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The Most Important Thing

Uncommon Sense for The Thoughtful Investor

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The Most Important Thing

Written by: Howard Marks
Narrated by: John FitzGibbon
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About this listen

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 listeners 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. Using 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.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.

©2012 Howard Marks (P)2012 Audible, Inc.
Investing & Trading Personal Finance Personal Success Career Business
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What the critics say

"This is that rarity, a useful book." (Warren Buffett)

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What listeners say about The Most Important Thing

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brilliant

Mission Accomplished, Howard Marks. Why didn't I think of it like that. An absolutely outstanding approach into market psychology.

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    4 out of 5 stars

Excellent advice if a bit repetitive

Great insight from one of the best to ever do it. Narrator a bit stiff and formal with little intonation. Gets a little repetitive by the end. Still a must read for anyone with investing aspirations. I do wonder whether Marks uses an emphasis defensive investing to defend what is perceived by some investors to be relative underperformance by Oaktree during bull runs, however silly that perception may be.

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    3 out of 5 stars

Insight from a master in the game

Enjoyed the author sharing is thinking and insight to investor psychology. I highly recommend for others interested in improving their thinking process.

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A must for any investor

Retrospectively, I wish I had listened to this about a year ago. Other books mention the issue, but this one reiterated time and again the pitfalls and opportunities of market excesses.
SPACS, NFT’s , meme stocks, all signs that the pendulum has swung too far.
The book is focused on the individual stocks, and there is no mention of DCA and the benefits.
All in all, will listen to it again.

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    5 out of 5 stars

Monotone reader

While the book is Excellent and, on first open, the reader has a lovely voice, his way of reading and his accent has zero ability to hold my attention. I have to rewind this book CONSTANTLY because there is no emotion in his voice at all. Other investing books that are far longer have held my attention to every detail, so it isn't the topic that is the problem for me.

Books that share a similar issue for me: Conscious Capitalism, The Intelligent Investor. Both have dreadfully deadpan readers. Like those, I'm better off just buying the actual book and reading them myself. A warning to anyone else who suffers from deadpan male boredom syndrome.

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Every investor should read this book

I've been investing for almost 35 years. These lessons cannot be learned enough by novice to seasoned enthusiasts.

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Amazing book. I wish I read it years ago!

The book summarizes the most important things in value investing. All the things that Buffet and Munger emphasize on are here. I wish I read it years ago!

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Marks is another Buffett when he talks you listen

this book is especially important if you are a contrarian and want to be a skeptical thinker.

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Brilliant

Insightful, actionable investing strategies gleaned over a lifetime in the markets, a must-read.
Read and prosper.

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Heavy

Very informative but truly does require some market wherewithal on terms and language of investing.

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