Buy new:

$21.52

Save: $8.47 (28%)

FREE delivery February 7 - 13. Details

In stock.
Usually ships within 3 to 4 days.

[{"displayPrice":"$21.52","priceAmount":21.52,"currencySymbol":"$","integerValue":"21","decimalSeparator":".","fractionalValue":"52","symbolPosition":"left","hasSpace":false,"showFractionalPartIfEmpty":true,"offerListingId":"FT%2B4rVFE57aOC88aflh1z3kg%2F6HUvTzCRu2fJhYY%2B9u6gkaOFi5fIXJrKdBDAyd3MQNZh3%2FKPxEie0XaDHJ5nb9Avyx%2FrK99B65QN2vUPd1AYWeqnh3Q1rlxt92Om1JnXtrFS4wbFaBIiOysVBBTMNtRGLmXCVSJgsmR5VYTHzY%3D","locale":"en-US","buyingOptionType":"NEW"}]

$$21.52 () Includes selected options. Includes initial monthly payment and selected options. Details

Secure transaction

Ships from

Book Depository US

Sold by

Book Depository US

Details

Ships from

Book Depository US

Sold by

Book Depository US

Return policy: Eligible for Return, Refund or Replacement within 30 days of receipt

Have one to sell?

Sell on Amazon

Other Sellers on Amazon

Added

Not added

$20.52
+ $3.99 shipping

Sold by: allnewbooks

Added

Not added

$29.99
& FREE Shipping. Details

Sold by: Amazon.com

Flip to back Flip to front

Listen Playing... Paused You're listening to a sample of the Audible audio edition.
Learn more

See this image

Follow the Author

Howard Marks

The Most Important Thing MP3 CD – Unabridged, March 8, 2016

by Howard Marks (Author), John FitzGibbon (Reader)

1,903 ratings

See all formats and editions

Price

New from

Used from

Kindle

"Please retry"

$9.57

—

Audible Audiobook, Unabridged

"Please retry"

$0.00

Free with your Audible trial

Hardcover, Illustrated

"Please retry"

$15.99

$11.99

$9.01

Paperback

"Please retry"

$14.10

$10.62

$8.50

MP3 CD, Audiobook, MP3 Audio, Unabridged

"Please retry"

$21.52

$20.39

—

Digital

"Please retry"

$30.00

—

$30.00

Kindle
$9.57 Read with Our Free App
Audiobook
$0.00 Free with your Audible trial
Hardcover
$15.99

34 Used from $9.01 26 New from $11.99
Paperback
$14.10

6 Used from $8.50 45 New from $10.62
MP3 CD
$21.52

7 New from $20.39
Digital
$30.00

1 Used from $30.00

Enhance your purchase

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 listeners 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. Using 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.

Language

English
Publisher

Audible Studios on Brilliance Audio
Publication date

March 8, 2016
Dimensions

6.75 x 5.5 x 0.5 inches
ISBN-10

151138347X
ISBN-13

978-1511383479
See all details

Howard Marks
1,697
Hardcover
68 offers from $7.48
Benjamin Graham
36,909
Paperback
20 offers from $12.94
Morgan Housel
31,484
Paperback
in Wealth Management
44 offers from $8.00
John C. Bogle
7,764
Hardcover
in Mutual Funds Investing
70 offers from $8.50
Howard Marks
793
Hardcover
56 offers from $19.21
James Clear
93,584
Hardcover
in Business Processes & Infrastructure
105 offers from $11.45

Editorial Reviews

About the Author

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.

Product details

Publisher ‏ : ‎ Audible Studios on Brilliance Audio; Unabridged edition (March 8, 2016)
Language ‏ : ‎ English
ISBN-10 ‏ : ‎ 151138347X
ISBN-13 ‏ : ‎ 978-1511383479
Item Weight ‏ : ‎ 3.5 ounces
Dimensions ‏ : ‎ 6.75 x 5.5 x 0.5 inches

Best Sellers Rank: #2,048,625 in Books (See Top 100 in Books)
- #3,364 in Business Decision Making
- #4,522 in Introduction to Investing
- #4,568 in Decision-Making & Problem Solving

Customer Reviews:
1,903 ratings

Brief content visible, double tap to read full content.

Full content visible, double tap to read brief content.

Videos

Help others learn more about this product by uploading a video!

Upload your video

About the author

Follow authors to get new release updates, plus improved recommendations.

Howard Marks

Brief content visible, double tap to read full content.

