The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks

The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks

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Description

Howard Mark’s “The Most Important Thing: Uncommon Sense for the Thoughtful Investor”, is an insightful assessment of market opportunity and risk. Inspired by a lifetime of experience and study and four decades being in the field of investment management, Howard Mark’s “The Most Important Thing: Uncommon Sense for the Thoughtful Investor” brings indispensable wisdom, focused into a single and comprehensible volume. “The Most Important Thing” delves into the common investment strategies that either benefit or doom a company or career and is not afraid to steer clear from the complexities of investing and the perils of the financial realm.

This book encourages investors not only to think like an investor but step beyond into the uncommon. Marks explains the value of critical thinking through a concept called “second-level thinking.” “The Most Important Thing: Uncommon Sense for the Thoughtful Investor” truly stands to its name, bringing light to the most important thing when investing.

 About the Author

Howard Marks is chairman and co-founder 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.

Table of Contents

  • 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 – Recognize 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 Pitfall
  • 19 – Adding Value
  • 20 – Pulling It All Together