✓ The Most Important Thing: Uncommon Sense for The Thoughtful Investor (Audible Audio Edition): Howard Marks, John FitzGibbon, Audible Studios: Amazon.ca ñ Download by Þ Howard Marks

✓ The Most Important Thing: Uncommon Sense for The Thoughtful Investor (Audible Audio Edition): Howard Marks, John FitzGibbon, Audible Studios: Amazon.ca ñ Download by Þ Howard Marks 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 Library Section Along With The Audio In the first few chapters I nearly stopped reading this book It starts out with some generic advice and typical investment industry nonsense, like saying investors who only get market returns have failed if doing better than 90% of people is failing or active managers who stay out of a bull market will have smaller losses in a downturn no, just no, this doesn t happen.
But then it actually got better The book mixes general commentary with bits from letters going back several decades.
Some of the commentary does actually go deeper than the platitudes and give you useful reference points For example one part shows how investors may stretch the limits of risk in unusual assets even while they are avoiding the stock market, so you won t see a general euphoria Another idea in the book that I realized some time ago but almost no one says is that investors commonly think higher risk investments will deliver higher returns, but if that was true they wouldn t actually be higher risk Sometimes you just lose.
The parts from past letters are interesting because you can compare the way of thinking with what was happening at the time Some show timing that s too good to be true, like a letter in October 2008 that said it was a good time to buy Others are a bit early, like other letters from 2004 2006 that call out excessive risk in the market All of them are interesting because we know what ended up happening.
It would have been even better to see specific instances from past letters that turned out to be wrong There is some discussion about how the right call may have the wrong result and vice versa, and the book doesn t really go to great lengths to make it seem like Marks is always right, but there could be good lessons in showing of the other side.
To the uninformed investor this book could deliver the wrong lessons, or a false sense of certainty about the future It does warn against that, but that warning is likely to be received in the right way if you have read a lot about investing already And the basic lessons are repeated in hundreds of other books.
If you have that frame of reference you should know to question everything you read, no matter who it comes from Warren Buffett s annual letters have very few flaws, but this is not on the same level From that perspective, if you re willing to read through some material that is a waste of time, there are some valuable reminders in here that will make you question your thinking in a good way.
Those are good enough to give it 4 stars, even though it can be misleading to beginners and slow for experienced readers It could have been written better for one of those audiences instead of falling in the middle and serving both poorly It is unfortunately easy to take the wrong lessons from the book.

Mind opening lessons about the importance of understanding risk for the seasoned and novice investor alike I ll be reading this one again.
A must read In my top 10 investing book.
Great complement to Howard Marks memos.