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The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) Hardcover – January 15, 2013

by Howard Marks (Author), Paul Johnson (Author), Bruce C. Greenwald (Foreword)

4.6 1,599 ratings

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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

Print length

248 pages
Language

English
Publisher

Columbia Business School Publishing
Publication date

January 15, 2013
Dimensions

6.2 x 0.9 x 9.1 inches
ISBN-10

0231162847
ISBN-13

978-0231162845
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Editorial Reviews

Review

When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book. -- Praise for The Most Important Thing, Warren Buffett, Chairman and CEO, Berkshire Hathaway

If you take an exceptional talent and have them obsess about value investing for several decades―including deep thinking about its very essence with written analysis along the way― you may come up with a book as useful to value investors as this one. But don't count on it. -- Praise for The Most Important Thing, Jeremy Grantham, Cofounder and Chief Investment Strategist, Grantham Mayo Van Otterloo

A clear and expert resource for all investors. -- Praise for The Most Important Thing ― Kirkus Reviews

Veteran value-investing manager Howard Marks draws on pithy memos he wrote to clients over the years to dispense insightful advice on everything from risk taking to the role of luck. -- Praise for The Most Important Thing ― Money Magazine

The original is great, but if you're willing to spend a bit more money (eBook is $9.99), this new version does have a little more meat to it. ― My Money Blog

I recommend this book to all who aspire after value investing. ― Aleph Blog / Money Science

This new edition does the nearly impossible; it takes an already classic text and makes it an even more indispensable tool for investors! ― FocusInvestor.com

Ultimately The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor is an outstanding read. I'll be referring back to it often. I'd say it's a must-have for every value investor. ― Seeking Alpha

Enlightening and well detailed. ― Midwest Book Review

Warren Buffett calls Howard Marks’ The Most Important Thing Illuminated 'that rarity, a useful book.' And as a researcher with a library of a couple hundred books myself, I couldn’t agree more....This is a book I recommend you keep on your desk. -- Charles Sizemore ― Forbes.com Moneybuilder Blog

Marks' 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 wisdome is joined by the comments, insights, and counterpoints of four renowned investors. ― Value Walk Blog

About the Author

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.

Product details

Publisher ‏ : ‎ Columbia Business School Publishing; Signed Edition (January 15, 2013)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 248 pages
ISBN-10 ‏ : ‎ 0231162847
ISBN-13 ‏ : ‎ 978-0231162845
Item Weight ‏ : ‎ 1.05 pounds
Dimensions ‏ : ‎ 6.2 x 0.9 x 9.1 inches

Best Sellers Rank: #84,329 in Books (See Top 100 in Books)
- #97 in Investment Analysis & Strategy
- #118 in Stock Market Investing (Books)
- #285 in Introduction to Investing

Customer Reviews:
4.6 1,599 ratings

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Howard Marks
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Howard Marks is chairman and cofounder of Oaktree Capital Management, a
Los Angeles-based investment firm with $80 billion 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.
See more on the author's page
Paul Johnson
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Paul Johnson runs Nicusa Investment Advisors, an advisory firm focused on helping CEOs and Boards of Directors deal with strategy, capital allocation, shareholder value creation, and corporate communication. Paul applies his 30 years of experience as an investment professional, combined with his more than 20 years as a business school professor, to help senior managers sort through these critical strategic issues.
Paul is an Adjunct Professor at Columbia Business School, where he has taught 35 courses since 1992 on securities analysis and value investing to more than 1,500 students. Paul was given the Commitment to Excellence award by the 2016 Executive MBA graduating class in recognition of his outstanding commitment to their educational experience. Paul is also an Adjunct Professor at the Fordham University Graduate Business School, where he teaches a Seminar in Value Investing and was appointed as a Fellow to the Gabelli Center for Global Security Analysis at Fordham University in August 2015.
Paul is co-author with Paul Sonkin of Pitch the Perfect Investment, The Essential Guide to Winning on Wall Street, scheduled to be published in early 2017. Paul is a contributing annotator to The Most Important Thing Illuminated, by Howard Marks, and co-authored the history of value investing in Columbia Business School: A Century of Ideas, a book celebrating the school’s 100-year anniversary. Paul is also co-author of The Gorilla Game, Picking Winners in High Technology, which reached Business Week’s best seller list and was the number one best-selling investment book on Amazon.com for several weeks in 1998.
Paul has an MBA in Finance from the Executive Program at the Wharton School of the University of Pennsylvania, and a B.A. in Economics from the University of California, Berkeley.
See more on the author's page

