The Little Book is clear, logical and well-organized, a concise survey course in what investors need to know. It starts at the beginning, with identifying candidates for investment and screening them for potential.”
Patrick O'Shaughnessy: "An older book, but a wonderful history of our concept of risk.
Michael Mauboussin: "Traces the path of the intellectual understand of risk. A must read."
Howard Marks: “Bernstein talks in this book about the development of the science of probability and how the concepts of probability permitted us to get involved in transferring risk from those of us who want to avoid risk to those of us who are willing to take it – and I think that that is an essential concept.”
Tony Robbins: "I found it to be truly extraordinary."
Arianna Huffington: "Beautifully written and filled with such wisdom."
Tim Ferriss: "I highly recommend this book. It has already changed how I think about making decisions in my life and in my business, how I think about managing, how I think about managing, how I think about communications between teams."
Naval Ravikant: "As with most non-fiction, the meat was in the beginning."
Michael Mauboussin: "A wonderful and wise book."
Howard Marks: "I like to read books that in are indicative of investor psychology and so Fooled by Randomness talks about how important randomness is in the financial markets and how randomness is confused with things happening for a reason.”
One of the books Bill Ackman asked his newly-hired analyst to read before joining Pershing Square.
Seth Godin: "The first chapter alone will change your life.
Michael Mauboussin: "An awesome book"
We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets and companies, but also human psychology and the investing behaviors that result.
If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes. You’ll be aware and prepared while others get blindsided by unexpected events or fall victim to emotions like fear and greed.
By following Marks’s insights — drawn in part from his iconic memos over the years to Oaktree’s clients — you can master these recurring patterns to have the opportunity to improve your results.
Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group).
These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information.
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 readers 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. Utilizing 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.