Full content visible, double tap to read brief content.

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.

Customer reviews

4.6 out of 5

1,903 global ratings

5 star		75%
4 star		16%
3 star		6%
2 star		3%
1 star		1%

How customer reviews and ratings work

Reviews with images

See all customer images

Top reviews from the United States

There was a problem filtering reviews right now. Please try again later.

Graybeard

Essential reading for investors

Reviewed in the United States 🇺🇸 on October 18, 2022

Verified Purchase

Every investor should read this book and the author's other book, "Mastering the Market Cycle," and then reread them 2 or 3 times a year to relearn the valuable lessons they teach. These books are essential reading for investors who want more wins and fewer losses.

One person found this helpful

Helpful

Richard M. Rockwood

An investment classic

Reviewed in the United States 🇺🇸 on April 27, 2011

Verified Purchase

Mr. Marks states that when he was attending client meetings over the years he noticed a pattern. He would say in one meeting that that such and such was the most important thing about investing and in later meetings he found himself referencing other items that he titled the most important thing to understand. Upon reflection about this pattern he decided to write a memo in July of 2003 that covered all these critical areas in his investing philosophy.

This new book expands upon the ideas he covered in that original memo. Topics that are covered include: market efficiency, value, risk, investment cycles, contrarianism, finding bargains, patient opportunism, circle of competence, luck, avoiding pitfalls, etc... In short all the topics that a focus investor needs to understand and be able to place, and use, in their own mental models.

What does Mr. Marks want his readers to gain from his book? Here are his own words from the introduction of the book:

"I didn't set out to write a manual for investing. Rather, this book is a statement of my own investment philosophy. I consider it my creed, and in the course of my investment career it has served like a religion. These are the things I believe in, the guideposts that keep me on track. The messages I deliver are the ones I consider the most lasting. I'm confident their relevance will extend beyond today.

You won't find a how-to book here. There's no surefire recipe for investment success. No step-by-step instructions. No valuation formulas containing mathematical constants or fixed ratios - in fact, very few numbers. Just a way to think that might help you make good decisions and, perhaps more important, avoid the pitfalls that ensnare so many.

It's not my goal to simplify investing. In fact, the thing I most want to make clear is just how complex it is. Those who try to simplify investing do their audience a great disservice. I'm going to stick to general thoughts on return, risk and process..."

Mr. Marks has succeeded in his goals in a brilliant manner. There is, quite simply, an incredible amount of wisdom between the covers of his book and an investor is doing them a disservice if they don't read, and re-read, this book. I will be placing it on my shelf right next to the great investments classics of Security Analysis, The Intelligent Investor, the Berkshire Hathaway annual reports, and Margin of Safety. Quite simply I can't recommend it highly enough.

66 people found this helpful

Helpful

CSL

Good Wisdom, Not a Guide

Reviewed in the United States 🇺🇸 on May 4, 2020

Verified Purchase

As a fan of Howard Marks, this was an enjoyable glimpse into the philosophy of investing the legend has developed over the previous decades. Marks provides an easy overview of common mistakes of unsuccessful investors and guiding principals to be successful in the field. A reader should not pick this book up in search of investing tactics or mechanics; it is not meant to teach you how to invest. Marks sets out to help you think about value in conceptual terms, and does it well.

My only knock is that (as other reviews also mention) because the book is a compendium of quotes from Marks's excellent Oaktree Memos, it can at times read as somewhat disjointed or repetitive. Still well worth the read!

13 people found this helpful

Helpful

Magimesan

Interesting Page Turner

Reviewed in the United States 🇺🇸 on August 25, 2022

Verified Purchase

Page turner that drives home key fundamentals. The last chapters give a great recap. Easy to read for a beginner investor.

One person found this helpful

Helpful

S. Wang

Experienced Investment Readers: Do Not Buy

Reviewed in the United States 🇺🇸 on April 24, 2011

Verified Purchase

Just so you know where I'm coming from, I got the Kindle version early because I deeply respected Howard Marks and was excited to learn more about what he thought was the Most Important Thing (yes, I already read the oaktree memos). This book is intended to be Howard Marks' statement of investment philosophy, or his "religion" as he puts it. He counts among his peers Galbraith, Buffett, Munger, Klarman, Bernstein, Grantham, Greenblatt, Grant, and Bogle, all superinvestors in their own right, but also great investment authors (the two qualities don't necessarily coincide as we shall see).