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4.6 out of 5

1,599 global ratings

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Djembedrummer

Investing is understanding yourself as much as it the market

Reviewed in the United States on February 8, 2022

Verified Purchase

If you're looking for tricks of the market trade, this is not the book for you. There are no secret formulas or ingenious knowledge of stock trading in the book. If that's what you're looking for, head elsewhere.

What this book is about is you, the investor, and the hidden relationship between your emotional makeup and the ebbs and flows of the market. Though rational thinking seems to be the key ingredient for making smart trades, it's the emotional extremes of fear and greed which can supplant the rational thinker. It's normal and natural, but it can be a killer when it comes to investing.

Now, add in the effect of market uncertainty, which is the very nature of the stock market, leading investors to resort to what Marks calls "the herd mentality." The point is that it's difficult to truly be an investor of one's own being without being swayed by the emotional swells of the day and following what everyone else is doing.

The one market factor which Marks emphasizes is price-to-risk ratio. That's the key; finding investments that are "bargains," where there is enough of a cushion in the investment that, if there is a downturn, the pain may be less felt. To use his own baseball metaphor, he's about getting lots of hits and less about getting home runs.

I've actually read this book twice, and though there is redundancy in each chapter, one gets the feeling that Marks does this to keep pounding the message through. There are adages throughout the book which also make the same point and support his points. Each chapter builds on the next. What I really appreciated is his discussion of decision-making in a world of uncertainty.

Finally, I personally like his writing style, straightforward with ease and skill that reiterates without frustrating the reader. There's more under the surface of this book; it requires personal reflection of our own cases where we have erred in the process of making decisions. It's a book I highly recommend.

6 people found this helpful

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S. Sanders

Outstanding Book Full of Great Takeaways

Reviewed in the United States on March 18, 2023

Verified Purchase

If you are a value investor, this book is a must-add to your library. Even if you aren’t a value investor, it’s still a must-add. I highlighted so many things in this book, and I’ll be rereading a certain section again and again (you’ll know what I mean when you read it!).

One person found this helpful

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Frank Clover

Arrived on time and in good shape

Reviewed in the United States on February 20, 2023

Verified Purchase

Arrived on time and in good shape

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WB Hill

The best book of investment advice

Reviewed in the United States on October 22, 2018

Verified Purchase

I have read any number of investment books, from Ben Graham's "Intelligent Investor" to Joel Greenblatt's 'Little Book that beats the Market", and this is one of the very best. For an overall appreciation of investment strategy there is not a more comprehensive guide out there. The author's explanations are clear and understandable even when the subject matter is difficult. One example is the distinction between timing the market and being aware of prevailing market psychology and pitfalls: Marks explains that, while one cannot predict when it will happen, market collapses are made more likely by factors such as excessive optimism, ease of borrowing and risky investment products. The one quibble I have with the book is the inclusion of commentary in the middle of the various discussions. For the most part the comments of the various luminaries are simply a Greek chorus of agreement, with the one exception of Joel Greenblatt who actually adds to the understanding of the subject. That said, this is an invaluable guide to investment strategy. I would like to say I always follow the advice but I'm not that good.

12 people found this helpful

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Amazon Customer

An investment book for Students and Practionaires

Reviewed in the United States on December 14, 2016

Verified Purchase

I don't believe the average readers can fully appreciate the lessons from this book without taking the time to compare its contents with other books that that cover these same topics. For example, the way the author presented the Capital Market Line is more complete than what you may find in other books. As a P&C Actuary, I can appreciate how Mark outlined his view of RISK. If you were introduced to investing in the dotcom era, the section about reasonable expected returns should get you thinking. Is it reasonable to expect double digits annual returns from your average mutual funds?

