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The Most Important Thing Illuminated, by Howard Marks

The Most Important Thing Illuminated, by Howard Marks

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Howard Marks’s The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks’s wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group). These experts lend insight into such concepts as “second-level thinking,” the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book’s original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called “a guru to Wall Street’s gurus” by the New York Times, speaks on value investing, productivity, and the economics of information.

Howard Marks’s The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks’s wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group). These experts lend insight into such concepts as “second-level thinking,” the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book’s original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called “a guru to Wall Street’s gurus” by the New York Times, speaks on value investing, productivity, and the economics of information.

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Published by: Columbia University Press on Jan 11, 2013
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C xt t xf   j fp s x ‑g g  Kg!‗ f  x
V gi{ D|iz Vdh 
! fx g  gg  g  g g   f   s" V    pf s  xpt>       f  pp p! f
V gi{ D' |iz Vdh 
  p    s"
V gi{ D|iz Vdh Dd 
! f x j  t g  f'f xfg! jp  g     'f s‖K Fs! O hj! f { Ng‖f  Kpgj Jp { fop ! |p O" `   gs p j  pup s  —x! f  sg t      — }" CFs! p sg jt g  j ! f  p gf jt  ggg   sp  f  ff 'fpt p" hj‖g  p   j sgj 
V ad Jiin V J{ m gzn 
‖ f gfp p' p   t   p js"     'c  j xf p jt  g p  s g g" Ng  fpf g  f'f  }ft p x j st  fs‖f
Cxf
Ki|tzdhmv`f Gev`zdea
 
}
Ciz`xizf
 g  s g gj x      j' x fx'f " Ct! O j  g t t   sg  f xt t   fop '  s x   jp   — xfg  p  pt t f sp s"V     } ff f f fg — pg!   p  fp x — t  x! !  t fc g  x"  sff  x ggt pp  }! j   g   pft g  p p  j f p   g  ggff "  ff!  c  }  sf    j!   g  j}"      
V gi{ D|iz Vdh Dd 
 p j p x s   j sg  s" g!  x o o
V gi{ D|iz Vdh 
 spj jp   sp s " Sp s j Kpgj x  pj  Jog hg f Fsf Fff—
[kzdt et{d{
 54;3"  :<<5!  jp K  hg fFff s x jf  Kpgj Jp {   gf   fg g  sp s" f   f t    tf     j—g"
V gi{ D|iz Vdh 
x t sf  K{ -Kpgj {pf sg g $! jp— 'p sg "    s    ! t Vg! pf  Kpgj Jp { |pj'! f g jp f  j jf   gg f sg t"  x p jp pj  s'g xfg   j  sp s f x  f xpfj gjf jt  jp ggpt"
V gi{ D|iz Vdh 
xpf  t    g s>
V gi{ D|iz Vdh Dd' 
pf   :<5: K{ g"
V gi{ D|iz Vdh Dd 
p  sp sggpt— f  pt   f! ! f s'g xfg" V jp K  ff  j f x ss pj f pt pg x jp"
Jzpk` k" Hz``bxeaf
F! jp K  hg f Fff sj jp |  C f  g
Ki|tzdhmv`f Gev`zdea

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