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Release date: 2023-01-25

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Top 15 Lessons learned From The Book "The Most Important Thing" by Howard Marks

1. I like to say, “Experience is what you got when you didn’t get what you wanted.

2. There are old investors, and there are bold investors, but there are no old bold investors.

3. Investment success doesn’t come from “buying good things,” but rather from “buying things well.

4. There’s a big difference between probability and outcome. Probable Thank you for reading this thread.

5. We have to practice defensive investing, since many of the outcomes are likely to go against us. It’s more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones.

6. Here’s the key to understanding risk: it’s largely a matter of opinion.

7. Investing is a popularity contest, and the most dangerous thing is to buy something at the peak of its popularity. At that point, all favorable facts and opinions are already factored into its price, and no new buyers are left to emerge.

8. There's only one way to describe most investors: trend followers.

9. The most dangerous thing is to buy something at the peak of its popularity. At that point, all favorable facts and opinions are already factored into its price and no new buyers are left to emerge.

10. The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological.

11. Everything you needed to know in the years leading up to the crash could be discerned through awareness of what was going on in the present.

12. If one is approached with a deal predicated on cycles having ceased to occur, remember that invariably that’s a losing bet.

13. If your behavior is conventional, you’re likely to get conventional results—either good or bad. Only if your behavior is unconventional is your performance likely to be unconventional, and only if your judgments are superior is your performance likely to be above average.

14. Risk is incredibly important to investors. It’s also ephemeral and unmeasurable. All of this makes it very hard to recognize, especially when emotions are running high. But recognize it we must.

15. It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.