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The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing), by Howard Marks, P
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Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group).
These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information.
***
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.
"This is that rarity, a useful book."--Warren Buffett
- Sales Rank: #24102 in Books
- Published on: 2013-01-15
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 6.25" w x .75" l, .90 pounds
- Binding: Hardcover
- 248 pages
Review
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.
(Praise for The Most Important Thing, Warren Buffett, Chairman and CEO, Berkshire Hathaway)
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.
(Praise for The Most Important Thing, Jeremy Grantham, Cofounder and Chief Investment Strategist, Grantham Mayo Van Otterloo)
A clear and expert resource for all investors.
(Praise for The Most Important Thing 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.
(Praise for The Most Important Thing Money Magazine)
The original is great, but if you're willing to spend a bit more money (eBook is $9.99), this new version does have a little more meat to it.
(My Money Blog)
I recommend this book to all who aspire after value investing.
(Aleph Blog / Money Science)
This new edition does the nearly impossible; it takes an already classic text and makes it an even more indispensable tool for investors!
(FocusInvestor.com)
Ultimately The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor is an outstanding read. I'll be referring back to it often. I'd say it's a must-have for every value investor.
(Seeking Alpha)
Enlightening and well detailed.
(Midwest Book Review)
This is a book I recommend you keep on your desk
(Charles Sizemore Forbes.com Moneybuilder)
Marks' The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdome is joined by the comments, insights, and counterpoints of four renowned investors.
(Value Walk Blog)
About the Author
Howard Marks is chairman and cofounder of Oaktree Capital Management, a Los Angeles-based investment firm with seventy-five billion dollars under management. He holds a bachelor's degree in finance from the Wharton School and an MBA in accounting and marketing from the University of Chicago. He is the author of The Most Important Thing: Uncommon Sense for the Thoughtful Investor.
Bruce C. Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic director of the Heilbrunn Center for Graham & Dodd Investing. He is the coauthor of The Curse of the Mogul: What's Wrong with the World's Leading Media Companies.
Excerpt. © Reprinted by permission. All rights reserved.
Read an excerpt from The Most Important Thing Illuminated (to view in full screen, click on icon in bottom right-hand corner)
Most helpful customer reviews
52 of 52 people found the following review helpful.
This book can save you from yourself when investing
By Andy Wallace
Each year, there are hundreds of books written on the subject of stock market investing. Most of them are not worth the investment of one's time or money. Every once in a while, a new classic hits the market. This book is one of those new classics on investment writing.
Howard Marks, Chairman of Oaktree Capital Management, writes clearly and persuasively about the importance of risk avoidance when investing in stocks. He emphatically states his belief that risk avoidance by buying at a good value is the key to success. He then spends the rest of the book telling the reader the 18 most important things to consider when buying stocks. His discussion of investor psychology is worth the price of the book by itself. Everything else is a bonus.
I had been meaning to read this book for a year or so. When I learned that an annotated edition, with comments from some leading value investors, I grabbed it. I took my time reading it, as there is so much great information within. The final chapter, in which Marks pulls all 18 important things together, is now something I intend to re-read several times a year, like I do with Chapters 8 and 20 of Benjamin Graham's The Intelligent Investor.
Highly recommended.
41 of 45 people found the following review helpful.
A Classic Made Even Better
By Richard M. Rockwood
I have to say I was very excited to learn that this new edition was going to be released as I found the first edition of his book to be a seminal investing work, one that deserves to be on the same shelf as The Intelligent Investor, Security Analysis, Common Stocks and Uncommon Profits, and the Berkshire Hathaway shareholder letters.
I was not disappointed when I read my review copy. I found that the annotated comments highlighted important sections in the text while also providing additional compelling perspectives but yet didn't get in the way of the flow of the book.
Don't just take my word on this, here are a few examples:
p. 58: Howard Marks: Understanding uncertainly: Dimson's formulation reminds us of a very simple concept: that many things are possible in the future. We can't know which of the possibilities will occur, and this uncertainty contributes to the challenge of investing. "Single scenario" investors ignore this fact, oversimplify the task, and need fortuitous outcomes to produce good results.
p. 104: Seth Klarman: Even the best investors judge themselves on the basis of return. It would be hard to evaluate yourself on risk, since risk cannot be measured. Apparently, the risk-averse managers of this endowment were disappointed with their relative returns even though their risk adjusted performance was likely excellent, as borne out by their performance over the following three years. This highlights just how hard it is to maintain conviction over the long run when short-term performance is considered poor.
Please allow me to make one additional comment on the annotations before I discuss the new chapter. I was not familiar with Mr. Johnson before reading his collection of annotations in the book but I found them insightful and thought provoking. I wish my college career had included being a student in his classes. You can find more information on him at this site: [...].
The new chapter is called Reasonable Expectations. This chapter develops the theme that investors need to keep their expectations grounded in reality to guard themselves from overreaching and thus taking on far more risk than is reasonable. Mr. Marks cautions his readers that one can never know when the exact right time to make a purchase is. Focus on buying it when its trading at below your estimate of value with the understanding that if its gets cheaper you will buy more as the price declines. The point is not to become despondent if a stock declines after your purchase it because being able to catch the absolute button is nearly impossible.
Here is a quote from this chapter in which Mr. Marks is telling his readers how an investor should have been thinking in the dark period of 2007-2009:
"I need 8 percent. I'd be glad to earn 10 percent instead. Twelve percent would be even better. But I won't try for more than that, because doing so would entail risks I'm just not willing to bear. I don't need 20 percent."
I find that comment particularly interesting when you consider that Mr. Buffett has spoken on the record many times that he looks for investments that can earn him 15%.
In conclusion I certainly think the chapter is a valuable addition to the book. This new material, along with the added annotations, make the new edition a worthwhile purchase. All in all this new edition does the nearly impossible, it takes an already classic text and makes it an even more indispensable tool for investors!
11 of 12 people found the following review helpful.
Great Book - annoying commentaries
By kc
Howard Marks is one of the great investment thinkers. This book provides tremendous insight into the nature of risk and return. For example, higher prices mean both lower expected returns and higher risk (which is counter to Modern Portfolio theory).
Unfortunately, I found the comments in the "illuminated" version distracting. There were some insightful comments (mostly from Marks himself) but they were inserted into the middle of the chapters. I would prefer to have the comments at the end so I could keep my stream of thought.
I would probably recommend the un-illuminated version.
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