The Most Important Thing Illuminated is a piece of work from Howard Marks. It gathers his hard-earned wisdom through the past along with insights from Christopher C. Davis, Joel Greenblatt, Paul Johnson and Seth A. Klarman.
The author aims to benefit readers to learn how to be an above average investors rather than a random guy hanging around in the market. By sharing the most important thing in investment, it helps others to know what and how to do. However, investment is not simple and, in fact, it is a complicated topic which requires clear mindset and deep down analysis. Hence, it ends up being “the most important things”.
The book talks about mindset, how to think and learn and know the market; understanding price and value; understanding, recognizing and controlling risk; learn from cycles and what pendulum does.
Howard Marks is chairman and cofounder of Oaktree Capital Management, a Los Angeles-based investment firm with seventy-five billion dollars 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. He is the author of The Most Important Thing: Uncommon Sense for the Thoughtful Investor. Bruce C. Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic director of the Heilbrunn Center for Graham & Dodd Investing. He is the coauthor of The Curse of the Mogul: What’s Wrong with the World’s Leading Media Companies.
I buy this book, “The Most Important Thing Illuminated”, simply because it is one of the books recommended by Warren Buffet.
This book is a very interesting book. It further lists out the important things you need to keep an eye on for your own investment. It works as a checklist for you when you want to pick and purchase a stock and selling a stock. Also, it works as a reminder for you on how to observe the market. I really enjoy this book.
It is an essential read if you want to be a value investor.
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