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A review by kevin_barney
The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks
informative
medium-paced
2.0
Marks created a book around memos he's written over the years that read like some mutual fund annual report management letters I recall: pithy, insightful, and obvious. I didn't learn anything new.
Paraphrasing...great companies bought at the wrong prices can be lousy investments. Less good assets bought at great prices, such as a run down house in a great location, can be great investments.
Risk isn't volatility. Volatility is how money is made in the stock market.
Trees don't grow to the sky - no investment will continue to increase in price unabated.
Paraphrasing...great companies bought at the wrong prices can be lousy investments. Less good assets bought at great prices, such as a run down house in a great location, can be great investments.
Risk isn't volatility. Volatility is how money is made in the stock market.
Trees don't grow to the sky - no investment will continue to increase in price unabated.