The Most Important Thing：Uncommon Sense for the Thoughtful Investor

"Thisisthatrarity,ausefulbook."--WarrenBuffettHowardMarks,thechairmanandcofounderofOaktreeCapitalManagement,isrenownedforhisinsightfulassessmentsofmarketopportunityandrisk.Afterfourdecadesspentascendingtothetopoftheinvestmentmanagementprofession,heistodaysoughtoutbytheworld'sleadingvalueinvestors,andhisclientmemosbrimwithinsightfulcommentaryandatime-tested,fundamentalphilosophy.Nowforthefirsttime,allreaderscanbenefitfromMarks'swisdom,concentratedintoasinglevolumethatspeakstoboththeamateurandseasonedinvestor.Informedbyalifetimeofexperienceandstudy,TheMostImportantThingexplainsthekeystosuccessfulinvestmentandthepitfallsthatcandestroycapitalorruinacareer.Utilizingpassagesfromhismemostoillustratehisideas,Marksteachesbyexample,detailingthedevelopmentofaninvestmentphilosophythatfullyacknowledgesthecomplexitiesofinvestingandtheperilsofthefinancialworld.Brilliantlyapplyinginsighttotoday'svolatilemarkets,Marksoffersavolumethatispartmemoir,partcreed,withanumberofbroadtakeaways.Marksexpoundsonsuchconceptsas"second-levelthinking,"theprice/valuerelationship,patientopportunism,anddefensiveinvesting.Franklyandhonestlyassessinghisowndecisions--andoccasionalmissteps--heprovidesvaluablelessonsforcriticalthinking,riskassessment,andinvestmentstrategy.Encouraginginvestorstobe"contrarian,"Markswiselyjudgesmarketcyclesandachievesreturnsthroughaggressiveyetmeasuredaction.Whichelementisthemostessential?Successfulinvestingrequiresthoughtfulattentiontomanyseparateaspects,andeachofMarks'ssubjectsprovestobethemostimportantthing.