The Most Important Thing: Uncommon Sense for the Thoughtful Investor
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- Create Date：2021-08-08 06:55:28
- Update Date：2025-09-06
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- Author：Howard Marks
- ISBN：0231153686
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Summary
"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。
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。
Reviews
Luiz Marques
，
Very good， and a lot of great insights in the market。 I'm no pro but I think I learned a lot from it。I actually got the illuminated version， which has extra comments by other investors as well as the author - I feel that it does help。 Very good， and a lot of great insights in the market。 I'm no pro but I think I learned a lot from it。I actually got the illuminated version， which has extra comments by other investors as well as the author - I feel that it does help。 。。。more
Santhosh Somappa
，
Gem of a book！！ Great insights on investing。
Jeevan Koneti
，
Excellent book that covers economics， finance， investment cycles。
Jag
，
An excellent book。 I learned a lot。 Super informative， and delivered like a mentor writing to their mentee。
Ethan Drower
，
Another gem from Howard marks。 Super rare to be able to look into the decision making style of a world class investor/fund manager。
Cian
，
Quite a poor book considering Marks' impressive record。 I learned very little if anything that I didn't know before from this book。 I found it very annoying his continued talk of the importance in calculating intrinsic value and giving no time to explaining how he actually goes about doing it。 I also found the lack of a single example in the entire book to be irksome。 Quite a poor book considering Marks' impressive record。 I learned very little if anything that I didn't know before from this book。 I found it very annoying his continued talk of the importance in calculating intrinsic value and giving no time to explaining how he actually goes about doing it。 I also found the lack of a single example in the entire book to be irksome。 。。。more
Rebecca Yuan
，
Howard Marks' memos are consistently insightful and this book compiles numerous memos from over the years。 One of the best books to think about 'how to invest' Howard Marks' memos are consistently insightful and this book compiles numerous memos from over the years。 One of the best books to think about 'how to invest' 。。。more
Ben
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Thought provoking。
Nick Lynem
，
This is my favorite book， I listen to on repeat hoping the mesege sinks in。
Kair Käsper
，
By far the most impactful book I've read on $$$。 By far the most impactful book I've read on $$$。 。。。more
Ricky
，
As with any other investment book， the main takeaway for me is to be able to identify our standpoint in one market cycle。The rest， is pretty much similar to most fundamentalist investor。
Zoe K。
，
It's not about the content。 In the investment world， everyone has his belief and strategy。 You wont find one book that all investors agree to。 Howard just has a way of writing that makes it so enjoyable to read his thought。 You can read his memo when you need a refresher of mind。 He is a good reminder to me that it is never too old to be open-minded and adapt to change。 It's not about the content。 In the investment world， everyone has his belief and strategy。 You wont find one book that all investors agree to。 Howard just has a way of writing that makes it so enjoyable to read his thought。 You can read his memo when you need a refresher of mind。 He is a good reminder to me that it is never too old to be open-minded and adapt to change。 。。。more
Keven Wang
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Masterpiece。 Classic
Paweł Michalski
，
Full of nuggets of knowledge， especially for value investors。 Hard to understand for VCs ;）
Rob Saunders
，