I set out reading the thing, and even took notes. However, I soon realized that what I was reading wasn't worth noting down. I am writing this to provide fair warning to experienced readers, in full knowledge that this runs counter to the personal endorsements of Buffett and co. So I will be as specific as I can in my criticisms, and by all means buy it if you think I'm way off point. Caveat emptor.

First, the organization isn't great. Marks chooses to simply reprint a lot of his past stuff. This results in the book not being as crisp as it could be. I am not talking about a "magic formula for investing" in equations or sentences, which he explicitly says he is not providing and anyway I am not seeking. I am just asking for the basic, minimally repetitive, coherent flow of thought any investment author ought to provide to his readers in a single book.

Second, he even sort of tricks you in the title. I don't think you'll mind me spoiling this for you because it is so... lame: There is No One Important Thing. In fact, there are 18. And oh, yeah, a lot of them are minor variations of each other (Chapter 2 is on Understanding Market Efficiency. Chapter 19 is on Adding Value. You Add Value where Markets are Inefficient. wow!) Therefore the book, while short, is also much too long - Marks' entire philosophy is succinctly stated within Chapter 20 alone. I do not find anything that is said in any other chapter that is not better said in Chapter 20, except for the one new jargon that he coins, "second level thinking" (which is code for not being an idiot - "first level thinker" being a strawman hypothetical typical investor who invests like a headless chicken). In turn, this entire philosophy can be found in the eponymous memo that spawned all this verbiage: [...]

Further, experienced readers of investment books like myself will not find a lot new here. There is the obligatory anecdote about the prof walking away from the $10 bill lying on the ground. There is the distinction between an informational and an analytical edge, and the need for that over the rest of the market. There are -way- too many pithy quotes about the importance and difficulty of being contrarian. None of this is new, in fact it is the convention among investment authors, ironic for someone who stresses unconventional thinking. (Perhaps what is unconventional is that he actually practices these things. But if you're smart enough to get that, you don't need this book as anything more than a paperweight or conversation starter.)

I have found that the best way to describe this book is that "it must have been co-written by Captain Obvious". I have one final example for you if you remain on the fence about whether to buy the book. In chapter 19 he introduces the reader to the concepts of alpha and beta (yes, this book really is that introductory) and states his belief that alpha is not zero. The key to achieving nonzero alpha is apparently "superior insight". I have now entirely spoiled chapter 19 for you - it gets no more insightful than that. Ditto the rest of the book, this chapter was just the most fresh in my memory.

I'm sorry, but NOTHING in this book will tell the experienced investment reader anything he doesn't already know. By all means buy it if you still respect the guy anyway, I sure did. But absolutely do not buy if you (again, speaking only to the experienced reader) expect to gain anything new from it.

(5/5/11 - original review edited for errata and writing style - didn't feel the original review reflected what i wanted to say as it was written hastily and late-at-night.)

520 people found this helpful

Helpful

Top reviews from other countries

Djilly L.

Didn't grow my wealth yet

Reviewed in the United Kingdom 🇬🇧 on March 29, 2019

Verified Purchase

This book is not so much about fancy academic financial calculations. Nor does it provide a single trick that guarantees astronomical profits. However it does go back to the basics and stresses several key principles for survival in financial markets. As such, there is not a single important thing in investing, to which I do agree. I was less pleased with the endless references to Wharton, and the books from Taleb and Warren Buffet that most people with interest in the subject will have read.

The book addresses topics like market psychology (go against the crowd at extreme ends of investor psychology), the asymmetrical relationship between gains vs losses (you need a 100% gain to recover from a 50% loss), estimates, economical cycles, behaviour, risk management. And the differences between loser's game and winner's game, or the difference between offense and defence.

The book is more a collection of market comments and thoughts from his frequent letters and a memoir of his career. Each chapter is fairly brief and informative, although my thoughts drifted away with a certain frequency in the first half of the book. All in all it is a decent recap but not overly revealing. If you fail to realise you need to take risk, be contrarian and that you need come up with unique ideas to generate excess performance as an investor you would have been ramping up losses or been out of business soon.

