The Most Important Thing

Uncommon Sense for The Thoughtful Investor

By: Howard Marks

Narrated by: John FitzGibbon

Length: 7 hrs and 9 mins

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.

Download the accompanying reference guide.

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

Critic reviews

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

A great book on Investing

Thoughtful Investor!!! How thoughtful one should be when making an investment. The book is wonderful in that it helps one shape his or her understanding of the markets in a very meaningful way. It eminently suggests ways to synchronize our heart and mind to meaningfully engage in investing and dispels any doubt that we have regarding whether it is an art that is a domain of a few or a science beyond an average investor's reach and shares with us that what is important is to try to be less wrong than to try to be more right. A great book on investing. With less reliance on empirical or existing data, the book appears contemporary and very relevant to all types of investors, whether novice or expert. A good effort by narrator who picks up the tempo in the later parts of the book. Reading with a hard copy and listening on audible was a refreshing experience and would say that its a not to be missed book for all avid investors..

Found what i was looking for

One of the greatest books on investing and trading. On level with Market Wizard series.

Must read book for solid investment mindset

If you are looking for a great book on how you need to think and act as investor, this is it!
No fluff. No secrets. No BS. Just the skills and mindset necessary to succeed where so many fail.

Five Star Book, two Star Audiobook

Would you consider the audio edition of The Most Important Thing to be better than the print version?

No, not at all. The narrater is a great speaker. But he sounds like Kramer on the Seinfeld commercial where he was imitating the MoviePhone guy. It's not entirely his fault. I've watched hours of interviews with Howard Mark's and he tells his stories so great, with a great Queens accent. This is one of the greatest investing books ever written, but the way it's read widdle's it down to absolute boredom.

What was one of the most memorable moments of The Most Important Thing?

Mark's adages...which are funner and more memorable to hear from Mark's himself.

Any additional comments?

The print version of this is amazing. All of his video interviews are absolutely entertaining and insightful. I may keep this just because it's a great book and the information is valuable to me.

Seasonal Investor Gem

Great insight to investor wisdom and winners mindset for long term success. Not your typical RaRa motivational general knowledge. Great book!

The most important thing..

.. Is to acknowledge the timely wisdom of Howard Marks and his school of thought as a whole. You would do yourself a great service, whether an investor or not, to give this book its just dues.

Think!!

This book will turn your focus to the crux of your investment decisions.. Don't hesitate to buy..

Logical and entertaining information

Some great logic expressed in a way to make new investors think deeper and more rational than the surface thoughts which lead to better decision making overall. Very thought provoking!

Oak tree investment philosophy

Great nuggets of his investment philosophy. The book is broken down cleanly. The overarching concept is simple, second level thinking. It runs short of being a manifesto but is a clear payout of Howard’s views. It’s not a preachy book like many investment books. Instead he sets out here’s what I believe here’s why I believe it.

Howard Marks brings all the wisdom u need

in a very memorable and streight forward book. His wisdom is what gives me my best edge over the market.