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  • The Most Important Thing

  • Uncommon Sense for The Thoughtful Investor
  • By: Howard Marks
  • Narrated by: John FitzGibbon
  • Length: 7 hrs and 9 mins
  • 4.6 out of 5 stars (526 ratings)

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The Most Important Thing

By: Howard Marks
Narrated by: John FitzGibbon
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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.

©2012 Howard Marks (P)2012 Audible, Inc.
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Critic reviews

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

What listeners say about The Most Important Thing

Average customer ratings
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  • Overall
    5 out of 5 stars
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    5 out of 5 stars

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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    5 out of 5 stars
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    4 out of 5 stars
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    5 out of 5 stars

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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  • Overall
    5 out of 5 stars
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    3 out of 5 stars
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    5 out of 5 stars

book is great

narrator sucks
book is 6 star
need to view charts at the time of listen

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

Best

Very likely the best book in investing
On market psychology, behaviour, strategy, common fallacies

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars

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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  • Overall
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

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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    5 out of 5 stars
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    5 out of 5 stars

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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    5 out of 5 stars
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    5 out of 5 stars

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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    5 out of 5 stars
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    3 out of 5 stars

Good overview on the principles of investing

Key focus on risk management and how to try to avoid the crushing swing of the market pendelum.

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    5 out of 5 stars
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    5 out of 5 stars

Awesome

Really insightful , great narration . I feel better equipped now to invest in the markets hopefully this will see very decent returns. Thanks

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