Columbia University Press The Most Important Thing (English, Hardcover, Marks Howard)

The Most Important Thing explains the principles Howard Marks believes are essential for becoming a thoughtful and successful investor.

Rather than concentrating on predicting exactly what markets will do, Marks emphasizes understanding risk, valuation, market cycles, investor psychology and the relationship between price and value.

One of the book's most important concepts is “second-level thinking.” Marks argues that successful investing requires going beyond obvious conclusions and considering what other investors may be thinking, what expectations are already reflected in prices, and whether the market's consensus is correct.

The book also emphasizes that risk should be understood before return is pursued. Marks discusses how investors can recognize, assess and control risk while remaining patient enough to take advantage of attractive opportunities.