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.
"This is that rarity, a useful book." (Warren Buffett)
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.
Mark's adages...which are funner and more memorable to hear from Mark's himself.
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.
would recommend this book as highly as any i have read in the last 10 years... and i read a lot of books on investing and decision-making. this book is incredibly focused and to the point. great for beginners and for professionals. Howard puts many years of wisdom into words easily. must read - or better yet, must listen to
gerat narration. better than reading it
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.
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).
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"
Most Important Excuses for under performing the market.
It goes on ad nauseam on the subject of risk with out really giving a hint as how to manage it.
I would just give a refund to the readers.
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.
Have a different narrator.
Annoying, annoying and annoying.
More important than how to make money is knowing how not to lose it.
Tapping into the wisdom of the author, investor Howard Marks, who has spent over 3 decades and survived several crises in the investment business.
Explanation-by-analogy of why the efficient market hypothesis is incomplete. Consider: A professor goes on a walk with his student. The student says, 'I see a $20 bill on the ground!'. The professor replies 'If it were really a $20 someone else would have already picked it up,' and the professor continues walking. So the student picks up the $20 and later that day he has a beer. Now, my addition- we can only assume our student did not invite the professor to join him at the bar.
Second-level thinking - To perform above average, you have to think and act differently than average. What matters is not the value of the company under review, it's does the true value diverge from others' valuation.
This is one of the top 10 titles in my library. It is a book about investing with implications to many other areas of life. For me specifically, it has helped me to consider career choices and investments I will make.
I have a bachelors in finance and I could've read this book and came out with the equivalent knowledge on finance and investment theory plus the view of a great investor. I would definitely recommend. I gave it 4 stars mostly because I am in the industry and have most of this knowledge already. There are some great nuggets in here from his past memos to investors, but don't expect it to be a how to book.
Surfer, musician, business coach, healthcare facilities management director.
A very well written book, describing a reasoned and thought-provoking approach to valuing an asset and it's potential for increase, in the context of risk. I believe this could benefit any investor in any asset class.
"Very useful indeed"
Overall a very useful book. However, highly biased against Allocation focus, Strategists & Economists. On the other side biased in favour of stock pickers an Equities in general..
"Mildly unexciting read"
Buy low, sell high, repeated for 7 hours. Sadly this book offers no more insight beyond this statement. A rare occasion for me to strongly disagree with Warren Buffet's words, but this book is a polar opposite of useful. I suppose everyone makes mistakes..
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