WULOLIFE
The Most Important Thing About Investing Author: Howard Marks Publisher: CITIC Press
The Most Important Thing About Investing Author: Howard Marks Publisher: CITIC Press
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Description
Introduction · · · · · ·
The investment memo written by Howard Marks is highly praised by professional investors around the world, including Buffett. This book extracts the essence of the investment memo, tells the author's investment philosophy and personal experience over the past decades, and tells every reader how to achieve investment performance that exceeds the market average - this kind of unique thinking required to beat the market average is called "second-level thinking."
Howard summarized and extracted 18 most important things about investment from his reverse thinking and reverse investment experience. He warned investors: investment decisions should be value-based, the most important thing in investment is not to buy good things, but to buy well; on the issue of investment risk, we should deeply understand that huge risks occur when everyone is optimistic, and we should always insist on low risk and high returns. But Howard also pointed out that even reverse investment will not always bring returns. Extreme prices will not appear every day, and investors must buy and sell at non-extreme times in the cycle, so we must identify unfavorable opportunities and take more cautious actions.
In addition to the author's own investment wisdom, this book also incorporates the comments, views and different opinions of four other well-known investment experts and educators. They jointly expressed their insights on concepts such as "second-level thinking", the relationship between price and value, patiently waiting for opportunities, and defensive investment.
About the Author
Howard Marks is the co-chairman and core founder of Oaktree Capital. He is the author of the best-selling book "The Cycle". He received a bachelor's degree in economics from the Wharton School of the University of Pennsylvania and a master's degree in business administration from the University of Chicago. He is also a Chartered Financial Analyst (CFA). As a world-renowned value investor, Marks began writing investment memos to investors in the early 1990s. His memos are highly praised by Wall Street, including his good friend, investment guru Mr. Buffett.
