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The most important thing Paperback

4.6 out of 5 stars 1,746 ratings

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Product details

  • Language ‏ : ‎ English
  • ISBN-10 ‏ : ‎ 9353022797
  • ISBN-13 ‏ : ‎ 978-9353022792
  • Item weight ‏ : ‎ 209 g
  • Dimensions ‏ : ‎ 20.3 x 25.4 x 4.7 cm
  • Customer Reviews:
    4.6 out of 5 stars 1,746 ratings

About the author

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Howard Marks is chairman and cofounder of Oaktree Capital Management, a

Los Angeles-based investment firm with $80 billion 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.

Customer reviews

4.6 out of 5 stars
4.6 out of 5
1,746 global ratings

Top reviews from Canada

Reviewed in Canada 🇨🇦 on January 14, 2020
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Reviewed in Canada 🇨🇦 on January 27, 2018
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Top reviews from other countries

Djilly L.
3.0 out of 5 stars Didn't grow my wealth yet
Reviewed in the United Kingdom 🇬🇧 on March 29, 2019
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3.0 out of 5 stars Didn't grow my wealth yet
Reviewed in the United Kingdom 🇬🇧 on March 29, 2019
This book is not so much about fancy academic financial calculations. Nor does it provide a single trick that guarantees astronomical profits. However it does go back to the basics and stresses several key principles for survival in financial markets. As such, there is not a single important thing in investing, to which I do agree. I was less pleased with the endless references to Wharton, and the books from Taleb and Warren Buffet that most people with interest in the subject will have read.

The book addresses topics like market psychology (go against the crowd at extreme ends of investor psychology), the asymmetrical relationship between gains vs losses (you need a 100% gain to recover from a 50% loss), estimates, economical cycles, behaviour, risk management. And the differences between loser's game and winner's game, or the difference between offense and defence.

The book is more a collection of market comments and thoughts from his frequent letters and a memoir of his career. Each chapter is fairly brief and informative, although my thoughts drifted away with a certain frequency in the first half of the book. All in all it is a decent recap but not overly revealing. If you fail to realise you need to take risk, be contrarian and that you need come up with unique ideas to generate excess performance as an investor you would have been ramping up losses or been out of business soon.

As an style-agnostic active equity fund manager of a fairly sizeable pool of AuM I didn’t always agree with the author’s arguments as a value investor. But it was helpful to see some basic principles phrased. And I developed more sympathy towards the end of the book, but more so because it's there that the author alludes more to core principles that I and my team have stuck to for the past few decades. But there wasn't anything new or that we haven't brought in practice. As such it's more an instruction for new or retail investors about how successful asset mangers think, act and operate. But then you wonder what they would do with the concept of ‘alpha’ or where they would get their unique insight or ‘second level of understanding’ to make proper investment decisions.. Also all these concepts are helpful and meaningful but don't expect to learn 'how' to invest i.e. there is nothing about the what the author calls the 'micro approach' the selection and actual analysis of assets and investments, while he repeatedly tresses that such fundamental research and analysis is key to successful investment returns.
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14 people found this helpful
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Gaurav Sharma
5.0 out of 5 stars A wonderful book for those interested in learning about investing
Reviewed in India 🇮🇳 on December 30, 2018
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50 people found this helpful
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Mark
5.0 out of 5 stars A brilliant book but not for your first investment book
Reviewed in the United Kingdom 🇬🇧 on November 17, 2012
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39 people found this helpful
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G Singh
5.0 out of 5 stars The Most Important Thing is Read This Book
Reviewed in the United Kingdom 🇬🇧 on December 25, 2020
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3 people found this helpful
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D. L. Anderton
5.0 out of 5 stars Classic
Reviewed in the United Kingdom 🇬🇧 on January 7, 2012
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11 people found this helpful
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