O Mais Importante para o Investidor: Lições de um gênio do mercado financeiro
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- Type：Epub+TxT+PDF+Mobi
- Create Date：2021-03-17 09:16:50
- Update Date：2025-09-07
- Status：finish
- Author：Howard Marks
- ISBN：6556600202
- Environment：PC/Android/iPhone/iPad/Kindle
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Summary
Quando vejo que há memorandos de Howard Marks em meu e-mail， eles são a primeira coisa que abro e leio。 Eu sempre aprendo algo， e isso vale em dobro para este livro。”
Warren Buffet， presidente e diretor-geral da Berkshire Hathaway
Howard Marks， fundador da Oaktree Capital， é reconhecido mundialmente por sua incrível habilidade no mercado de ações。 Depois de quatro décadas se destacando como um dos gestores que mais deu retorno na Bolsa de valores americana， ele partilha sua estratégia vencedora sobre como avaliar os melhores papéis e aplicar o seu dinheiro de maneira inteligente。 Este volume único reúne dicas valiosas para o investidor experiente e também para quem está iniciando os primeiros passos no mercado financeiro。
O livro， que se tornou um best-seller instantâneo， é obra de referência para grandes investidores mundiais， como Warren Buffet， Joel Greenblatt， Ray Dalio， entre outros。
Descreve a chave para o investimento de sucesso e alerta sobre as armadilhas que podem destruir o capital。 Traz lições valiosas relacionadas à tomada de decisão e às gestões de risco， analisa com sabedoria os ciclos de mercado e mostra como é possível obter ótimos retornos por meio de uma estratégia calculada。
Quais elementos são essenciais？ Marks demonstra aqui o que é o mais importante。
Com prefácio de Henrique Bredda， sócio da gestora Alaska Asset Management e um dos investidores de maior renome do mercado nacional， que declara: “Ter ouvido Howard Marks foi extremamente rentável！”。
Warren Buffet， presidente e diretor-geral da Berkshire Hathaway
Howard Marks， fundador da Oaktree Capital， é reconhecido mundialmente por sua incrível habilidade no mercado de ações。 Depois de quatro décadas se destacando como um dos gestores que mais deu retorno na Bolsa de valores americana， ele partilha sua estratégia vencedora sobre como avaliar os melhores papéis e aplicar o seu dinheiro de maneira inteligente。 Este volume único reúne dicas valiosas para o investidor experiente e também para quem está iniciando os primeiros passos no mercado financeiro。
O livro， que se tornou um best-seller instantâneo， é obra de referência para grandes investidores mundiais， como Warren Buffet， Joel Greenblatt， Ray Dalio， entre outros。
Descreve a chave para o investimento de sucesso e alerta sobre as armadilhas que podem destruir o capital。 Traz lições valiosas relacionadas à tomada de decisão e às gestões de risco， analisa com sabedoria os ciclos de mercado e mostra como é possível obter ótimos retornos por meio de uma estratégia calculada。
Quais elementos são essenciais？ Marks demonstra aqui o que é o mais importante。
Com prefácio de Henrique Bredda， sócio da gestora Alaska Asset Management e um dos investidores de maior renome do mercado nacional， que declara: “Ter ouvido Howard Marks foi extremamente rentável！”。
Reviews
Liang Gang Yu
，
This is a book about thoughtful investing， talking the principles and general guidelines that authors believe in。 Without paying attention to the stock investing before， you might think the book is dry and filled with memos without meaty details of specific data。 If so， you get a wrong book。 Otherwise， the book is a must read for any stock investors。There are old investors， and there are bold investors， but there are no old bold investors。 This saying works double for wold pilots and bold pilots This is a book about thoughtful investing， talking the principles and general guidelines that authors believe in。 Without paying attention to the stock investing before， you might think the book is dry and filled with memos without meaty details of specific data。 If so， you get a wrong book。 Otherwise， the book is a must read for any stock investors。There are old investors， and there are bold investors， but there are no old bold investors。 This saying works double for wold pilots and bold pilots。 。。。more
Amanpreet Singh
，
Good set of letters covering a central point of Value from different vantage point to drive home this important concept to the reader。
André Henriques
，
Great tool。 Although Marks type of investment （value investment） is not my cup of tea， his principles and guidelines are remarkable， especially nowadays with all the frenzy around the stock market。 This is the type of book every single person should have a read before they even think in asking what's S&P 500。。。 Great tool。 Although Marks type of investment （value investment） is not my cup of tea， his principles and guidelines are remarkable， especially nowadays with all the frenzy around the stock market。 This is the type of book every single person should have a read before they even think in asking what's S&P 500。。。 。。。more
Jason Holloway
，
This book is mostly a collection of the author's memos that he wrote to the clients who invested in his funds。 I found the wisdom contained in these memos to be useful and important。 I'm glad I had the chance to read them。 However， because this book was not a concise summation of the author's investing philosophy it did become a little tedious。 This book is mostly a collection of the author's memos that he wrote to the clients who invested in his funds。 I found the wisdom contained in these memos to be useful and important。 I'm glad I had the chance to read them。 However， because this book was not a concise summation of the author's investing philosophy it did become a little tedious。 。。。more
Tyler
，
