Howard Marks
- Published in print:
- 2013
- Published Online:
- November 2015
- ISBN:
- 9780231162845
- eISBN:
- 9780231530798
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231162845.001.0001
- Subject:
- Economics and Finance, Financial Economics
In The Most Important Thing investing insight of this book’s author’s celebrated client memos was distilled into a single text and made his philosophy available to general readers. In this book, this ...
More
In The Most Important Thing investing insight of this book’s author’s celebrated client memos was distilled into a single text and made his philosophy available to general readers. In this book, this wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators. These experts lend insight into the most important concepts in successful investing, such as “second-level thinking,” the price/value relationship, patient opportunism, and defensive investing. The author also adds his own annotations, expanding on his book’s original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called “a guru to Wall Street’s gurus” by the New York Times, speaks on value investing, productivity, and the economics of information. The book provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be “contrarian,” he judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of the book’s subjects proves to be the most important thing.Less
In The Most Important Thing investing insight of this book’s author’s celebrated client memos was distilled into a single text and made his philosophy available to general readers. In this book, this wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators. These experts lend insight into the most important concepts in successful investing, such as “second-level thinking,” the price/value relationship, patient opportunism, and defensive investing. The author also adds his own annotations, expanding on his book’s original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called “a guru to Wall Street’s gurus” by the New York Times, speaks on value investing, productivity, and the economics of information. The book provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be “contrarian,” he judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of the book’s subjects proves to be the most important thing.
Howard Marks
- Published in print:
- 2013
- Published Online:
- November 2015
- ISBN:
- 9780231162845
- eISBN:
- 9780231530798
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231162845.003.0013
- Subject:
- Economics and Finance, Financial Economics
This chapter shows another element which is important for successful investing: patient opportunism. When there aren’t always great things to do, patient opportunism—waiting for bargains—is often the ...
More
This chapter shows another element which is important for successful investing: patient opportunism. When there aren’t always great things to do, patient opportunism—waiting for bargains—is often the best strategy. The investor will do better if they wait for investments to come to them rather than go chasing after them. The investor will tend to get better buys if they select from the list of things sellers are motivated to sell rather than start with a fixed notion as to what they want to own. It is essential for investment success that the investor recognizes the condition of the market and decide on their actions accordingly. Investing appropriately for the circumstances with which the investor is presented makes perfect sense. When there is a crisis, the key is to be insulated from the forces that require selling and to be positions as a buyer instead. The absolute best buying opportunities come when asset holders are forced to sell. This chapter also contains comments and insights from four renowned investors and investment educators.Less
This chapter shows another element which is important for successful investing: patient opportunism. When there aren’t always great things to do, patient opportunism—waiting for bargains—is often the best strategy. The investor will do better if they wait for investments to come to them rather than go chasing after them. The investor will tend to get better buys if they select from the list of things sellers are motivated to sell rather than start with a fixed notion as to what they want to own. It is essential for investment success that the investor recognizes the condition of the market and decide on their actions accordingly. Investing appropriately for the circumstances with which the investor is presented makes perfect sense. When there is a crisis, the key is to be insulated from the forces that require selling and to be positions as a buyer instead. The absolute best buying opportunities come when asset holders are forced to sell. This chapter also contains comments and insights from four renowned investors and investment educators.
Howard Marks
- Published in print:
- 2011
- Published Online:
- November 2015
- ISBN:
- 9780231153683
- eISBN:
- 9780231527095
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231153683.003.0013
- Subject:
- Economics and Finance, Financial Economics
This chapter considers another important need for successful investing: patient opportunism. The boom-bust cycle associated with the global financial crisis gave investors the chance to sell at ...
More
This chapter considers another important need for successful investing: patient opportunism. The boom-bust cycle associated with the global financial crisis gave investors the chance to sell at highly elevated levels in the period 2005 through early 2007 and then to buy at panic prices in late 2007 and 2008. Cycle-fighting contrarians had a golden opportunity to distinguish themselves. But there aren't always great things to do, and sometimes investors maximize their contribution by being discerning and relatively inactive. Patient opportunism—waiting for bargains—is often the best strategy. The investor will do better if they wait for investments to come to them rather than go chasing after them. They tend to get better buys if they select from the list of things sellers are motivated to sell rather than start with a fixed notion as to what they want to own. An opportunist buys things because they are offered at bargain prices. Patient opportunism, buttressed by a contrarian attitude and a strong balance sheet, can yield amazing profits during meltdowns.Less
This chapter considers another important need for successful investing: patient opportunism. The boom-bust cycle associated with the global financial crisis gave investors the chance to sell at highly elevated levels in the period 2005 through early 2007 and then to buy at panic prices in late 2007 and 2008. Cycle-fighting contrarians had a golden opportunity to distinguish themselves. But there aren't always great things to do, and sometimes investors maximize their contribution by being discerning and relatively inactive. Patient opportunism—waiting for bargains—is often the best strategy. The investor will do better if they wait for investments to come to them rather than go chasing after them. They tend to get better buys if they select from the list of things sellers are motivated to sell rather than start with a fixed notion as to what they want to own. An opportunist buys things because they are offered at bargain prices. Patient opportunism, buttressed by a contrarian attitude and a strong balance sheet, can yield amazing profits during meltdowns.
