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. -- Peter Lattman Wall Street Journal Regular recipients of Howard Marks's investment memos eagerly await their arrival for the essential truths and unique insights they contain. Now the wisdom and experience of this great investor are available to all. The Most Important Thing, Marks's insightful investment philosophy and time-tested approach, is a must read for every investor. -- Seth A. Klarman, president, The Baupost Group When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book. -- Warren Buffett, Chairman and CEO, Berkshire Hathaway Few books on investing match the high standards set by Howard Marks in The Most Important Thing. It is wise, witty, and laced with historical perspective. If you seek to avoid the pitfalls of investing, you must read this book! -- John C. Bogle, Founder and former CEO, The Vanguard Group If you take an exceptional talent and have them obsess about value investing for several decades, including deep thinking about its very essence with written analysis along the way, you may come up with a book as useful to value investors as this one--but don't count on it. -- Jeremy Grantham, cofounder and chief investment strategist, Grantham Mayo Van Otterloo The Most Important Thing is destined to become an investment classic-it should easily earn its place on every thinking investor's bookshelf. Howard Marks has distilled years of investment wisdom into a short book that is lucid, entertaining, and ultimately profound. -- Joel Greenblatt, Columbia Business School, founder and managing partner of Gotham Capital A clear and expert resource for all investors. Kirkus Reviews Veteran value-investing manager Howard Marks draws on pithy memos he wrote to clients over the years to dispense insightful advice on everything from risk taking to the role of luck. Money Magazine There is, quite simply, an incredible amount of wisdom between the covers of his book and an investor is doing them a disservice if they don't read, and re-read, this book. FocusInvestor.com The book is written in a way that both seasoned investors and novices should appreciate. -- Brenda Jubin Seeking Alpha If Benjamin Graham's and David Dodd's Securities Analysis was the essential, must have investment book of the end of the 20th century, then Howard Marks's The Most Important Thing is a serious contender for parallel status in the 21st century. -- Stephen E. Roulac New York Journal of Books ...many valuable insights into the psychological roots of investors' habitual errors. -- Martin Fridson Barron's All investors should read it. -- Alex Dumortier The Motley Fool "The Most Important Thing"... offers readers an overview of how to think when considering an investment opportunity, which is quite valuable indeed, considering studies have shown most people tend to make impulsive, indiscriminate investment decisions. Syracuse Post-Standard [A] must-read book. -- David J. Waldron Seeking Alpha
Descripción del producto
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.