Annoying Narration

Would you say that listening to this book was time well-spent? Why or why not?

Despite the annoying narration this book is worth listening to because the author constantly reinforces the main theme: Don't lose money! No specific strategies here. Rather this money manager offers his investment philosophy that governs his day to day decisions. His track record speaks for itself.

How would you have changed the story to make it more enjoyable?

Have a different narrator.

What three words best describe John FitzGibbon’s voice?

Annoying, annoying and annoying.

What did you take away from The Most Important Thing that you can apply to your work?

More important than how to make money is knowing how not to lose it.

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11 people found this helpful

  • Overall
    5 out of 5 stars
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Lessons from a Master Investor

What made the experience of listening to The Most Important Thing the most enjoyable?

Aside from the fact that I fundamentally agree with Howard Marks approach to investment, the explanations used were very easy to follow... it is written in a way that a novice can understand, with insights that an experienced investor would find very useful. I have found few that can do this as well as Mr. Marks has been able to (others would include Warren Buffett, Peter Lynch, and Joel Greenblatt are some others).

Any additional comments?

I would highly recommend this book to novice and experienced investor alike... One of the keys to success in most fields has been to "stand on the shoulders of giants". Howard Marks is a Master Investor with a keen ability to communicate... this book compiles and discusses his memos in a way that will assist you to "stand on the shoulders of this giant"

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    5 out of 5 stars
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Repetitive things worth repeating

Marks had a lot of solid insight - nothing mind-blowing - but what he chooses to focus on as essential make a lot of sense and will highly impact how I invest. Other listeners complained of the repetitiveness, but unless I'm just a slow thinker, I needed that time and rephrasing to help me incorporate that into my mental model of investing. I would read it again in a couple years to make sure I stick to these fundamentals.

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5 people found this helpful

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    4 out of 5 stars
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Oak tree investment philosophy

Great nuggets of his investment philosophy. The book is broken down cleanly. The overarching concept is simple, second level thinking. It runs short of being a manifesto but is a clear payout of Howard’s views. It’s not a preachy book like many investment books. Instead he sets out here’s what I believe here’s why I believe it.

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    1 out of 5 stars
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5 Pages would have been sufficient.

What would have made The Most Important Thing better?

Most Important Excuses for under performing the market.

What was most disappointing about Howard Marks’s story?

It goes on ad nauseam on the subject of risk with out really giving a hint as how to manage it.

How did the narrator detract from the book?

Pretentious pronunciation.

If you could play editor, what scene or scenes would you have cut from The Most Important Thing?

I would just give a refund to the readers.

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4 people found this helpful

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    4 out of 5 stars
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    4 out of 5 stars

Loved it!

Would be nice if there are different voices to choose from. The voice on this book sometimes became monotonous and I would have preferred a woman's voice.

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2 people found this helpful

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    4 out of 5 stars
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    4 out of 5 stars

Good not great. Worth the listen

The book is a little repetitive, as many books are. It is drawn from Howard marks fund letters over the years. It gives excellent insight into the generalities of investing, which anyone who is risking their money should know. It gives little to nothing in terms of how to perform the tasks.

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2 people found this helpful

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    3 out of 5 stars
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    3 out of 5 stars
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    3 out of 5 stars

for people who already are investors

since 3yrs into my limited ability to study investing and actually invest, I found this book to be missing a lot of explanations on terminology and concepts. its was like starting to read a book with twisting plots in the middle. I felt lost a good part of the way. also, the narrator's voice wasn't my favorite among audio books.

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    2 out of 5 stars
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    2 out of 5 stars

not much detail

Too much general, not enough specifics. he says buy at less than intrinsic value, then doesn't discuss how he determined intrinsic value.

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