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