Reading Howard Marks of Oaktree Capital is an annual ritual of sorts!! While his memos are worth reading many times over, had attempted to make some notes based on his seminal book, “The Most Important Thing” couple of years back.
Reading the whole book would make definitely make you a wiser and a better investor, however, have condensed some big ideas from his book. While there are 20 important ideas in his book, have put 10 of the 20 ideas in Part 1.
The first 10 ideas centre around Second Level Thinking, Understanding Market Efficiency, Value, Relationship between Price & Value, Understanding, Recognizing & Controlling Risk, Being attentive to Cycles & Pendulums and Combating Negative Influences. Each of these ideas are super-important. Hope you enjoy reading it!!