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Home > Health, Relationships and Personal development > Self-help, personal development and practical advice > Personal finance > The Most Important Thing: Uncommon Sense for the Thoughtful Investor
The Most Important Thing: Uncommon Sense for the Thoughtful Investor

The Most Important Thing: Uncommon Sense for the Thoughtful Investor


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About the Book

Chairman and cofounder of Oaktree Capital Management, Howard Marks has been linked to Warren Buffett for his lucid assessments of market opportunities and risks. His memos to clients have long been consulted by the world's leading value investors. Now he brings his insightful commentary and investment philosophy to everyone. Informed by a lifetime of experience and study, Marks helps readers understand the keys to investment success and how to avoid the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, he teaches by example. Part memoir, part creed, the book shows the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Marks's insight applies brilliantly to today's markets, supplying many broad takeaways for both the amateur and seasoned investor. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. His frank and honest assessment of his own decisions—and occasional missteps—provides valuable lessons on critical thinking, risk assessment, and investment strategy. Marks encourages investors to be "contrarian," to judge market cycles wisely, and to achieve returns through aggressive yet measured action. Which is the most essential element? Successful investing requires thoughtful attention to many separate aspects. Each of the subjects Marks covers is the most important thing.

About the Author :
Howard Marks is chairman and cofounder of Oaktree Capital Management, a Los Angeles-based investment firm with $80 billion under management. He holds a Bachelor's Degree in finance from the Wharton School and an MBA in accounting and marketing from the University of Chicago.

Review :
The Most Important Thing is destined to become an investment classic-it should easily earn its place on every thinking investor's bookshelf. Howard Marks has distilled years of investment wisdom into a short book that is lucid, entertaining, and ultimately profound.--Joel Greenblatt, Columbia Business School, founder and managing partner of Gotham Capital Few books on investing match the high standards set by Howard Marks in The Most Important Thing. It is wise, witty, and laced with historical perspective. If you seek to avoid the pitfalls of investing, you must read this book!--John C. Bogle, Founder and former CEO, The Vanguard Group Regular recipients of Howard Marks's investment memos eagerly await their arrival for the essential truths and unique insights they contain. Now the wisdom and experience of this great investor are available to all. The Most Important Thing, Marks's insightful investment philosophy and time-tested approach, is a must read for every investor.--Seth A. Klarman, president, The Baupost Group If Benjamin Graham's and David Dodd's Securities Analysis was the essential, must have investment book of the end of the 20th century, then Howard Marks's The Most Important Thing is a serious contender for parallel status in the 21st century.--Stephen E. Roulac "New York Journal of Books"


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Product Details
  • ISBN-13: 9780231527095
  • Publisher: Columbia University Press
  • Publisher Imprint: Columbia University Press
  • Language: English
  • Sub Title: Uncommon Sense for the Thoughtful Investor
  • ISBN-10: 0231527098
  • Publisher Date: 01 May 2011
  • Binding: Digital (delivered electronically)
  • No of Pages: 192


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