作者：HowardMarks
出版社：ColumbiaUniversityPress
副标题：UncommonSensefortheThoughtfulInvestor
出版年：2011-5-1
页数：200
定价：USD29.95
装帧：Hardcover
ISBN：9780231153683
内容简介
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"This is that rarity, a useful book."–Warren Buffett Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions–and occasional missteps–he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely 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 Marks's subjects proves to be the most important thing.
作者简介
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Librarian Note: There is more than one author in the Goodreads database with this name. If adding books to this author, please use Howard^^Marks.
Howard Stanley Marks is an American investor and writer. He holds a B.S.Ec. degree cum laude from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the Booth School of Business of the University of Chicago, where he received the George Hay Brown Prize. He is a CFA® charterholder and a Chartered Investment Counselor.
In 1995, he co-founded Oaktree Capital Management. From 1985 until 1995, he led the groups at The TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, he was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp's Director of Research.
评论 ······
这绝对是一本好书，让我知道了当年我是怎么在羊群中当了一名合格的韭菜。
我们需要比普通大众进行更深入的思考，有自己的看法和操作，通常是逆向操作。作者更注重在有限的风险下取得更好的收益。作者注重对风险的分析和识别，区分可能性和最终结果的关系，以及黑天鹅事件的出现对投资组合的影响。至少要知道经济周期是在上升还是下降阶段，这样才能选择一个好的投资策略。
他们这波价值投资者，是有自己的投资哲学的，但是不够深，当然，能够很好地执行那个哲学，一定是可以在投资中盈利的。我的意思也不是说哲学思辨越深刻，利润率就越高。
oh yeah？
FINE-7190-01 Aaron Selber Alt Investments
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