As an style-agnostic active equity fund manager of a fairly sizeable pool of AuM I didn’t always agree with the author’s arguments as a value investor. But it was helpful to see some basic principles phrased. And I developed more sympathy towards the end of the book, but more so because it's there that the author alludes more to core principles that I and my team have stuck to for the past few decades. But there wasn't anything new or that we haven't brought in practice. As such it's more an instruction for new or retail investors about how successful asset mangers think, act and operate. But then you wonder what they would do with the concept of ‘alpha’ or where they would get their unique insight or ‘second level of understanding’ to make proper investment decisions.. Also all these concepts are helpful and meaningful but don't expect to learn 'how' to invest i.e. there is nothing about the what the author calls the 'micro approach' the selection and actual analysis of assets and investments, while he repeatedly tresses that such fundamental research and analysis is key to successful investment returns.

14 people found this helpful

Gaurav Sharma

A wonderful book for those interested in learning about investing

Reviewed in India 🇮🇳 on December 30, 2018

Verified Purchase

The book has wonderful insights for the would be investor. Some snippets which I found particularly insightful include:
1. Efficient Market Hypothesis is not completely accurate in certain situations
2. This is because as humans we deal not only with information but also with emotions / psychology
3. Therefore, we need to focus on those assets where there might be divergence from the Efficient Market Hypothesis
4. For that we need a Second-Level thinking, not necessarily contrarian but different from the lot
5. Price is different from Value. Price is a function of fundamentals and market psychology. While Value is mainly a function of fundamentals.
6. The relationship between Risk and Return is not completely linear. Higher Risk entails an element of higher losses too which we tend to ignore assuming a linear relation.
7. A good portfolio considers Risk holistically and balances / hedges it appropriately.
8. Fundamentally, markets operate in cycles. People can benefit from them if they are more attuned.
9. Understand the psychological pitfalls and your own limitations around investing.
10. Appreciate the role of luck which stops you from becoming overconfident.

No wonder, Warren Buffet likes it. Having observed the market, I could relate to many of the ideas mentioned here. This book provides good guidance for anybody who wants to get into investing.

50 people found this helpful

Mark

A brilliant book but not for your first investment book

Reviewed in the United Kingdom 🇬🇧 on November 17, 2012

Verified Purchase

I don't often write positive reviews (being a value investor with a negative disposition :)) However this book has prompted me to do so. You need to know I read incessantly and have been investing for 15 years so I was not looking at this as a beginner looking for an investing guide. This book is definitely not an investment guide book. I have also read this author's memos to his clients at Oaktree Capital on which much of the wisdom in this book is based. This author is well worth listening to. He will show you how to think differently than the rest of the market (The only way you will make money). He explains the market in a way you may not (and I hadn't) thought of it before. In my view this book should be required reading alongside "Security Analysis", "The Intelligent Investor" and anything by Bruce Greenwald on investing. It is an inspired book and has completely changed my outlook on the markets and on investing. I am not exaggerating when I say this book has changed my thinking. Well worth reading, but not your first investment book. Read "The Intelligent Investor" first and then this and then "Security Analysis" and then read Bruce Greenwald's work and then Warren Buffet's letters to shareholders at Berkshire Hathaway.

39 people found this helpful

G Singh

The Most Important Thing is Read This Book

Reviewed in the United Kingdom 🇬🇧 on December 25, 2020

Verified Purchase

The Most Important Thing is a timeless piece of work! You will be glad to read such a book, I can’t show enough appreciation and respect to the author Howard Marks for sharing so much with us, we have no excuses not to succeed in life especially with our investments and trading. Absolutely fantastic lessons. A re read at least multiple times a year!

3 people found this helpful

D. L. Anderton

Classic

Reviewed in the United Kingdom 🇬🇧 on January 7, 2012

Verified Purchase

I must admit that I am a sucker for anything that Warren Buffet endorses. I have read numerous books over the years on investing and this is one of the best. It reminds me of when I read the intelligent investor for the first time by expanding my investment horizon. This is the type of book that I will read, like the intelligent investor, at least once a year to make sure I don't forget any of the valuable lessons between its pages. Buyer beware, this book is not going to show you exactly how to value companies but instead will give you a sound investing philosophy to follow. Buy this book you will not be disappointed.

11 people found this helpful

See all reviews

Buy new: $21.52

Other Sellers on Amazon

Follow the Author

The Most Important Thing MP3 CD – Unabridged, March 8, 2016

Enhance your purchase

What other items do customers buy after viewing this item?

Editorial Reviews

About the Author

Product details

Videos

About the author

Howard Marks

Customer reviews

Reviews with images

Top reviews from the United States

There was a problem filtering reviews right now. Please try again later.

Top reviews from other countries

Buy new:

$21.52