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The Most Important Thing Audiobook

The Most Important Thing: Uncommon Sense for The Thoughtful Investor

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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

4.6 (735 )
5 star
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Story
4.5 (605 )
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3 star
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2 star
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1 star
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Performance
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  •  
    Johnny PISMO BEACH, CA, United States 06-08-15
    Johnny PISMO BEACH, CA, United States 06-08-15
    HELPFUL VOTES
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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.

    7 of 7 people found this review helpful
  •  
    Steven New York, NY, United States 03-09-13
    Steven New York, NY, United States 03-09-13 Member Since 2016
    HELPFUL VOTES
    5
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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


    5 of 6 people found this review helpful
  •  
    Bill Pennock West Sacramento, CA USA 03-04-15
    Bill Pennock West Sacramento, CA USA 03-04-15 Member Since 2015
    HELPFUL VOTES
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    "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.

    1 of 1 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"

    5 of 7 people found this review helpful
  •  
    Vito Ferrara Nevada USA 03-11-13
    Vito Ferrara Nevada USA 03-11-13
    HELPFUL VOTES
    5
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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.


    5 of 8 people found this review helpful
  •  
    Amazon Customer 09-12-14 Listener Since 2008
    HELPFUL VOTES
    4
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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.


    4 of 8 people found this review helpful
  •  
    Jing 09-22-17
    Jing 09-22-17 Member Since 2016
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    "great book for the lay person"

    a classic. one of the best for the lay person. easy to listen to without dimming down. the narrator gave a great performance.

    0 of 0 people found this review helpful
  •  
    Cliente Amazon 09-17-17
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    4
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    "Full data"

    Well it seams that the book comes with a pdf data and it's impossible to have an acess, but overall the book its Awesome !!

    0 of 0 people found this review helpful
  •  
    tin 09-16-17
    tin 09-16-17 Member Since 2016
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    "Great book for investment philosophy"

    Enjoyed it very much. It was easy to understand and is perfect for beginners through well experienced investors

    0 of 0 people found this review helpful
  •  
    Erik 03-21-17
    Erik 03-21-17 Member Since 2014
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    2
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    "For the most important things"

    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.

    0 of 0 people found this review helpful
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  • John P
    8/3/17
    Overall
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    "First Class Investing Philosophy"

    In many ways this is a philosophy book. Howard Marks is a deep thinker and eloquent writer. If you like Charlie Munger and Nicholas Taleb you will get a lot from Howard Marks. Take a look at his memos on the Oaktree site to get a flavour.

    Oh, and the narrator is first class.

    0 of 0 people found this review helpful
  • Suraj Pokhriyal
    5/20/17
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    Performance
    Story
    "Definitely a good audio book for investors"

    If someone is into investment should definitely buy this audio books
    It covers all difficulty investor faces during their investment period. And describe how luck, right timing & aggressive in market can decide fate of investors.
    It also discusses psychology of trends (with analogy of pendulum) awesome audiobook for investors.

    Note:I listen this audiobook at 0.85× since 1x was too fast for me.
    You can miss the context if you lose attention even for seconds while listening.

    Overall great book.

    0 of 0 people found this review helpful
  • Christian Hansson
    1/13/17
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    "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.

    0 of 0 people found this review helpful
  • Nikola
    5/17/16
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    "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..

    0 of 2 people found this review helpful

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