A great look into the mindset of a legendary value investor。 While I still think growth investing has legitimate merits， this book has convinced me of the potential that value investing holds。 After reading this book， I’ve come to understand value vs growth investing as more of a spectrum。 I will be looking for books that teach how to actually estimate value in the future as a direct result of this book。 In short， a great mindset book， but don’t expect a detailed look into value investing estima A great look into the mindset of a legendary value investor。 While I still think growth investing has legitimate merits， this book has convinced me of the potential that value investing holds。 After reading this book， I’ve come to understand value vs growth investing as more of a spectrum。 I will be looking for books that teach how to actually estimate value in the future as a direct result of this book。 In short， a great mindset book， but don’t expect a detailed look into value investing estimation。 。。。more
Matthew M
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Howard Marks is an incredible writer with an excellent take on balancing investment， risk approach， and awareness of your own behavioural flaws and biases。 A must-read。
Sapphireblue
，
不是商科生需要更久的时间来咀嚼，但是还是看完了。最重要的事，便是以非凡的洞察力，加上在恰当的时间做正确的事与选择
Robert Chang
，
One of the best books that I have read on investing - mostly common sense， very thoughtful。
Adam Benton
，
Fantastic book of you like value investing。 There were many parts that seems repetitive， but I think you sometimes need to hear these points many times over。 Given the current crypto currency craze and high market valuations。 This is a perfect time to review these ideas。
Josephine Amalie
，
Short， simple and incredibly condensed。
Jefferson Costa
，
Amazing bookPratical approach based on value investing and maket timing。 I really enjoyed the book， very easy to understand and you fell right away equip with new investiments skills
Daniel Wei-hsuan
，
I'd never thought of reading an investment book would feel like reading a philosophy book。 It is really more of an art than science。Howard Marks engages in all topics regarding investing such as the concept of risk， the psychology of fear， the invariability of cycles， and how everything eventually comes down to value。 You will find ambiguities in these concepts， the more you read the more blurry the concepts become， and it is when you can start seeing concepts as higher-level abstract then you s I'd never thought of reading an investment book would feel like reading a philosophy book。 It is really more of an art than science。Howard Marks engages in all topics regarding investing such as the concept of risk， the psychology of fear， the invariability of cycles， and how everything eventually comes down to value。 You will find ambiguities in these concepts， the more you read the more blurry the concepts become， and it is when you can start seeing concepts as higher-level abstract then you start defining them at the appropriate low-level context in your own battlefields。 。。。more
Ruyi Chiang
，
This book might be more suitable for people who have had some investing experience。What's highlighted in the book echos what I've learned these days from reading Poor Charlie's Almanack and The Phycology of Money。 I jotted down a few good reminder for the future me: 1） second level thinking2） be mindful of the relationship between price and value。 You're finding a good buy but a good asset。 Buying a good asset in undervalued price increase your chance of profit。3） the biggest profit usually emer This book might be more suitable for people who have had some investing experience。What's highlighted in the book echos what I've learned these days from reading Poor Charlie's Almanack and The Phycology of Money。 I jotted down a few good reminder for the future me: 1） second level thinking2） be mindful of the relationship between price and value。 You're finding a good buy but a good asset。 Buying a good asset in undervalued price increase your chance of profit。3） the biggest profit usually emerge when others are forced to sell and you're on the buyer side。4） the sports anology for investing to explain offense and defense investing。5） focus on "the knowable": industries， companies and securities。 6） don't let yourself be a forced seller， relating to point 3 。。。more
Emily
，
read the Chinese version。 It is worth reading twice。 This book is different from other investing books because it points out the pivotal elements that would effect us when investing。 As an investing beginner， I'm lucky to read this book to realize that my mental stableness is very crucial and what can I do to prevent myself from losing more money or being crazy over myself through the investing road。 read the Chinese version。 It is worth reading twice。 This book is different from other investing books because it points out the pivotal elements that would effect us when investing。 As an investing beginner， I'm lucky to read this book to realize that my mental stableness is very crucial and what can I do to prevent myself from losing more money or being crazy over myself through the investing road。 。。。more
Ron Guay
，
For me， the difference between just reading the 5-10 key quotes or excerpts （ie the winning strategy is to reduce the downside in a market and settling for market average in the up markets） and devoting the time to read the whole book wasn’t a good investment of time。 I give Marks credit for saying at the beginning that you should expect to see many of the key principles repeated many times throughout the book。 I didn’t take away anything that I can practically apply to my own approach to invest For me， the difference between just reading the 5-10 key quotes or excerpts （ie the winning strategy is to reduce the downside in a market and settling for market average in the up markets） and devoting the time to read the whole book wasn’t a good investment of time。 I give Marks credit for saying at the beginning that you should expect to see many of the key principles repeated many times throughout the book。 I didn’t take away anything that I can practically apply to my own approach to investments。 Knowing that you should target investments where price is lower than intrinsic value isn’t of much use without any methodologies or strategies to properly determine intrinsic value。 。。。more
