The Most Important Thing: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) By Howard Marks


Investing is a risk an investor has to make. Thousands of books were published and are available at the self-help financial section of the different bookstores around the world. However, only a few of them give real and sound concepts and ideas about investing with reference to historical accounts. Howards Mark’s The Most Important Thing is a must-read book for those who want to unearth misconceptions and facts about investing. This book serves as a benchmark for investing books written and published as it presents radical ideas about investing that most people don’t realize. Also, investors who want to avoid the pitfalls of investing and its risky nature has to leaf through this book to pick wise and “uncommon” sense about investing.

Investors should make reading The Most Important Thing as a prerequisite in investing. The book has the potential to empower every investor to achieve clarity and truth about investing.

About the Author

Howard Marks finished his bachelor’s degree in Finance at Wharton School plus an MBA in Accounting and Marketing at the University of Chicago. Marks is the chairman and co-founder of Oaktree Capital Management, an investment firm situated in Los Angeles with $80 billion under management.

Table of Contents

The Most Important Thing is an eye-opener for investors containing the following topics:



  1. Second-Level Thinking
  2. Understanding Market Efficiency (and Its Limitations)
  3. Value
  4. The Relationship Between Price and Value
  5. Understanding Risk
  6. Recognizing Risk
  7. Controlling Risk
  8. Being Attentive to Cycles
  9. Awareness of the Pendulum
  10. Combating Negative Influences
  11. Contrarianism 
  12. Finding Bargains
  13. Patient Opportunism
  14. Knowing What You Don’t Know
  15. Having a Sense for Where We Stand
  16. Appreciating the Role of Luck
  17. Investing Defensively
  18. Avoiding Pitfalls
  19. Adding Value
  20. Pulling It All Together

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