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The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing), by Howard Marks Paul Johnson
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Review
When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book. (Praise for The Most Important Thing, Warren Buffett, Chairman and CEO, Berkshire Hathaway)If you take an exceptional talent and have them obsess about value investing for several decades―including deep thinking about its very essence with written analysis along the way― you may come up with a book as useful to value investors as this one. But don't count on it. (Praise for The Most Important Thing, Jeremy Grantham, Cofounder and Chief Investment Strategist, Grantham Mayo Van Otterloo)A clear and expert resource for all investors. (Praise for The Most Important Thing Kirkus Reviews)Veteran value-investing manager Howard Marks draws on pithy memos he wrote to clients over the years to dispense insightful advice on everything from risk taking to the role of luck. (Praise for The Most Important Thing Money Magazine)The original is great, but if you're willing to spend a bit more money (eBook is $9.99), this new version does have a little more meat to it. (My Money Blog)I recommend this book to all who aspire after value investing. (Aleph Blog / Money Science)This new edition does the nearly impossible; it takes an already classic text and makes it an even more indispensable tool for investors! (FocusInvestor.com)Ultimately The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor is an outstanding read. I'll be referring back to it often. I'd say it's a must-have for every value investor. (Seeking Alpha)Enlightening and well detailed. (Midwest Book Review)This is a book I recommend you keep on your desk (Charles Sizemore Forbes.com Moneybuilder)
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About the Author
Howard Marks is chairman and cofounder of Oaktree Capital Management, a Los Angeles-based investment firm with seventy-five billion dollars under management. He holds a bachelor's degree in finance from the Wharton School and an MBA in accounting and marketing from the University of Chicago. He is the author of The Most Important Thing: Uncommon Sense for the Thoughtful Investor.Bruce C. Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic director of the Heilbrunn Center for Graham & Dodd Investing. He is the coauthor of The Curse of the Mogul: What's Wrong with the World's Leading Media Companies.
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Product details
Series: Columbia Business School Publishing
Hardcover: 248 pages
Publisher: Columbia University Press; Signed Edition edition (January 15, 2013)
Language: English
ISBN-10: 0231162847
ISBN-13: 978-0231162845
Product Dimensions:
6.2 x 0.9 x 9.1 inches
Shipping Weight: 1 pounds (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
164 customer reviews
Amazon Best Sellers Rank:
#6,930 in Books (See Top 100 in Books)
Each year, there are hundreds of books written on the subject of stock market investing. Most of them are not worth the investment of one's time or money. Every once in a while, a new classic hits the market. This book is one of those new classics on investment writing.Howard Marks, Chairman of Oaktree Capital Management, writes clearly and persuasively about the importance of risk avoidance when investing in stocks. He emphatically states his belief that risk avoidance by buying at a good value is the key to success. He then spends the rest of the book telling the reader the 18 most important things to consider when buying stocks. His discussion of investor psychology is worth the price of the book by itself. Everything else is a bonus.I had been meaning to read this book for a year or so. When I learned that an annotated edition, with comments from some leading value investors, I grabbed it. I took my time reading it, as there is so much great information within. The final chapter, in which Marks pulls all 18 important things together, is now something I intend to re-read several times a year, like I do with Chapters 8 and 20 of Benjamin Graham's The Intelligent Investor.Highly recommended.
There is nothing useful for investors or trader in this book. Amazingly, this author has managed to write two books that amassed 500 pages on market cycles driven by emotions and how he is an intellectual superior. You can get all he has to say with the first two chapters of either of the books. His phrase ‘second level thinker’ is a constant drum beat though out both books. This is how he describes his superiority over us ‘first level thinkers’. This is a man who has gotten rich off other people’s money. He has done so by being politically and professionally connected. Now, he is richer than me. So, he is considerable more successful (richer) than I am. I have to give him that.His book implies that an investor can do well by paying attention to public sentiment. The problem with this is these sentiment last for 25% of any move in either direction. Another problem with this concepts is they promote public sentiment to extend moves to maximize their profits. Since this is so scary for us first level thinkers, we need to pay him to manage our money for us.In this book he says in passing, he uses technical analysis information. In the second book he ridicules people who use technical analysis. I’m not sure how this works out.He also implies; these books are used at the Columbia Business Schools. There is no way lesson plans can be developed from this book, unless you just make one and repeatedly use that plan. It must be required reading to expand his sales.I force myself to read every book I purchase. There is almost always a nice little nugget in there somewhere. Here, I’ve been unable to find any nuggets. Just mind numbing repetition. Unless you want to accept his premise that cats chase carrots up trees. Not birds, Carrots. Well maybe it’s just beyond this first level thinker to see the cleverness of this analogy.Conclusion: Traders and investors, there is nothing useful here for you.
I don't believe the average readers can fully appreciate the lessons from this book without taking the time to compare its contents with other books that that cover these same topics. For example, the way the author presented the Capital Market Line is more complete than what you may find in other books. As a P&C Actuary, I can appreciate how Mark outlined his view of RISK. If you were introduced to investing in the dotcom era, the section about reasonable expected returns should get you thinking. Is it reasonable to expect double digits annual returns from your average mutual funds?The book reaffirms my belief: Not because technology has made it easy for average people to trade financial securities on exchanges like NASDAQ and NYSE does not mean that they have the required skills to perform securities valuation. Average people who trade regularly on securities exchanges are like the weekend golfers playing the Blue or Black T-Boxes on a standard PGA course. This is why 401(k) is bad for the average worker.
Marks is a specialist in distressed bonds and manages a hundred billion dollar portfolio. Buffett is a big fan of his periodic memos and offered to give him a blurb if he published them as a book - which is what became this book.I especially enjoyed his discussion of risk. Marks seems to have a good sense of where the "pendulum" of risk is, as has managed to avoid some of the major crashes (or taken a reduced hit). This book explains his approach and well as his insightful notion of "second level" thinking.Easy to read. Should be helpful to all investors.
I have read any number of investment books, from Ben Graham's "Intelligent Investor" to Joel Greenblatt's 'Little Book that beats the Market", and this is one of the very best. For an overall appreciation of investment strategy there is not a more comprehensive guide out there. The author's explanations are clear and understandable even when the subject matter is difficult. One example is the distinction between timing the market and being aware of prevailing market psychology and pitfalls: Marks explains that, while one cannot predict when it will happen, market collapses are made more likely by factors such as excessive optimism, ease of borrowing and risky investment products. The one quibble I have with the book is the inclusion of commentary in the middle of the various discussions. For the most part the comments of the various luminaries are simply a Greek chorus of agreement, with the one exception of Joel Greenblatt who actually adds to the understanding of the subject. That said, this is an invaluable guide to investment strategy. I would like to say I always follow the advice but I'm not that good.
Howard Marks' book is very informative, but The commentary is absolutely worthless. I'm not sure if the earlier addition contained the commentary too. I'm thinking you did not. The commentary adds nothing to the book. That said the book is very short and very insightful.It might be better to read the first edition.
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