Howard Marks: The Most Important Thing: Uncommon Sense for the Thoughtful Investor

The Most Important Thing: Uncommon Sense for the Thoughtful Investor


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"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.

What do you get when you cross a journalist and a banker? A brewery, of course. "A great city should have great beer. New York finally has, thanks to Brooklyn. Steve Hindy and Tom Potter provided it. Beer School explains how they did it: their mistakes as well as their triumphs. Steve writes with a journalist's skepticism-as though he has forgotten that he is reporting on himself. Tom is even less forgiving-he's a banker, after all. The inside story reads at times like a cautionary tale, but it is an account of a great and welcome achievement." -Michael Jackson, The Beer Hunter(r) "An accessible and insightful case study with terrific insight for aspiring entrepreneurs. And if that's not enough, it is all about beer!" -Professor Murray Low, Executive Director, Lang Center for Entrepreneurship, Columbia Business School "Great lessons on what every first-time entrepreneur will experience. Being down the block from the Brooklyn Brewery, I had firsthand witness to their positive impact on our community. I give Steve and Tom's book an A++!" Brand Failures: The Truth About the 100 Biggest Branding Mistakes of All Time download ebook pdf -Norm Brodsky, Senior Contributing Editor, Inc. magazine "Beer School is a useful and entertaining book.


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Author: Howard Marks
Number of Pages: 200 pages
Published Date: 01 Jun 2011
Publisher: Columbia University Press
Publication Country: New York, United States
Language: English
ISBN: 9780231153683
Download Link: Click Here
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