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The Most Important Thing: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) de [Marks, Howard]
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The Most Important Thing: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) Versión Kindle

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EUR 19,31

Longitud: 200 páginas Word Wise: Activado Tipografía mejorada: Activado
Volteo de página: Activado Idioma: Inglés

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Descripción del producto


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. 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.

Detalles del producto

  • Formato: Versión Kindle
  • Tamaño del archivo: 914 KB
  • Longitud de impresión: 200
  • Editor: Columbia University Press (19 de abril de 2011)
  • Vendido por: Amazon Media EU S.à r.l.
  • Idioma: Inglés
  • ASIN: B004U5Q1O0
  • Texto a voz: Activado
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  • Word Wise: Activado
  • Tipografía mejorada: Activado
  • Valoración media de los clientes: Sé el primero en opinar sobre este producto
  • Clasificación en los más vendidos de Amazon: n.° 13.856 de Pago en Tienda Kindle (Ver el Top 100 de pago en Tienda Kindle)
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Opiniones de clientes más útiles en (beta) (Puede incluir opiniones del Programa de Recompensas de Opiniones Iniciales) 4.4 de un máximo de 5 estrellas 126 opiniones
5 de 5 personas piensan que la opinión es útil
4.0 de un máximo de 5 estrellas Good, not great 15 de marzo de 2016
Por pedrog - Publicado en
Formato: Tapa dura Compra verificada
Howard Marks is a value investing genius, with an astounding track record of ~20% p.a. returns for 25+ years. Therefore, I'm happy to read anything he is willing to share. In this book, he shares deeply toughtful insights, but in a somewhat dry, unengaging and repetitive text. Overall a must read, but don't expect an excellent literary experience.

Although Marks shares his high level investment philosofy, he never shares enough to allow someone to understand exactly how he implements it in practice. How much safety margin? Which level of diversification? How to attribute probabilities to extreme events? Some nitty-gritty and real life examples would have transformed this book from a gospel to a more vivid and practical read.

This could be accomplished while simultaneosly reducing the lenght of the book. It often feels verbose, with the same ideas repeated in different sections and paraphrased in multiple similar ways. Additionally, his habit of citing his own past writings is unnecessary and baloons the reading time without delivering much value to the reader.
1 de 1 personas piensan que la opinión es útil
5.0 de un máximo de 5 estrellas Thoughtful, entertaining and helpful as can be 9 de julio de 2016
Por Michael Vanbuskirk - Publicado en
Formato: Tapa dura Compra verificada
There are a lot of very good books about aspects of investing but this author and this book stand out. "The Most Important Thing.." is a riveting collection of Howard Marks essays on investment philosophy. The author's unique talent is expressing abstract investment thinking in a concise yet thorough and original fashion. I found myself saying, "Darn, that's right" quite a bit. Marks is a deep thinker with a lot of experience. I've read "The Most Important Thing.." more than once and value it as a cornerstone for appreciating risk and market tides. Marks is the only author whose works I'd put on the same shelf with Warren Buffet's writings, the shelf of lastingly helpful books. I recommend it.
2 de 2 personas piensan que la opinión es útil
4.0 de un máximo de 5 estrellas treatise on "defensive" investing 16 de diciembre de 2013
Por Soporiferous - Publicado en
Formato: Versión Kindle Compra verificada
The persistent theme repeated in every chapter is that it is better to be a defensive investor which means outperforming in bear markets at the cost of underperforming in bull markets. It is refreshing to hear a value investor admit the truth of value investing, which is that underperformance is to be expected when markets are up, which is most of the time. Unfortunately, the author presents no data or evidence that this results in long-term outperformance. Instead the author states that you should wait until we reach market exuberance to sell and then wait until stocks are super cheap to buy which gives you a margin for error. Well, unless you had boatloads of cash during 2001 or 2008, that's pretty useless advice. Plus markets are up much more often than they are down, so there are few opportunities to practice this variety of extreme value investing. The author says to buy stocks below "intrinsic value", BUT only a passing hint is made about what the author considers in determining the "intrinsic" value of stocks. Overall, the description of value investing as a hard and painful path is refreshingly honest, but the lack of examples or guidelines for selecting good values makes the book unhelpful.
5.0 de un máximo de 5 estrellas A must to read for growing success! 20 de abril de 2017
Por Ganna Shapoval - Publicado en
Formato: Tapa dura Compra verificada
Excellent book for an intelligent business person! A must to read for growing success! Excellent condition, slightly highlighted in the beginning of the book however very pleasant read and thoughtful notes!
5.0 de un máximo de 5 estrellas This is uncommon good sense for the thoughtful investor. 7 de diciembre de 2015
Por MarianLibrarian - Publicado en
Formato: Tapa dura Compra verificada
Useful book to help investors develop a flexible thinking process to apply to investing.
Not a formula driven book about evaluating companies --for that check out
This book will help you see the big picture and to develop thinking skills so you'll include what is relevant in your decision making process and block out all the abundant informational noise. Howard Marks points out --investing is a complicated process that really can't be simplified because while similar market conditions may be repeated; they're never exactly the same. Investing and economics are more art than science.
It is a very thought provoking book.
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