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"
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.
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.
This book thoughtfully articulates the ideas and theories of Benjamin Graham and David Dodd's "Security Analysis" (1934) in a modern and easy to understand way. It assumes some prior investing knowledge for things like intrinsic value and other metrics but explains everything well.
Howard Marks is a smart and well accomplished investor and is kind enough to share his thinking. The idea of "Second-Level Thinking" is one of the most important concepts that every investor should know and it is explained beautifully here.
The author states in the introduction that this work should provoke thoughts that the reader has not encountered before. This was very true for me. I've read many books on investing in the ideas expressed in this one I have not encountered before. Strongly recommend reading this work.
This book has help me to gain a great perspective on risk management and reverses the thought process I once had as an investor and someday an institutional investor. I recommend this book.
"Educating and easy to follow"
The book is very good at explaining the authors investment philosophy. It also gives an insight to how other investors might reason and act. It also gives a sensible perspective on the financial markets. The author manages to convey as to why he prefers a certain investment approach and gives an updated for this day and age version of Benjamin Grahams classic "The intelligent Investor".
My favourite thus far in finance litterateur.
"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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