The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks
What caught my eye about this book was what Warren Buffet had to say. “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something, and that goes double for his book.” This successful American investor is renowned for his “Oaktree memos” which he has been sending to his investors for the past 20 years. These memos discuss his investment philosophy and give his insights into the market environment/ recent events at that point in time. These memos are the core of this book in which he has listed 19 “Most Important Things” for successful investing. These include topics such as second-level thinking, fundamental research, risk management, market psychology, market cycles, contrarian investing, patience, overall market environment and some pitfalls. Even though at Cadence we don’t agree with everything he says in this book, it is a very thought provoking investment book that should definitely be read.