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92 Quotes From The Most Important Thing By Howard Marks

The Most Important Thing

The Most Important Thing Key Idea #5: If You Want To Make Successful Investments, Buck The Trend And Seek Out Unusual Bargains

I’m a retail investor, who’s invested in the stock market for 20 years. I follow the press and been a largely successful investor myself, despite the many ups and downs of the market The Most Important Thing over the last 2 decades. I can testify that Howard Marks presents many wise insights in this book, which, if you follow, will help you towards becoming a superior investor.

At that point, all the negative data and assumptions are reflected in the price. Everyone that is going to sell has already sold. The most dangerous time to buy an investment https://forexbox.info/ is at the peak of its popularity. At that time, all the positive data and assumptions are reflected in the price. Everyone that is going to buy has already bought.

Recognizing risk often starts with understanding when investors are paying it too little heed. So much is within the control of professional tennis players that they really should go for winners. And they’d better, since if they serve up easy balls, their opponents will hit winners of their own and take points. In contrast, investment results are only partly within the investors’ control, and investors can make good money—and outlast their opponents—without trying tough shots. In the world of investing, … nothing is as dependable as cycles.

Don’t let a lucky bet fool you into believing you or anyone else can consistently win the lottery by investing in longshots. The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological.

You almost certainly wouldn’t have timed the top perfectly, but you would have known that caution was warranted. Instead, The Most Important Thing Marks gives us the insightful thoughts of a man who struggles with his own investing decisions on a daily basis.

Leverage multiplies results but does not add value. Leverage might make sense when purchasing assets at bargain prices with high expected returns. On the other hand, using leverage to buy assets with https://forexbox.info/the-most-important-thing/ low expected returns and high risk is a recipe for exaggerated losses. When there is a broad consensus among investors it means that most have acted and the current price reflects those actions.

Therefore, since forecasts are of little value, investors need to have a good sense of the present market situation. No one can predict the future, but smart investors will work to understand the given moment in terms of market cycles.

Efficient Markets?

How to attribute probabilities to extreme events? Some nitty-gritty and real life examples would have transformed this book from a gospel to a more vivid and practical read.

“There’s a big difference between probability and outcome. Probable things fail to happen—and improbable things happen—all the time.” That’s one of the most important things you can know about investment risk. “Well bought is half sold.” By this we mean we don’t spend a lot of time thinking about what price we’re going to be able to sell a holding for, or when, or to whom, or through what mechanism. If you’ve bought it cheap, eventually those questions will answer themselves.

In this book, he shares deeply toughtful insights, but in a somewhat dry, unengaging and repetitive text. Overall a must read, but don’t expect an excellent literary experience. Since The Most Important Thing few people have the ability to switch tactics to match market conditions on a timely basis, a mix of these two approaches is what will best serve you through a variety of scenarios.

  • Frankly and honestly assessing his own decisions—and occasional missteps—he provides valuable lessons for critical thinking, risk assessment, and investment strategy.
  • Some of the commentary does actually go deeper than the platitudes and give you useful reference points.
  • While it is somewhat repetitive, getAbstract recommends it to all serious investors who are interested in getting back to the “fundamentals” of investing.
  • Successful investing requires thoughtful attention to many separate aspects, and each of Marks’s subjects proves to be the most important thing.

If you can; it meansyou should,even more, for the people who cannot. And every single thing you do, or don’t do, matters to countless millions of lives.

My service focuses on ideas and concepts that improve the skills of investors to manage their own money. When capital is in oversupply investors compete for deals by accepting low returns and a slender margin of error. High-return environments offer The Most Important Thing opportunities for generous returns through purchases at low prices, and typically these can be earned with low risk. Too much money will chase the risky and the new, driving up asset prices and driving down prospective returns and safety.

Book Review: Billionaire Howard Marks’ ‘The Most Important Thing Illuminated’

But in reality the market spends very little time at the average. The pendulum swings back and forth, creating opportunities for the astute investor who is aware of the swings in investor sentiment. Periodically investors decide that a trend will never end. When times are good they conclude the trend will continue upward forever.

Howard Marks, educated at the Wharton School and University of Chicago , delivers his commentary in a style that has been described as “insightful, direct, homespun, expert and sharply pointed”. His objective in writing The Most Important Thing was to provide a book that would lay out his investment philosophy in a manner that would be beneficial to the average investor. I believe he was extremely successful at achieving his objective. My name is Ken Faulkenberry, founder of the Arbor Investment Planner. My passion is to educate individual investors and enable them to self-direct their investment portfolio.

Broke Millennial Takes On Investing

The result is well worth it and in my humble opinion it is up there amongst the great books about investing. The book is more a collection of market comments and thoughts from his frequent letters and a memoir of his career. Each chapter is fairly brief and informative, although my thoughts drifted away with a certain frequency in the first half of the book. All in all it is a decent recap but not overly revealing. Just when I thought there could not possible be another good investment book out there, along came `The Most Important Thing .

I manage client accounts via my firm, Sizemore Capital Management. I write about investing and the markets here at Forbes, and I am also a regular guest on CNBC, Bloomberg TV, Fox Business, and Straight Talk Money radio. I am a CFA charterholder and have a master’s degree from the London School of Economics. In this book review, I have barely scratched the surface of The Most Important Thing. This book is chocked full of very accessible, very down-to-earth investment advice, and the praise heaped on it by Buffett, Klarman and the rest is well deserved.

Many of the best bargains at any point in time are found among the things other investors can’t or won’t do. All investors can’t beat the market since, collectively, they are the market. Most professional investors had joined the industry in the eighties or nineties and didn’t know a market decline could exceed 5 percent, the greatest drop seen between 1982 and 1999. It may be one the best portfolio management books ever written.

The first level thinker sees unfavorable circumstances and decides to sell. The second level thinker sees that investors have panicked and driven the price to bargain levels and buys. Even though value investing is about numbers, this book has no numbers. This book is about psychology and thinking differently about value portfolio management.

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