The Most Important Thing: Uncommon Sense for the Thoughtful Investor

ISBN-13: 9780231153683 / Angielski / Twarda / 2011 / 200 str.

L.P.) Marks Howard (Oaktree Capital Management

Opis

"This is that rarity, a useful book."--Warren Buffett

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.

O autorze

Howard Marks, geb. 1945 in Kenfing Hill (Wales), war Physikstudent in Oxford. Durch den ersten Joint veränderte sich sein Leben. Er begann mit Haschisch zu dealen. Zuerst um sich selbst und seine Studienkollegen zu versorgen, dann um die gesamte Uni zu beliefern und sehr bald um in ganz England, Europa und weltweit aktiv zu werden. Mr. Nice war einer seiner mehr als 40 Tarnnahmen. Eine gigantische Fahndungsaktion der DEA führte 1988 in Spanien zu seiner Verhaftung. Er wurde an die USA ausgeliefert und in Miami zu 25 Jahren Hochsicherheitsgefängnis verurteilt.