The Most Important Thing
Howard Marks distills decades of Oaktree Capital memos into a framework for superior investing built on 'second-level thinking' — understanding not just what will happen, but what the consensus expects and how reality will differ. He argues that risk management, not return maximization, is the foundation of investment success. The book's treatment of market cycles and investor psychology is considered essential reading at top funds.
Marks's distillation of two decades of memos. Twenty 'most important things' — second-level thinking, market cycles, and the role of luck.
Tagged intermediate in the Ledge Reads catalog: assumes working familiarity with market and accounting basics.
What it covers
- Second Level Thinking
- Risk Management
- Market Cycles
- Oaktree Capital
- Contrarian Thinking
- Investor Psychology
- Pendulum Metaphor
- Consensus vs Reality
- Defensive Investing
- Howard Marks Memos
Where Oxford Ledge teaches these ideas
Concepts this book covers appear in these LEARN modules:
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ISBN-10: 0231153686
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