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, by Howard Marks
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Product details
File Size: 961 KB
Print Length: 196 pages
Publisher: Columbia University Press (May 1, 2011)
Publication Date: May 1, 2011
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B004U5Q1O0
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Amazon Best Sellers Rank:
#12,624 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
Howard Marks is a value investing genius, with an astounding track record of ~20% p.a. returns for 25+ years. Therefore, I'm happy to read anything he is willing to share. 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.Although Marks shares his high level investment philosofy, he never shares enough to allow someone to understand exactly how he implements it in practice. How much safety margin? Which level of diversification? 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.This could be accomplished while simultaneosly reducing the lenght of the book. It often feels verbose, with the same ideas repeated in different sections and paraphrased in multiple similar ways. Additionally, his habit of citing his own past writings is unnecessary and baloons the reading time without delivering much value to the reader.
I haven't finished the book because after about 15 chapters it gets p-r-e-t-t-y r-e-p-e-t-e-t-i-v-e. There are a handful of pretty keen insights in the book but I don't need to hear each of them 50 times. My favorite insight is that if riskier assets could be counted on to deliver higher returns, they wouldn't be considered risky!Did I mention this book is repetitive? Oh yeah it is. See what I did there?
This book does not teach valuation techniques, but it is intended to remind the value investor of the most important elements of security analysis. It gives a great checklist of things that the investor needs to keep in mind as they consider a certain security. For those who regularly read Howard Marks's memos, this book may not provide anything new, but it is helpful for me to have all the lessons in those memos in one consolidated book. On top of that, Marks is a good writer and fun to read.
There are a lot of very good books about aspects of investing but this author and this book stand out. "The Most Important Thing.." is a riveting collection of Howard Marks essays on investment philosophy. The author's unique talent is expressing abstract investment thinking in a concise yet thorough and original fashion. I found myself saying, "Darn, that's right" quite a bit. Marks is a deep thinker with a lot of experience. I've read "The Most Important Thing.." more than once and value it as a cornerstone for appreciating risk and market tides. Marks is the only author whose works I'd put on the same shelf with Warren Buffet's writings, the shelf of lastingly helpful books. I recommend it.
Best investing book I've read....over and over again. If you want to improve your investment discipline, improve your ability to embrace fear and run from greed, this is your book.
Just when I thought there could not possible be another good investment book out there, along came `The Most Important Thing (I can somewhat qualify as a judge if one scans previous reviews). Irrespective of my judgement, other comments that possibly this book should be avoided, one should stop and reflect a second that an investor should never stop learning. Once you think you can't learn anything else then maybe your investing career is over.Howard Mark's words will surely put to rest that `old dogs' can not learn something new, or at least think of it in a different way. Though investing for more than 20+ years, I have marked and `dog eared' many pages as insightful, and something to think more about.I believe the chapters on Second Level Thinking, and Risks, are indeed discriminating to make the reader say, I never thought of it that way. In addition, the writings on defensive investing in the (losers game) of unforced errors are timeless.Valuable References:Security Analysis: Sixth Edition, Foreword by Warren Buffett by Graham & DoddThe Aggressive Conservative Investor (Wiley Investment Classics) by Martin J. Whitman and Martin ShubikCommon Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics) by Philip A. Fisher
The persistent theme repeated in every chapter is that it is better to be a defensive investor which means outperforming in bear markets at the cost of underperforming in bull markets. It is refreshing to hear a value investor admit the truth of value investing, which is that underperformance is to be expected when markets are up, which is most of the time. Unfortunately, the author presents no data or evidence that this results in long-term outperformance. Instead the author states that you should wait until we reach market exuberance to sell and then wait until stocks are super cheap to buy which gives you a margin for error. Well, unless you had boatloads of cash during 2001 or 2008, that's pretty useless advice. Plus markets are up much more often than they are down, so there are few opportunities to practice this variety of extreme value investing. The author says to buy stocks below "intrinsic value", BUT only a passing hint is made about what the author considers in determining the "intrinsic" value of stocks. Overall, the description of value investing as a hard and painful path is refreshingly honest, but the lack of examples or guidelines for selecting good values makes the book unhelpful.
Keeping this one with my other most important reference books. This book never goes out of style. Always applicable to any investing environment.
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