The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Howard Marks, the founder of the distressed debt firm Oaktree Capital Management, is best known for his intelligent and thoughtful investor letters. These appear between four and eight times a year, are widely circulated across Wall Street, and are must-reads on par with Warren Buffett's annual letters. Unfortunately, The Most Important Thing, a summary of his economic and investment philosophy, is too broad and too general — and lacks the specific examples or detailed insights of his letters.