The Most Important Thing

Uncommon Sense for the Thoughtful Investor

Marks, Howard 저자(글)

Columbia Business School Publi · 2011년 04월 08일

책 소개

"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.

작가정보

저자(글) Marks, Howard

Howard Marks is chairman and cofounder of Oaktree Capital Management, a Los Angeles-based investment firm with $80 billion 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.

목차

• Introduction
  The Most Important Thing Is...
  1. Second-Level Thinking
  2. Understanding Market Efficiency (and Its Limitations)
  3. Value
  4. The Relationship Between Price and Value
  5. Understanding Risk
  6. Recognizing Risk
  7. Controlling Risk
  8. Being Attentive to Cycles
  9. Awareness of the Pendulum
  10. Combating Negative Influences
  11. Contrarianism
  12. Finding Bargains
  13. Patient Opportunism
  14. Knowing What You Don't Know
  15. Having a Sense for Where We Stand
  16. Appreciating the Role of Luck
  17. Investing Defensively
  18. Avoiding Pitfalls
  19. Adding Value
  20. Pulling It All Together

출판사 서평

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

기본정보

ISBN	9780231153683 ( 0231153686 )
발행(출시)일자	2011년 04월 08일
쪽수	200쪽
크기	161 * 235 * 21 mm / 431 g
총권수	1권
언어	영어
시리즈명	Columbia Business School Publishing