I loved this book because the author conveys passion about finance and investing through well-written perspective and reason。 This somewhat advanced book seems intended for active market investors; but anyone who wishes to learn more about the nature of markets and how to think about investing and wealth will enjoy reading and studying it。 More of a theory and philosophical discussion than a "how-to" guide， there are plenty of insider nuggets to work through on micro and macro levels。 I garnered I loved this book because the author conveys passion about finance and investing through well-written perspective and reason。 This somewhat advanced book seems intended for active market investors; but anyone who wishes to learn more about the nature of markets and how to think about investing and wealth will enjoy reading and studying it。 More of a theory and philosophical discussion than a "how-to" guide， there are plenty of insider nuggets to work through on micro and macro levels。 I garnered lots of "a-ha" moments about both finance and life in general。 Howard Marks writes one must "know the knowable。" Reading this book is an exposure and acquisition to knowledge。Here are a few quotes。Marks wrote:"Only if your behavior is unconventional is your performance likely to be unconventional， and only if your judgments are superior is your performance likely to be above-average。""[A]ll approaches to investing in company securities can be divided into two basic types: those based on analysis of the companies attributes， known as 'fundamentals，' and those based on study of the price behavior of the securities themselves。 In other words， an investor has two basic choices: gauge the securities underlying intrinsic value and buy or sell when the price diverges from it， or base decisions purely on expectations regarding future price movements。""In a nutshell， value investors aim to come up with a security's current intrinsic value and buy when the price is lower， and growth investors try to find securities whose value will increase rapidly in the future。""[T]he risk of an investment - defined as the likelihood of loss - can't be measured in retrospect any more than it can a priori。""Patient opportunism - the waiting for bargains - is often your best strategy。 So here's a tip: You will do better if you wait for investments to come to you rather than chasing after them。 You tend to get better buys if you select from a list of things sellers are motivated to sell rather than start with a fixed notion as to what you want to own。""[C]ycles will rise and fall， things will come and go， and our environment will change in ways beyond our control。 Thus we must recognize， except， cope and respond。 Isn't that the essence of investing？" "The more we concentrate on smaller-picture things， the more it's possible to gain a knowledge advantage [in order to] know the knowable。。。" "The most important thing。。。isn't the data， but the conclusions （assuming they're correct and capable of being generalized） and their ramifications。" 。。。more
David Laing
，
A book filled with seemingly sensible advice about how to beat the market。 Mainly， what I took away from it is that trying to beat the market is way harder than it's worth。 Overall， I think Marks is probably too optimistic about the average investor's ability to pull off a strategy better than just dollar-cost averaging into a low-cost index fund。 Also， this book isn't particularly practical; it won't tell you how to allocate across asset classes or how to alter your approach based on your stage A book filled with seemingly sensible advice about how to beat the market。 Mainly， what I took away from it is that trying to beat the market is way harder than it's worth。 Overall， I think Marks is probably too optimistic about the average investor's ability to pull off a strategy better than just dollar-cost averaging into a low-cost index fund。 Also， this book isn't particularly practical; it won't tell you how to allocate across asset classes or how to alter your approach based on your stage of life or your unique goals。 Basically， read this book if you want to hype yourself up to try active investing。 （But you shouldn't do that without first reading a strong case for passive investing—check out A Random Walk Down Wall Street or Winning The Loser's Game。） 。。。more
Kieran Donnelly
，
Incredible。 Very different to the "buy index funds， minimize fees" investment books I'm used to。 Looking forward to implementing some of the left-field thinking that Marks discusses。 Incredible。 Very different to the "buy index funds， minimize fees" investment books I'm used to。 Looking forward to implementing some of the left-field thinking that Marks discusses。 。。。more
Steven Perry
，
