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  • The Most Important Thing

  • Uncommon Sense for The Thoughtful Investor
  • Written by: Howard Marks
  • Narrated by: John FitzGibbon
  • Length: 7 hrs and 9 mins
  • 4.7 out of 5 stars (175 ratings)

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The Most Important Thing

Written by: Howard Marks
Narrated by: John FitzGibbon
Free with 30-day trial

₹199 per month after 30-day trial. Cancel anytime.

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Publisher's Summary

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.

©2012 Howard Marks (P)2012 Audible, Inc.

Critic Reviews

"This is that rarity, a useful book." (Warren Buffett)

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What listeners say about The Most Important Thing

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  • Overall
    5 out of 5 stars

Great book to assimilate for any investors

This one really provokes the thoughts underlying a good investing. You have to reduce the reading speed a bit to make the Narrator sound good. An exceptional book where some chapters to be kept as a treasure.

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  • Overall
    5 out of 5 stars

VITAMINS OF INVESTMENT PSYCHOLOGY.

very smooth read. I am an active investor and trader in the stock and bond markets.

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

Amazing

This is an advanced level investment book. must read for practising investors. Very insightful and advanced.

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

A must read

Wonderful audiobook. Time well spent!
Mandatory for any aspiring investor.
All concepts lucidly explained. Go for it!

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

excellent Book re-read hardcopy must read

excellent Book
re-read
hard copy
must read investing psychology
excellent Book
re-read
hard copy
must read investing psychology

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  • Overall
    4 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

Howard’s Insights

Excellent and Must Book to listen , would like to his Market cycles book also on audible

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

Insightful and Practical


I finished "The Most Important Thing" by Howard Marks and I must say, it's one of the best investment books I've come across. Marks is a legendary investor with decades of experience, and he distills his wisdom into this concise and insightful book.

One of the things I appreciated about the book is how Marks emphasizes the importance of second-level thinking, or thinking beyond the obvious. He stresses the need for investors to understand not just what's happening in the market, but why it's happening and how it might play out in the future.

Another key concept in the book is risk management. Marks cautions against taking on too much risk and advocates for a margin of safety in all investments. He also stresses the importance of being able to identify when the market is overvalued or undervalued, and adjusting one's investment strategy accordingly.

The book is packed with practical insights and timeless advice that can help investors navigate the ups and downs of the market. Highly recommended.

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars

love this book.

a huge fan of Howard marks style of investing - absolutely must read if you are an investor or business person

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1 person found this helpful

  • Overall
    5 out of 5 stars
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    4 out of 5 stars
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    4 out of 5 stars

Howard Marks

Just love the years of insights Mr Mark's has shared with along with the wisdom of how he managed oak tree capital.

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    5 out of 5 stars
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    5 out of 5 stars

Ofcourse, it is the best book by a good narrator.

very good and useful book narrated beautifully. Awesome book by Mr Howard Mark. but audible makes it the most awesome. Thank you AUDIBLE

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