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The Most Important Thing: Uncommon Sense for The Thoughtful Investor | [Howard Marks]

The Most Important Thing: Uncommon Sense for The Thoughtful Investor

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. The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career.
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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.

Download the accompanying reference guide.

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

What the Critics Say

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

What Members Say

Average Customer Rating

4.5 (75 )
5 star
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4.5 (61 )
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4.4 (62 )
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Performance
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  •  
    Steven New York, NY, United States 03-09-13
    Steven New York, NY, United States 03-09-13 Member Since 2011
    HELPFUL VOTES
    3
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    "making good decisions - terriffic"
    Would you recommend this audiobook to a friend? If so, why?

    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


    What about John FitzGibbon’s performance did you like?

    gerat narration. better than reading it


    3 of 3 people found this review helpful
  •  
    William SALEM, OREGON, United States 04-11-13
    William SALEM, OREGON, United States 04-11-13
    HELPFUL VOTES
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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"

    2 of 2 people found this review helpful
  •  
    Amazon Customer 09-12-14

    kmilani

    ratings
    REVIEWS
    10
    2
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    Performance
    Story
    "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.


    0 of 0 people found this review helpful
  •  
    Vito Ferrara Nevada USA 03-11-13
    Vito Ferrara Nevada USA 03-11-13 Member Since 2011
    HELPFUL VOTES
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    3
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    "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.


    1 of 3 people found this review helpful
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