The Most Important Thing

  • by Howard Marks
  • Narrated by John FitzGibbon
  • 7 hrs and 9 mins
  • Unabridged Audiobook

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.
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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What the Critics Say

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

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Customer Reviews

Most Helpful

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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- mo

First Class Investing Philosophy

In many ways this is a philosophy book. Howard Marks is a deep thinker and eloquent writer. If you like Charlie Munger and Nicholas Taleb you will get a lot from Howard Marks. Take a look at his memos on the Oaktree site to get a flavour.

Oh, and the narrator is first class.
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- John P

Book Details

  • Release Date: 22-08-2012
  • Publisher: Audible Studios