The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) (英語) ハードカバー – 2013/1/15
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Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group).
These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information.
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.
"This is that rarity, a useful book."--Warren Buffett
When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book.--Praise for The Most Important Thing, Warren Buffett, Chairman and CEO, Berkshire Hathaway
If you take an exceptional talent and have them obsess about value investing for several decades--including deep thinking about its very essence with written analysis along the way-- you may come up with a book as useful to value investors as this one. But don't count on it.--Praise for The Most Important Thing, Jeremy Grantham, Cofounder and Chief Investment Strategist, Grantham Mayo Van Otterloo
A clear and expert resource for all investors.--Praise for The Most Important Thing "Kirkus Reviews "
Veteran value-investing manager Howard Marks draws on pithy memos he wrote to clients over the years to dispense insightful advice on everything from risk taking to the role of luck.--Praise for The Most Important Thing "Money Magazine "
This is a book I recommend you keep on your desk--Charles Sizemore "Forbes.com Moneybuilder "
The original is great, but if you're willing to spend a bit more money (eBook is $9.99), this new version does have a little more meat to it.--My Money Blog
I recommend this book to all who aspire after value investing.--Aleph Blog / Money Science
This new edition does the nearly impossible; it takes an already classic text and makes it an even more indispensable tool for investors!--FocusInvestor.com
Ultimately The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor is an outstanding read. I'll be referring back to it often. I'd say it's a must-have for every value investor.--Seeking Alpha
Enlightening and well detailed.--Midwest Book Review
You wouldn't regret buying this!!
Howard Marks, Chairman of Oaktree Capital Management, writes clearly and persuasively about the importance of risk avoidance when investing in stocks. He emphatically states his belief that risk avoidance by buying at a good value is the key to success. He then spends the rest of the book telling the reader the 18 most important things to consider when buying stocks. His discussion of investor psychology is worth the price of the book by itself. Everything else is a bonus.
I had been meaning to read this book for a year or so. When I learned that an annotated edition, with comments from some leading value investors, I grabbed it. I took my time reading it, as there is so much great information within. The final chapter, in which Marks pulls all 18 important things together, is now something I intend to re-read several times a year, like I do with Chapters 8 and 20 of Benjamin Graham's The Intelligent Investor.
The book reaffirms my belief: Not because technology has made it easy for average people to trade financial securities on exchanges like NASDAQ and NYSE does not mean that they have the required skills to perform securities valuation. Average people who trade regularly on securities exchanges are like the weekend golfers playing the Blue or Black T-Boxes on a standard PGA course. This is why 401(k) is bad for the average worker.
I especially enjoyed his discussion of risk. Marks seems to have a good sense of where the "pendulum" of risk is, as has managed to avoid some of the major crashes (or taken a reduced hit). This book explains his approach and well as his insightful notion of "second level" thinking.
Easy to read. Should be helpful to all investors.