The Most Important Thing: Uncommon Sense for the Thoughtful Investor

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		The Most Important Thing: Uncommon Sense for the Thoughtful Investor
		The Most Important Thing: Uncommon Sense for the Thoughtful Investor

"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.

网友对The Most Important Thing: Uncommon Sense for the Thoughtful Investor的评论

昨天收到货，马上看了前3章，书很薄，应该很快看完第一遍，但应该要看三四遍才能真正领略作者的意思。由于字体很小，看久了比较伤神，对于内容，绝对是一流，非常适合投资过的人看，如果刚入门看，收益应该不是太大。

内容浅显易懂，即使是初级投资者也可以理解。分成多个短章节，每个章节主题鲜明，句句切中要害。值得一读再读的好书，每次读都有新的体会。唯一的缺点是字确实有点小。

精装版，书很好，值这个价！很满意！

有助于看清股市种种乱象

There are a lot of very good books about aspects of investing but this author and this book stand out. "The Most Important Thing.." is a riveting collection of Howard Marks essays on investment philosophy. The author's unique talent is expressing abstract investment thinking in a concise yet thorough and original fashion. I found myself saying, "Darn, that's right" quite a bit. Marks is a deep thinker with a lot of experience. I've read "The Most Important Thing.." more than once and value it as a cornerstone for appreciating risk and market tides. Marks is the only author whose works I'd put on the same shelf with Warren Buffet's writings, the shelf of lastingly helpful books. I recommend it.

The persistent theme repeated in every chapter is that it is better to be a defensive investor which means outperforming in bear markets at the cost of underperforming in bull markets. It is refreshing to hear a value investor admit the truth of value investing, which is that underperformance is to be expected when markets are up, which is most of the time. Unfortunately, the author presents no data or evidence that this results in long-term outperformance. Instead the author states that you should wait until we reach market exuberance to sell and then wait until stocks are super cheap to buy which gives you a margin for error. Well, unless you had boatloads of cash during 2001 or 2008, that's pretty useless advice. Plus markets are up much more often than they are down, so there are few opportunities to practice this variety of extreme value investing. The author says to buy stocks below "intrinsic value", BUT only a passing hint is made about what the author considers in determining the "intrinsic" value of stocks. Overall, the description of value investing as a hard and painful path is refreshingly honest, but the lack of examples or guidelines for selecting good values makes the book unhelpful.

Useful book to help investors develop a flexible thinking process to apply to investing.
Not a formula driven book about evaluating companies --for that check out Better_Investing.com
This book will help you see the big picture and to develop thinking skills so you'll include what is relevant in your decision making process and block out all the abundant informational noise. Howard Marks points out --investing is a complicated process that really can't be simplified because while similar market conditions may be repeated; they're never exactly the same. Investing and economics are more art than science.
It is a very thought provoking book.

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