The book reaffirms my belief: Not because technology has made it easy for average people to trade financial securities on exchanges like NASDAQ and NYSE does not mean that they have the required skills to perform securities valuation. Average people who trade regularly on securities exchanges are like the weekend golfers playing the Blue or Black T-Boxes on a standard PGA course. This is why 401(k) is bad for the average worker.

15 people found this helpful

Helpful

This book can save you from yourself when investing

Reviewed in the United States on February 17, 2013

Verified Purchase

Each year, there are hundreds of books written on the subject of stock market investing. Most of them are not worth the investment of one's time or money. Every once in a while, a new classic hits the market. This book is one of those new classics on investment writing.
Howard Marks, Chairman of Oaktree Capital Management, writes clearly and persuasively about the importance of risk avoidance when investing in stocks. He emphatically states his belief that risk avoidance by buying at a good value is the key to success. He then spends the rest of the book telling the reader the 18 most important things to consider when buying stocks. His discussion of investor psychology is worth the price of the book by itself. Everything else is a bonus.
I had been meaning to read this book for a year or so. When I learned that an annotated edition, with comments from some leading value investors, I grabbed it. I took my time reading it, as there is so much great information within. The final chapter, in which Marks pulls all 18 important things together, is now something I intend to re-read several times a year, like I do with Chapters 8 and 20 of Benjamin Graham's The Intelligent Investor.
Highly recommended.

107 people found this helpful

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Antonio

Pensamiento de segundo nivel

Reviewed in Spain on July 22, 2023

Verified Purchase

Aún voy por la mitad del libro, pero hasta ahora me está encantando. Especialmente los capítulos dedicados al riesgo. Un lujo poder leer las reflexiones de este grande de la inversión.

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Gustavo Adolfo Orta Delgadillo

Uno de los mejores títulos para inversionistas

Reviewed in Mexico on February 15, 2022

Verified Purchase

El contenido del libro es muy bueno, se enfoca en la parte psicológica de las inversiones. Super recomendado 👌

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Tina Well

Fantastic insights. Best book I've read on value investing!

Reviewed in Canada on August 8, 2020

Verified Purchase

I can't say enough about this book. So much to take in, so get out your highlighter (says the happy nerd in me)! It is so clearly laid out and explains the illusions that most new investers buy into, the tremendous effect that psychological factors have on the market, the discipline and restraint required and the reasoning behind these ideas.
Definitely had to do some side learning to understand some concepts as I'm new at this, but the book is written in an easy style that makes it accessible for all.
Love it!

One person found this helpful

Robert Vanden Berghe

This book deserves to be recommended on the same level as Benjamin Graham's "The Intelligent ...

Reviewed in the United Kingdom on August 4, 2017

Verified Purchase

This book deserves to be recommended on the same level as Benjamin Graham's "The Intelligent Investor". Howard Marks text can be considered as a benchmark. It's characteristics are clarity, logic and a keen sense of nuance. This is no stuff for a quick reading, each paragraph should be read twice . What Marks says makes you think. So why only four stars and not five? The reason is simple: the comments of the famous investors should not have been scattered through the body of the text. This has a disturbing and sometimes even irritating effect on the reader. The comments should have been gathered at the end of each chapter. I feel that I'll never will be able to read and reread this wonderful book in this "illuminated" edition without getting a bit nervous. I'll probably will have to end up ordering the previous non-illuminated edition.

11 people found this helpful

Dr. Zeuz

Wise Words for Investors

Reviewed in Germany on May 29, 2019

Verified Purchase

I highly recommend this book. I'm a retail investor, who's invested in the stock market for 20 years. I follow the press and been a largely successful investor myself, despite the many ups and downs of the market over the last 2 decades. I can testify that Howard Marks presents many wise insights in this book, which, if you follow, will help you towards becoming a superior investor. Marks speaks from many years of experience as a successful chief investor at a large investment fund and describes in a very convincing and practical way his strategy as a value investor.

2 people found this helpful

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