The Most Important Thing Illuminated BY Howard Marks
Howard Marks’s The Most Important Thing distilled the investing perception of his celebrated consumer memos right into a single quantity and, for the first time, made his time-tested philosophy accessible to basic readers. On this version, Marks’s knowledge is joined by the feedback, insights, and counterpoints of 4 famend buyers and funding educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group). These specialists lend perception into such ideas as “second-level considering,” the worth/worth relationship, affected person opportunism, and defensive investing. Marks additionally provides his personal annotations, increasing on his ebook’s unique themes and points. A brand new chapter addresses the significance of cheap expectations, and a foreword by Bruce C. Greenwald, known as “a guru to Wall Road’s gurus” by the New York Occasions, speaks on worth investing, productiveness, and the economics of data.