Bailey Francis
，
4。25/5
Pipattra Cheeranan
，
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Joshua
，
Somewhat repetitive， but ties together nicely what I am currently learning in my business degree。 Aside from investing。。。 this book is also a good primer in common sense and a healthy skepticism。 I wish it had gone a bit more in-depth on the technicals though。。。 what is Oakhill's process for choosing a Stock or a Property？ Somewhat repetitive， but ties together nicely what I am currently learning in my business degree。 Aside from investing。。。 this book is also a good primer in common sense and a healthy skepticism。 I wish it had gone a bit more in-depth on the technicals though。。。 what is Oakhill's process for choosing a Stock or a Property？ 。。。more
Selena Stan
，
It is a 3-star book based on a 4-star idea。 Would have made a 5-star article， but the book is too long and repetitive。 After the first 5-6 chapters the ideas just keep on repeating - 100% consistency， 90% boredom。
Oliver Vugusu
，
To achieve superior investment results， your insight into value has to be superior。 Thus you must learn things others don’t， see things differently or do a better job of analyzing them—ideally， all three。
Diego Kuri
，
Valuable information that I will try to hold on as much as I can。 As an inexperienced investor this book gave the right insights， specially with all that's happening today。 Valuable information that I will try to hold on as much as I can。 As an inexperienced investor this book gave the right insights， specially with all that's happening today。 。。。more
Arun
，
The most important thing is 19 most important things。 Much wisdom in here on how to invest thoughtfully as an active investor。 No math or models （not that they are not important）， but practical suggestions and cautions to make you a better active investor。 I love how he adjusted the risk-reward line to capture the probability distribution of outcomes， which makes so much more sense in how one thinks about risk。 That's the way it should really be taught。 Similarly， the point about understanding t The most important thing is 19 most important things。 Much wisdom in here on how to invest thoughtfully as an active investor。 No math or models （not that they are not important）， but practical suggestions and cautions to make you a better active investor。 I love how he adjusted the risk-reward line to capture the probability distribution of outcomes， which makes so much more sense in how one thinks about risk。 That's the way it should really be taught。 Similarly， the point about understanding the role of business cycles and patient opportunism。 The one thing l wish there had been a bit more of was on how to assess value reasonably accurately given that's such an important part of being successful as a contrarian investor。 But l suppose that would have called for a book in itself。 Even for those who think value investing is passe， there is still much to glean from this book。 At the very least， it will temper how you think about risk， for the better。 However， if you are not an active investor or interested in active investing， you can skip this。 。。。more
Morten Hovland
，
«An outstanding book about CEOs who excelled at capital allocation»
Mikkel
，
I think this would be more useful for someone who is open to active investing， but there were some pretty neat insights that will inform my investment decisions moving forward。 One is the idea that the market isn't efficient， that there are sometimes securities or asset classes that are priced significantly above or below what fundamentals would dictate。 The hard part is being confident enough in your sense of value to go against the herd。 Makes a good case for the viability of active investing， I think this would be more useful for someone who is open to active investing， but there were some pretty neat insights that will inform my investment decisions moving forward。 One is the idea that the market isn't efficient， that there are sometimes securities or asset classes that are priced significantly above or below what fundamentals would dictate。 The hard part is being confident enough in your sense of value to go against the herd。 Makes a good case for the viability of active investing， while still denouncing the idea of timing the market。 。。。more
Ralph Bonino
，
As someone who has only learnt about value investing from online sources， I found this book to be a great starter framework to long term investment strategies。 The highlight for me was the breakdown of how psychology impacts both the markets and you personally （managing FOMO especially）。
Dylan Steinfeld
，
Marks leverages a host of memos that he has written over the last 20 years to demonstrate - quite brilliantly - that the investors who succeed more often than not are the ones who limit losses during downturns without compromising at least average times during the gains。Ultimately， my key takeaways from his investment philosophy is that one should invest defensively by taking calculated risks and buying assets at a good price。 The asset good be good or bad， but if the price is right， you will wi Marks leverages a host of memos that he has written over the last 20 years to demonstrate - quite brilliantly - that the investors who succeed more often than not are the ones who limit losses during downturns without compromising at least average times during the gains。Ultimately， my key takeaways from his investment philosophy is that one should invest defensively by taking calculated risks and buying assets at a good price。 The asset good be good or bad， but if the price is right， you will win in the long run。 Good read， and would recommend to anyone who is interested in investing basics。 。。。more
Sebastian
，
It’s a very solid business book: ideas that are perhaps intuitive but stated clearly， that are furthermore not prescriptive but provide useful mental models。 I’d recommend in the same way I recommend High Output Management。
Bobby
，
A very good read on how to think about investing
Leonardo Barros
，