Howard Marks is sought out by the world’s leading value investors, and his client memos brim with astute commentary and a time-tested, fundamental philosophy. 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.