This book is a good overview of investing and can offer some valuable perspective to a person with little investing or business knowledge。 If I didn't have 7 years worth of business school already， I probably would have got more out of the book。 That being said， I still learned a few insights that I can follow up in more detailed reading sknthe future。I'm far from an experienced investor， but this just add any "a-ha moments" that I was looking for。 This book is a good overview of investing and can offer some valuable perspective to a person with little investing or business knowledge。 If I didn't have 7 years worth of business school already， I probably would have got more out of the book。 That being said， I still learned a few insights that I can follow up in more detailed reading sknthe future。I'm far from an experienced investor， but this just add any "a-ha moments" that I was looking for。 。。。more
Weiting
，
A must-read for any rookie investor。 Not a how-to investing guide， but more about investment philosophy that is incredibly insightful and enlightening。
Ernesto Alcantara
，
This review has been hidden because it contains spoilers。 To view it， click here。 A very sound list of the most important things for investors to keep in mind for a long and consistent investment journey。More than technical or step by step how to instructions， this is a compilation of anecdotes， adages and nuggets of wisdom compiled through decades of experiences and historical events that prove them true。 These most important things prepare you for the mental and emotional fortitude required to be contrarian， resist negative influences and look for opportunities， as inevitab A very sound list of the most important things for investors to keep in mind for a long and consistent investment journey。More than technical or step by step how to instructions， this is a compilation of anecdotes， adages and nuggets of wisdom compiled through decades of experiences and historical events that prove them true。 These most important things prepare you for the mental and emotional fortitude required to be contrarian， resist negative influences and look for opportunities， as inevitably the pendulum swings to bullish or bearish extremes。 。。。more
Juju
，
以前想像的泡沫就是吹泡泡那種會飛起來破掉的泡泡，直到閱讀這本書的時候腦中才出現倒汽水或啤酒時會一直上升的泡沫，突然覺得超有畫面！想到用泡沫形容的人好會喔XD水面稍微上升一些，泡沫就會成長，但終究泡沫會消散，讓我們看到真正的水位。就像衝高的股價，終究會現出真實的價值。只是沒人能準確知道多久後會看到真正的水位，就像倒汽水和啤酒時，泡沫稍微退了就再補充多倒一點，會看到泡沫又急遽成長。這本書很像《窮查理的普通常識》的延伸導讀，許多蒙格沒有說很明白清楚的技術或觀點，在這本能獲得解答。感覺像到補習班惡補一下知識😆例如安全邊際、避免犯錯在投資上的實例。發現我好像不喜歡這種教條式的書，看得好累，不過也確實有從中獲得寶貴的知識。而且發現我好像不愛看到那種分你我二分法的風格，突然感悟到舉反例還真需要技巧！例如蒙格的反例好像就舉得讓你感受不出負面頻率，或是在批評他人，蒙格好像就是很直接不拐彎抹角，通常是幽默詼諧地敘說（可能還會被他的反諷逗笑），背後的意涵則交由聽者自己領會。這本書的作者應該是比較想講清楚，所以時常會有「這你之前唸過了」的感覺:P閱讀心得文：https://jujuchu。com/the-mo 以前想像的泡沫就是吹泡泡那種會飛起來破掉的泡泡，直到閱讀這本書的時候腦中才出現倒汽水或啤酒時會一直上升的泡沫，突然覺得超有畫面！想到用泡沫形容的人好會喔XD水面稍微上升一些，泡沫就會成長，但終究泡沫會消散，讓我們看到真正的水位。就像衝高的股價，終究會現出真實的價值。只是沒人能準確知道多久後會看到真正的水位，就像倒汽水和啤酒時，泡沫稍微退了就再補充多倒一點，會看到泡沫又急遽成長。這本書很像《窮查理的普通常識》的延伸導讀，許多蒙格沒有說很明白清楚的技術或觀點，在這本能獲得解答。感覺像到補習班惡補一下知識😆例如安全邊際、避免犯錯在投資上的實例。發現我好像不喜歡這種教條式的書，看得好累，不過也確實有從中獲得寶貴的知識。而且發現我好像不愛看到那種分你我二分法的風格，突然感悟到舉反例還真需要技巧！例如蒙格的反例好像就舉得讓你感受不出負面頻率，或是在批評他人，蒙格好像就是很直接不拐彎抹角，通常是幽默詼諧地敘說（可能還會被他的反諷逗笑），背後的意涵則交由聽者自己領會。這本書的作者應該是比較想講清楚，所以時常會有「這你之前唸過了」的感覺:P閱讀心得文：https://jujuchu。com/the-most-importan。。。 。。。more
Frederic Kerr
，
Howard Marks has a rare combination of positive attributes。 He's a great investor， seems a thoughtful， likeable person and is a fine writer。 So why did I give this book only two stars out of five？I agree with another reviewer who observed that the usefulness of this book is inversely proportional to the reader's experience as an investor。 If， as a beginner investor， you want to read about how one famous investor thinks about risk and views the process of investing， this is a helpful book， even i Howard Marks has a rare combination of positive attributes。 He's a great investor， seems a thoughtful， likeable person and is a fine writer。 So why did I give this book only two stars out of five？I agree with another reviewer who observed that the usefulness of this book is inversely proportional to the reader's experience as an investor。 If， as a beginner investor， you want to read about how one famous investor thinks about risk and views the process of investing， this is a helpful book， even if it is culled from his many memos to Marks' clients at Oaktree Capital and assembled like a patchwork quilt。 Howard Marks' perspective is still useful to more experienced investors， but he constantly teases readers by dancing right up to the edge of giving a useful detail， only to pirouette away at the last instant。 For example， Marks explains why he's a value investor， preferring to explore today's knowns about a company， rather than chasing growth， which is in the future and therefore unknowable。 OK。 This would have been an ideal moment to describe how he measures value for stocks。 