The Most Important Thing

书名：The Most Important ThingUncommonSensefortheThoughtfulInvestor
作者：HowardMarks
译者：
ISBN：9780231153683
出版社：ColumbiaUniversityPress
出版时间：2011-5-1
格式：epub/mobi/azw3/pdf
页数：200
豆瓣评分： 9.0

书籍简介：

"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.

作者简介：

Librarian Note: There is more than one author in the Goodreads database with this name. If adding books to this author, please use Howard^^Marks.

Howard Stanley Marks is an American investor and writer. He holds a B.S.Ec. degree cum laude from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the Booth School of Business of the University of Chicago, where he received the George Hay Brown Prize. He is a CFA® charterholder and a Chartered Investment Counselor.

In 1995, he co-founded Oaktree Capital Management. From 1985 until 1995, he led the groups at The TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, he was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp's Director of Research.

书友短评：

@ John Wayne value investment should consider cycle, risk, etc. @ 一苇 the idea of second-level thinking is very powerful @ 踏水而行 A great sales pitch for Oaktree. Just that it leaves the core of the issue untouched, that is, how to determine the value of an asset. @ win0405 the most imoortant thing is low price @ 人可小不士心 原版比中文版好太多。。。。@闲人不嫌没弦 @ 莲 我记得很多年前买过中文版并且读过。那时读了觉得书里说的不是我已经知道的废话嘛，弃之一边。然而这次读英文版，却被深深impressed 了 – 书里每一章都讲进了我的心里。也许是因为，我真正成长了。 @ 灌县王契 a combination of memos. intuitive but lack rigor. @ anotherme 值得一读再读的书。投资的本质是“预测未来”，而未来是“不可预测的”。在投资里唯一能仰赖的是投资者超群的技巧（如果有的话），绝对不是什么时间的朋友。 @ x 毫无干货，全是常识 @ wkk 投资者的时间最好用在获取“可知”的知识优势上：行业、公司、证券的相关信息。你对微观越关注，你越有可能比别人了解得更多。

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