The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor [NOOK Book]

Overview


In May of 2011, Columbia Business School Publishing released Howard Marks’ The Most Important Thing, a book that distilled the wisdom of Marks’ celebrated client memos into a single volume, making his time-tested investing philosophy available to general readers for the first time. The book was greeted with wide acclaim from investors—professional, casual, aspiring, and armchair alike—and became a business bestseller.

Now, Columbia Business ...
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The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

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Overview


In May of 2011, Columbia Business School Publishing released Howard Marks’ The Most Important Thing, a book that distilled the wisdom of Marks’ celebrated client memos into a single volume, making his time-tested investing philosophy available to general readers for the first time. The book was greeted with wide acclaim from investors—professional, casual, aspiring, and armchair alike—and became a business bestseller.

Now, Columbia Business School Publishing is proud to announce an innovative digital edition that allows you to read Marks’ words alongside comments, insights and counterpoints from four other renowned investors and investment educators: Christopher Davis, Joel Greenblatt, Paul Johnson and Seth Klarman. See what these investors think of such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. There are also annotations from Howard Marks himself, highlighting some of the themes that run throughout the book, along with a previously unpublished bonus chapter on the importance of reasonable expectations. This edition features a foreword from Bruce Greenwald.

Whether you’ve already read The Most Important Thing cover to cover or are new to the book, The Most Important Thing Illuminated will give you an unprecedented look into how America’s top investors make decisions and achieve financial success.
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Editorial Reviews

Money Magazine

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

My Money Blog

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.

Aleph Blog/Money Science
I recommend this book to all who aspire after value investing.
FocusInvestor.com

This new edition does the nearly impossible; it takes an already classic text and makes it an even more indispensable tool for investors!

Praise for The Most Important Thing

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.

Aleph Blog / Money Science

I recommend this book to all who aspire after value investing.

Midwest Book Review

Enlightening and well detailed.

Forbes.com Moneybuilder - Charles Sizemore

This is a book I recommend you keep on your desk

Seeking Alpha

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.

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Product Details

  • ISBN-13: 9780231530798
  • Publisher: Columbia University Press
  • Publication date: 4/17/2012
  • Series: Columbia Business School Publishing
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition description: Digital Only
  • Pages: 248
  • Sales rank: 246,624
  • File size: 556 KB

Meet the Author

Howard Marks is chairman and cofounder of Oaktree Capital Management, a Los Angeles-based investment firm with seventy-five billion dollars under management. He holds a bachelor's degree in finance from the Wharton School and an MBA in accounting and marketing from the University of Chicago. He is the author of The Most Important Thing: Uncommon Sense for the Thoughtful Investor.

Bruce C. Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic director of the Heilbrunn Center for Graham & Dodd Investing. He is the coauthor of The Curse of the Mogul: What's Wrong with the World's Leading Media Companies.

Columbia University Press

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Table of Contents

Foreword Bruce C. Greenwald ix

Introduction xi

The Most Important Thing is…

1 Second-Level Thinking 1

2 Understanding Market Efficiency (and Its Limitations) 8

3 Value 19

4 The Relationship Between Price and Value 29

5 Understanding Risk 39

6 Recognizing Risk 57

7 Controlling Risk 71

8 Being Attentive to Cycles 81

9 Awareness of the Pendulum 89

10 Combating Negative Influences 97

11 Contrarianism 111

12 Finding Bargains 122

13 Patient Opportunism 131

14 Knowing What You Don't Know 142

15 Having a Sense for Where We Stand 151

16 Appreciating the Role of Luck 161

17 Investing Defensively 171

18 Avoiding Pitfalls 185

19 Adding Value 201

20 Reasonable Expectations 209

21 Pulling It All Together 215

About the Contributors 225

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