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The Most Important Thing Illuminated
Uncommon Sense for the Thoughtful Investor
By: Howard Marks, Bruce Greenwald (Foreword by)
Hardcover | 15 January 2013 | Edition Number 1
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Distilling the wisdom of Marks's celebrated client memos into a single volume and, for the first time, making his time-tested investing philosophy available to general readers, the book was widely acclaimed by professional, casual, aspiring, and armchair investors -- and became a business bestseller. Columbia Business School Publishing is proud to announce an innovative digital edition (with a print version to come in Fall 2012) of Marks's volume that allows readers to read the author's words alongside 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 the book's original themes and issues.
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
Industry Reviews
ISBN: 9780231162845
ISBN-10: 0231162847
Series: Emersion: Emergent Village resources for communities of faith
Published: 15th January 2013
Format: Hardcover
Language: English
Number of Pages: 248
Audience: General Adult
For Ages: 22+ years old
Publisher: Columbia University Press
Country of Publication: GB
Edition Number: 1
Dimensions (cm): 23.5 x 16 x 2.5
Weight (kg): 0.49
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