Howard Marks is an American investor and writer. In 1985 he joined TCW and created and led the High Yield, Convertible Securities and Distressed Debt groups. In 1995, he left TCW and co-founded Oaktree Capital Management. In the 2015 Forbes rankings of the wealthiest Americans, Marks was ranked the #338 richest person in the United States, with a net worth of $1.95 billion.
The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today’s volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.
Marks expounds on such concepts as “second-level thinking,” the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions–and occasional missteps–he provides valuable lessons for critical thinking, risk assessment, and investment strategy. (
This is a compilation of Howard Marks memos written over time, expressing his investment philosophy. Taken individually they outline the principles and strategies upon which Oaktree was created; in sum, they provide an entertaining and insightful overview of he business values and belifs which have guided Howard Marks throughout his career. (
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A new book by Howard Marks will be published probable in October. It will be about cycles.
Remember this appointment.
