By Howard Marks
Size 1.6 MB
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
.
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