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Most Important Thing: Uncommon Sense for the Thoughtful Investor

by Howard Marks Columbia University Press
Pub Date:
05/2011
ISBN:
9780231153683
Format:
Hbk 200 pages
Price:
AU$51.99 NZ$52.17
Product Status: In Stock Now
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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.

IntroductionThe Most Important Thing Is... 1. Second-Level Thinking2. Understanding Market Efficiency (and Its Limitations)3. Value4. The Relationship Between Price and Value5. Understanding Risk6. Recognizing Risk 7. Controlling Risk8. Being Attentive to Cycles 9. Awareness of the Pendulum 10. Combating Negative Influences 11. Contrarianism12. Finding Bargains13. Patient Opportunism 14. Knowing What You Don't Know15. Having a Sense for Where We Stand16. Appreciating the Role of Luck17. Investing Defensively18. Avoiding Pitfalls19. Adding Value20. Pulling It All Together

'This is that rarity, a useful book.' -- Warren Buffett 'Everyone knows about the anticipation leading up to Warren Buffett's annual shareholder letters. But for a certain Wall Street set, there are equally high expectations for the writings of Howard Marks.'
Howard Marks is chairman and cofounder of Oaktree Capital Management, an investment firm specializing in thirteen investment areas, including high yield and distressed debt. He holds a Bachelor's Degree in finance from the Wharton School and an MBA in accounting and marketing from the University of Chicago.