Summary of The Most Important Thing

Uncommon Sense for the Thoughtful Investor

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The Most Important Thing book summary
The new case for value investing: a few cogent thoughts about risk management and the market.


7 Overall

8 Applicability

6 Innovation

7 Style


Lifetime value investor Howard Marks has distilled his approach and experience into a concise, focused text that offers seasoned investment wisdom to those looking for a way forward in today’s financial markets. The book, a compilation of Marks’s investor newsletters, contains exceptional chapters on risk management, contrarian thinking and market psychology, as well as a cogent analysis of value investing. While it is somewhat repetitive, getAbstract recommends it to all serious investors who are interested in getting back to the “fundamentals” of investing.

In this summary, you will learn

  • What it takes to become a “second-level” investor,
  • How to evaluate investment risk and
  • How to understand the essence of value investing.


“More Art than Science”
Investing has much in common with art; both require intuitive and flexible approaches. Unlike in pure science, where practitioners can replicate results consistently, investors can never “routinize” their success. If you want returns that beat market averages, ...
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About the Author

Howard Marks is chairman and co-founder of Oaktree Capital Management, an investment firm with $80 billion under management.

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