Earnings multiples？ Cash flow multiples？ Free cash flow？ Discount to book value？ Net present value？ Net tangible assets？ All of the above？ He doesn't say。Marks describes the importance of being more cautious when the market looks expensive。 Great。 What does the great man think makes a market expensive versus cheap？ Earnings multiples？ Cyclically adjusted earnings？ Yield curve shape？ Earnings yield spreads versus treasury bonds？ The VIX volatility index？ Hemlines？ Superbowl winners？ Lunar cycles？ Marks isn't telling。Let's imagine that， unaided by Marks， we find a market expensive， by observing tea leaves， chicken bones and moss growth patterns。 What does Marks' advice， that we should be cautious or defensive during expensive markets， actually mean in practice？ Sitting in cash？ Paring back to half positions？ Staying fully invested but selling winners and replacing them with cheaper stocks？ Switching to low correlation assets like fine art？ Buying bonds as a hedge？ The guru is silent on all these obvious questions。I appreciated Howard Marks' understated wit， but his refusal to be specific about anything important quickly becomes annoying。 My sense is that he agreed to publish this book as a marketing exercise for his firm and decided he wouldn't reveal any of the financial herbs and spices that comprise Oaktree's secret recipe。 I felt cheated， because he teased me but wasted my time。 Read anything by Peter Lynch and Joel Greenblatt， who are both specific with their advice and funnier writers。 。。。more
Marc Villegas
，
Great book that teaches readers how to think about investing without getting too technical。
Chase
，
The investment theories in this book are incredibly inspirational。 I would recommend this to anybody regardless of their investment experience because everyone has something to learn from this book。
Nathan Look
，
Would recommend for anyone interested in investing。 This book discusses investment philosophy in plain English。 Gave me lots to think about。 Even if I knew the concept/idea the book was talking about， getting it reinforced and re-spun by Howard was great。On the list of to read again。
Jordi Tomas
，
Comenzaré por clarificar que este es un libro sobre filosofía de inversión。 Si alguno pretende encontrar en este libro métodos/escalas de valoración de acciones， que busque otros títulos entre los que actualmente hay en el mercado。 El libro tampoco trata sobre contabilidad ni hace referencia， siquiera， a ninguna acción en concreto。 Es un libro en que se expone una filosofía de inversión particular: la de Howard Marks。Dicho lo cual， debo decir que es un libro que recomendaría a inversores que o b Comenzaré por clarificar que este es un libro sobre filosofía de inversión。 Si alguno pretende encontrar en este libro métodos/escalas de valoración de acciones， que busque otros títulos entre los que actualmente hay en el mercado。 El libro tampoco trata sobre contabilidad ni hace referencia， siquiera， a ninguna acción en concreto。 Es un libro en que se expone una filosofía de inversión particular: la de Howard Marks。Dicho lo cual， debo decir que es un libro que recomendaría a inversores que o bien comienzan en la inversión en valor - antes de leer el inversor inteligente recomendaría comenzar por este libro -， o bien a convencidos inversores en valor para que obtengan puntos de vista que ayuden a ser constante en la decisión de formar una cartera value y de adherirse a los principios value。 Como cualquier inversor value sabe， es difícil perderse ciertos trenes en momentos de bonanza especulativa， y reconfortante controlar las pérdidas en momentos de vacas flacas。 Todo ello requiere un trabajo psicológico， y este libro puede ayudar a reconfortar a inversores value que puedan estar desanimados o bien a inversores noveles que quieran iniciarse en el mundo del value。 Un último apunte sería comenzar por el Capítulo 8 si uno tiene cierta idea de inversión; los primeros 8 capítulos son los fundamentos de inversión que cualquier inversor iniciado conoce。 。。。more
Harry Harman
，
Taught me the distinction between growth and value investing。Turns out I’m a growth investor by his definition。 Betting on technology to grow the stock vs buying an established company selling below its intrinsic value。Both strategies are buy and hold long term nonetheless。
Mark
，
Repetitive but good on risk， value， patience and discipline。 Avoid losses and winners will take care of themselves。
Guilherme Noronha
，
5/10
Reuben
，