霍华德•马克斯
总部位于洛杉矶的橡树资本管理有限公司(Oaktree Capital Management)主席与共同创始人,管理着800亿美元的投资公司资产,沃顿商学院金融学士,芝加哥大学会计与市场营销专业MBA。他投身顶级投资管理行业40年,跻身世界顶尖价值投资者之列。他的客户备忘录充满了富有洞察力的评论与久经考验的基本投资理念。如今,马克斯首次面向业余投资者和专业投资者,将其智慧集结成书,使广大读者从中获益。
Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group). These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information. *** 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. "This is that rarity, a useful book."--Warren Buffett
【投资最重要的事】 第一章:如果你的想法和大众一样,那么你不可能成功。因为这是一个零和的博弈,你要赢,就得有人输。做投资你必须要有第二思维。 第二章:市场不总是有效的,无效的市场给了我们买入卖出的机会,投资就是要去找这些被错误定价了的机会,低估时买入,高估...
评分常常有人和我鼓吹价值投资,我总想说,投资比你想象的,复杂的多。在一个零和博弈的市场上,如果一种机械的方法能够成功,那大部分人都成功了。这本由成功的价值投资者所写的书,可以看到一些投资者的“价值谬误”。以下是一些笔记: 1. 所有的泡沫都是从重要的事实开始的:郁...
评分在豆瓣开了一个专栏,主要写投资自我管理方面,欢迎关注:http://read.douban.com/column/93927/ 作者在谈论风险的几章也让我有了一些想法。 现在用历史的价格的波动性来用于衡量风险,有几个认识: 1. 用价格的波动性来衡量风险确实有他的道理,因为所有的风险,都集中地表...
评分在豆瓣开了一个专栏,主要写投资自我管理方面,欢迎关注:http://read.douban.com/column/93927/ 作者在谈论风险的几章也让我有了一些想法。 现在用历史的价格的波动性来用于衡量风险,有几个认识: 1. 用价格的波动性来衡量风险确实有他的道理,因为所有的风险,都集中地表...
评分霍华德·马克斯的《投资最重要的事》看似短小,用语平实,无技术性段落,然而通过与他人的讨论,我发现很多人没有读出马克斯的框架,仅仅停留在字面解读上。回看豆瓣的书评,也多是老调重弹,零散的拾起一些马克斯的智慧。 从豆瓣来看,读这本书多半是散户,没有...
最重要的是对价值的认识。 Experience is what you got when you didn't get what you wanted.
评分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。 本书中的周期这一章,是精化所在。
评分A book needs to read every 2-3 years for investors
评分简明扼要、大道至简,是价值投资必读书目之一
评分some insights in what a second-level thinker concerns when swinging in the market
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