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  • The Most Important Thing

  • Uncommon Sense for The Thoughtful Investor
  • By: Howard Marks
  • Narrated by: John FitzGibbon
  • Length: 7 hrs and 9 mins
  • 4.7 out of 5 stars (238 ratings)

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The Most Important Thing

By: Howard Marks
Narrated by: John FitzGibbon
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Publisher's Summary

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.

©2012 Howard Marks (P)2012 Audible, Inc.

Critic Reviews

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

What listeners say about The Most Important Thing

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Great book on investment

An amazing book full of investment wisdom. Highly recommend to every aspiring active investor. Also, very easy to follow in the audiobook format.

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Must read for investors

This is the book all investors need to read and have in their library to go back and review/read every now and then.
Don’t follow the herd!

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Sage investment advice from a renowned investor

This is a book worth reading several times over as well as returning to at times when you feel tempted to step beyond the investment strategy you have set for yourself. It’s about self discipline, ‘second level’ thinking, margin of safety and contrarianism. I found it educative and enjoyable. It’s well narrated.

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  • IRB
  • 13-10-2020

A book I will listen to again many times

This was a spur of the moment purchase to listen to on a road trip. I found the subject content fascinating and the really enjoyed the narration.
I am not a trader and never have been, but do believe much of what is being discussed can be related to most aspects of life.

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Priceless Book

For traders and investors this should be required reading. Excellent narration conveys timeless principles that will keep your wealth accumulating in any market. I consider this book to be financial scripture.

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