The Most Important Thing: Uncommon Sense for the Thoughtful Investor

eISBN: 9780231527095

2011 (194 pages )

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Download Complete Book Download
(pages 1-194)
Complete Book Download (pages 1-194)

Download Table of Contents
(pages 7-8)
Table of Contents (pages 7-8)

Download Introduction
(pages 9-14)
Introduction (pages 9-14)

Download The Most Important Thing Is . . . Second-Level Thinking
(pages 15-20)
The Most Important Thing Is . . . Second-Level Thinking (pages 15-20)

Download The Most Important Thing Is . . . Understanding Market Efficiency (and Its Limitations)
(pages 21-29)
The Most Important Thing Is . . . Understanding Market Efficiency (and Its Limitations) (pages 21-29)

Download The Most Important Thing Is . . . Value
(pages 30-37)
The Most Important Thing Is . . . Value (pages 30-37)

Download The Most Important Thing Is . . . The Relationship Between Price and Value
(pages 38-44)
The Most Important Thing Is . . . The Relationship Between Price and Value (pages 38-44)

Download The Most Important Thing Is . . . Understanding Risk
(pages 45-59)
The Most Important Thing Is . . . Understanding Risk (pages 45-59)

Download The Most Important Thing Is . . . Recognizing Risk
(pages 60-70)
The Most Important Thing Is . . . Recognizing Risk (pages 60-70)

Download The Most Important Thing Is . . . Controlling Risk
(pages 71-80)
The Most Important Thing Is . . . Controlling Risk (pages 71-80)

Download The Most Important Thing Is . . . Being Attentive to Cycles
(pages 81-86)
The Most Important Thing Is . . . Being Attentive to Cycles (pages 81-86)

Download The Most Important Thing Is . . . Awareness of the Pendulum
(pages 87-93)
The Most Important Thing Is . . . Awareness of the Pendulum (pages 87-93)

Download The Most Important Thing Is . . . Combating Negative Influences
(pages 94-104)
The Most Important Thing Is . . . Combating Negative Influences (pages 94-104)

Download The Most Important Thing Is . . . Contrarianism
(pages 105-113)
The Most Important Thing Is . . . Contrarianism (pages 105-113)

Download The Most Important Thing Is . . . Finding Bargains
(pages 114-120)
The Most Important Thing Is . . . Finding Bargains (pages 114-120)

Download The Most Important Thing Is . . . Patient Opportunism
(pages 121-129)
The Most Important Thing Is . . . Patient Opportunism (pages 121-129)

Download The Most Important Thing Is . . . Knowing What You Don't Know
(pages 130-137)
The Most Important Thing Is . . . Knowing What You Don't Know (pages 130-137)

Download The Most Important Thing Is . . . Having a Sense for Where We Stand
(pages 138-146)
The Most Important Thing Is . . . Having a Sense for Where We Stand (pages 138-146)

Download The Most Important Thing Is . . . Appreciating the Role of Luck
(pages 147-154)
The Most Important Thing Is . . . Appreciating the Role of Luck (pages 147-154)

Download The Most Important Thing Is . . . Investing Defensively
(pages 155-166)
The Most Important Thing Is . . . Investing Defensively (pages 155-166)

Download The Most Important Thing Is . . . Avoiding Pitfalls
(pages 167-179)
The Most Important Thing Is . . . Avoiding Pitfalls (pages 167-179)

Download The Most Important Thing Is . . . Adding Value
(pages 180-186)
The Most Important Thing Is . . . Adding Value (pages 180-186)

Download The Most Important Thing Is . . . Pulling It All Together
(pages 187-194)
The Most Important Thing Is . . . Pulling It All Together (pages 187-194)

The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“This is that rarity, a useful book.”--Warren Buffett

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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