"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.

Question everything – and become a better investor in the process Uncommon Sense takes readers on a four-century journey; from the dawn of public share ownership (in 1602) right up to today. But this is not simply a history book. It's a book for serious investors. Along the way it reveals the fascinating stories, the market characters and the important financial developments that have sculpted the thinking behind the value investor's craft. Blended throughout the narrative Kemp delivers an array of interesting anecdotes and rock solid logic regarding what works when investing in the stock market, what doesn't, and why. Early in the 20th Century, Charles Dow remarked of Wall Street Operators that 'the more they actually know, the less confident they become.' Continuing in the tradition of that simple, elegant statement, this enlightening and entertaining book will have you thinking, acting and succeeding on your own in your investment endeavours. Learn to question conventional wisdom at every turn and develop a healthy skepticism as you plan your own investment strategies Develop a rich understanding of the stock valuation process Discover the methods that have been used by successful investors from the dawn of the modern stock market (in 1602) right up to today Learn how to interact simply and successfully with markets that are vastly complex and largely inexplicable Uncommon Sense will have you questioning and doubting much that's stated about stock market investing, then developing your own winning strategy based on reason and understanding.

Never before have average people greater access to the stock market. The investor is literally drowning in financial information, loaded with financial techno-babble. This book teaches people how to invest without being dependent on a broker, financial institutions and banks. It allows people to make their own decisions without being stampeded by market trends. This is a book for people who only have a few hundred dollars or a few hundred thousand dollars to invest. The Uncommon Investor explains in detail the methodology used in the investment letter, which is arguably number one in North America, with five year annualized return of 33.9% and 53.2% return in 1997. The techniques are outlined in an entertaining format, as a group of family and friends gather to watch the seventh game of the World Series. Each section is divided into innings, with baseball used as the backbone analogy throughout the book. The Uncommon Investor takes the reader from the initial stages of choosing the stock, through to the buy and sell decisions; focussing on how to identify companies which are turningaround or under valued. The techniques start from basic stock market methodologies, and gradually move to a more intricate methodology. Care is taken to ensure that readers will not only be learning a process, but remain entertained. In addition, The Uncommon Investor explores other investment opportunities. Mutual funds, bonds, gold, commodities, real estate, and government paper are all highlighted as investment options. The pros and cons of each of these areas are looked at.

When an investor believes a stock is overvalued and will soon drop in price, he might decide to "short" it. First, he borrows an amount of the stock, and then sells it. He waits for the stock to tank before buying back the same amount of shares at a deflated price. After returning the shares to his lender, he pockets the difference—unless any one of several hard-to-predict variables interferes, and the stock fails to drop. Since these variables are so hard to predict, short selling is difficult for even seasoned investors. It takes great talent and experience to isolate the best short ideas for falling stocks—skills Amit Kumar developed and honed over decades of market analysis and trading. This book shares his short-selling framework, built on themes common to falling stocks and the market's endemic strengths and cycles. Featuring key case studies and exclusive interviews with successful fund managers Bill Ackman (Pershing Square Capital Management) and Mark Roberts (Off Wall Street Consulting Group), Kumar shows investors how to avoid traps and profit from well-researched short ideas. Investors may not always act on short ideas, but they can avoid losses by using Kumar's framework to identify overvalued stocks. Professionals and amateur investors alike will benefit from this fundamental research approach, which transforms short selling into a long-term strategy.

Paths to Wealth through Common Stocks contains one original concept after another, each designed to greatly improve the results of those who self-manage their investments -- while helping those who rely on professional investment advice select the right advisor for their needs. Originally written by investment legend Philip A. Fisher in 1960, this timeless classic is now reintroduced by his well-known and respected son, successful money manager Ken Fisher, in a new Foreword. Filled with in-depth insights and expert advice, Paths to Wealth through Common Stocks expands upon the innovative ideas found in Fisher's highly regarded Common Stocks and Uncommon Profits -- summarizing how worthwhile profits have been and will continue to be made through common stock ownership, and revealing why his method can increase profits while reducing risk. Many of the ideas found here may depart from conventional investment wisdom, but the impressive results produced by these concepts -- which are still relevant in today's market environment -- will quickly remind you why Philip Fisher is considered one of the greatest investment minds of our time.