Howard Marks's The Most Important Thing distilled the
investing insight of his celebrated client memos into a single
volume and, for the first time, made his time-tested philosophy
available to general readers. In this edition, Marks's wisdom is
joined by the comments, insights, and counterpoints of four
renowned investors and investment educators: Christopher C. Davis
(Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson
(Nicusa Capital), and Seth A. Klarman (Baupost Group).
These experts lend insight into such concepts as "second-level
thinking," the price/value relationship, patient opportunism, and
defensive investing. Marks also adds his own annotations, expanding
on his book's original themes and issues. A new chapter addresses
the importance of reasonable expectations, and a foreword by Bruce
C. Greenwald, called "a guru to Wall Street's gurus" by the New
York Times, speaks on value investing, productivity, and the
economics of information.
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 readers 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. Utilizing
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.
"This is that rarity, a useful book."--Warren Buffett