The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) By Howard Marks,Paul Johnson

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Kindle Store,Kindle eBooks,Business & Money The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) Howard Marks,Paul Johnson
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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."This is that rarity, a useful book."--Warren Buffett

At this time of writing, The Mobi The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) has garnered 10 customer reviews with rating of 5 out of 5 stars. Not a bad score at all as if you round it off, it’s actually a perfect TEN already. From the looks of that rating, we can say the Mobi is Good TO READ!


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There is nothing useful for investors or trader in this book. Amazingly, this author has managed to write two books that amassed 500 pages on market cycles driven by emotions and how he is an intellectual superior. You can get all he has to say with the first two chapters of either of the books. His phrase ‘second level thinker’ is a constant drum beat though out both books. This is how he describes his superiority over us ‘first level thinkers’. This is a man who has gotten rich off other people’s money. He has done so by being politically and professionally connected. Now, he is richer than me. So, he is considerable more successful (richer) than I am. I have to give him that.His book implies that an investor can do well by paying attention to public sentiment. The problem with this is these sentiment last for 25% of any move in either direction. Another problem with this concepts is they promote public sentiment to extend moves to maximize their profits. Since this is so scary for us first level thinkers, we need to pay him to manage our money for us.In this book he says in passing, he uses technical analysis information. In the second book he ridicules people who use technical analysis. I’m not sure how this works out.He also implies; these books are used at the Columbia Business Schools. There is no way lesson plans can be developed from this book, unless you just make one and repeatedly use that plan. It must be required reading to expand his sales.I force myself to read every book I purchase. There is almost always a nice little nugget in there somewhere. Here, I’ve been unable to find any nuggets. Just mind numbing repetition. Unless you want to accept his premise that cats chase carrots up trees. Not birds, Carrots. Well maybe it’s just beyond this first level thinker to see the cleverness of this analogy.Conclusion: Traders and investors, there is nothing useful here for you.


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