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The Most Important Thing
- Uncommon Sense for The Thoughtful Investor
- Narrated by: John FitzGibbon
- Length: 7 hrs and 9 mins
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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.
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your My Library section along with the audio.
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- mo
- 06-12-17
Great content very well read must buy
Easy to listen to with great insights, would recommend to any would be investor. Enjoy
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- MB
- 31-03-19
Well structured and insightful
I rarely give a 5 star rating but this book truly deserves it. Loads of wisdom and thoughts provoking insights in it. Also easy to follow as an audio book and well narrated. One of the few to be re-listened at some point in the future.
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2 people found this helpful
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- steven griffiths
- 25-02-22
Bit of a variation on Mr Nice
I was expecting tales of when Howard Marks aka Mr Nice got stoned to various states but this was good anyway
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- rnd
- 20-03-21
book is great
narrator sucks
book is 6 star
need to view charts at the time of listen
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- Faisal Khesrawi
- 03-02-22
Best
Very likely the best book in investing
On market psychology, behaviour, strategy, common fallacies
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- AFM
- 29-03-20
A well written book, good lessons about investing!
An easy listen with where lessons learned is shared from years of experience. Thoroughly enjoyed it.
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- Hasnat Safder
- 26-10-19
The most important thing is this book
Nobody really knows what tomorrow will bring, so rather than predicting this books tells you to watch your tomorrow and be prepared. Excellent analysis and examples used throughout the book.
Wonderfully narrated too John FitzGibbon.
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5 people found this helpful
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- Mat Brunt
- 25-01-20
So good I finished it in one go
Content of the book is very good, didn't feel overly technical, more like just listening to someone tell a series of stories to illustrate a point. Narration of this book is excellent, the voice was engaging and combined with the content I suddenly found my days plans cancelled so I didn't have to stop.
The material does start to repeat itself a little midway through the book, but I still found it interesting, it just reinforced earlier passages.
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4 people found this helpful
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- Joseph Vose
- 16-01-19
Insightful
Offers a great understanding to invemnet philosophy, the audio is clear and maintains interest throughout. Reckomended to anyone with an interest In investment
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2 people found this helpful
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- Mr
- 26-06-21
Great book about assessing and managing risk.
There are a great many trading books that focus the readers attention on potential gains and strategies for profit. This book puts the emphasis squarely were it *should* be - RISK.
Risk, and how to control it, is the theme that runs through all of the collection of articles on different concepts in the book. The "Most Important" gimmick which presages every chapter, is the author's way of hammering home to you that you can't afford to take a slap-dash approach that overlooks any key element. The different segments all have their own concepts that are explored, but all come back to the same central principle that you must manage the amount of risk you are taking on, and that long-term survival and success in markets come from caution and consistency, not chasing huge home-runs.
The most significant concept that comes though is the old fashioned "margin of safety" idea, beloved of Ben Graham and Warren Buffett. Although good luck finding equities trading at low multiples at the time I'm writing this, like so many books, this one was written for a world where central banks armed with money-printers, weren't manipulating the price of everything all the time.
The narrator does a competent job.
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