Howard Marks, the chairperson and associate founder of Oaktree Capital, became popular in the financial world for his in-depth evaluation and insight-laden reviews of market opportunities and risks. With experience in investment management, Marks came to be one of the most influential and heavily followed people in the world of Finance, mainly from his insightful commentaries and time-enduring financial principles and philosophies. The Most Important Thing was written to share this knowledge and be an advantage for novice or professional investors.
Concepts such as second-level thinking, a relationship of price and value, defensive investing, and patient opportunism were given a wider overview and a larger focus. His decisions and occasional financial shortcomings were laid out honestly, all while supplying lessons that will boost critical thinking, wise risk evaluation, and smart investment techniques.
Generally, this book is a personal narrative, a creed, and an educational guidebook. Infused with personal life experiences and study, The Most Important Thing thoroughly explains the lifelines and loopholes that come together in pursuing investment. Through real account memos, ideas are projected comprehensively and clearly. More so, it was written with great respect to investment principles allowing one to acknowledge and accept the complexities of investments and the uncertainties attached to it. It encourages integral investment knowledge for investors to arrive at a deeper understanding of the complex system and movement of the market.
ABOUT THE AUTHOR
Howard Marks is the founding father and chairperson of Oaktree Capital Management, a Los Angeles-based investment company managing an estimated $80 billion investment. His educational background includes a bachelor’s degree in Finance from Wharton School and a Master’s degree in accounting and marketing from the University of Chicago.
TABLE OF CONTENTS
The Most Important Thing Is…
- Chapter 1- Second Level Thinking
- Chapter 2- Understanding Market Efficiency (and Its Limitations)
- Chapter 3- Value
- Chapter 4- The Relationship Between Price and Value
- Chapter 5- Understanding Risk
- Chapter 6- Recognizing Risk
- Chapter 7- Controlling Risk
- Chapter 8- Being Attentive to Cycles
- Chapter 9- Awareness of the Pendulum
- Chapter 10- Combating Negative influences
- Chapter 11- Contratarianism
- Chapter 12- Finding Bargains
- Chapter 13- Patient Opportunism
- Chapter 14- Knowing What You Don’t Know
- Chapter 15- Having A Sense for Where We Stand
- Chapter 16- Appreciating the Role of Luck
- Chapter 17- Investing Defensively
- Chapter 18- Avoiding Pitfalls
- Chapter 19- Adding Value
- Chapter 20- Pulling It all Together