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on November 15, 2017
This is a great thought provoking book. No "stock picks" in here. But the advice is timeless. Howard Marks is a brilliant investor. This was written shortly after the worst of the Great Recession and it's very interesting to read this in late 2017 as the stock market and real estate return to new all time highs. Gets you thinking about how wise it is to invest now versus being patient and waiting for bargains. Should you invest in Bitcoin? You'll know what to do after reading this book....
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on June 19, 2017
Great book on investment philosophy. This is NOT a "how to get rich" guide, nor is it intended to be.
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Howard Marks has made an indelible impression on me through this well-crafted treatment of second-level thinking, articulating value, and managing risk well in the world of investing. I particularly value Figure 5.2 on page 34, where Mr. Marks succinctly captures the successive lengthening of the distribution curves of risk as it increases. Also, singularly helpful are Figures 7.1 and 7.2 on pages 59 and 60. In these figures, Mr. Marks graphically captures the value added differentiation of alpha (second-level thinking) over beta (standard due diligence analysis). I now use the same charts to clarify my value differentiation from competitors when negotiating with clients for consulting contracts and compensation. Thank you, Howard Marks! I have successfully and deservedly negotiated a lot of additional money in my contracts by adapting and implementing your ideas.

I also highly recommend The Second Bounce of the Ball: Turning Risk into Opportunity
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on October 16, 2017
Best investing book I've read....over and over again. If you want to improve your investment discipline, improve your ability to embrace fear and run from greed, this is your book.
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on January 13, 2017
Among "investment writers," Howard Marks may be both the greatest investor AND the greatest writer.

I took away a star because it is essentially a "greatest hits album" of his investment memos without a ton of new material, but since I had originally rated it six stars, it still gets a perfect score.
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on September 10, 2017
Howard provides and thoughtful framework to improve your investment success. The recurring theme of an investor's behavior errors is a central to the book, which is refreshing, as this typically under appreciated by the herd who is predictably engaging in said activity.
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on June 10, 2011
I have read Howard's memos for years so was excited to see a book come out under his authorship.

I highly recommend buying this book if you are unfamiliar with Howard. His views on investing are invaluable.

If you are like me, however, you may find this book to be a bit of a let down as it relies heavily on his old memos (all of which are free on the Oaktree website). The book literally rewrites important segments of his memos and then adds a bit of color here and there. I find it convenient to have the most important points of his memos in one place and nicely summarized, but that's about it.
51 helpful votes
52 helpful votes
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on January 13, 2017
This book summarizes the essential elements of successful investor qualities. Successful investing is difficult to achieve but is doable through committing to learning these abilities. This book is good for seasoned investors and great for beginners.
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on April 3, 2013
If you read Warren Buffett and sometimes find his musings/advice a little vague, read this. It goes into more depth and describes some of the realities that a value investor must face to be successful.
I liked it because it answered several questions that have been on my mind for a long time. It was refreshing in that regard.
The only reason I don't give it 5 stars is because it is a little repetitive at times, which is something the author acknowledges. This is after all more of a compilation and commentary on his past memos.
A must read for anyone interested in what a real value investor is thinking.
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on July 26, 2017
Good book with some rules to live buy and some great analogies that will stick with you... The chapters are short and you can pick it up anytime.
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