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The Most Important ThingUncommon Sense for the Thoughtful Investor$
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Howard Marks

Print publication date: 2011

Print ISBN-13: 9780231153683

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231153683.001.0001

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The Most Important Thing Is … Value

The Most Important Thing Is … Value

(p.16) 3 The Most Important Thing Is … Value
The Most Important Thing

Howard Marks

Columbia University Press

This chapter considers another important need for successful investing: an accurate estimate of a security's intrinsic value. All approaches to investing in company securities can be divided into two basic types: those based on analysis of the company's attributes, known as “fundamentals,” and those based on study of the price behavior of the securities themselves. In other words, an investor has two basic choices: gauge the security's underlying intrinsic value and buy or sell when the price diverges from it, or base decisions purely on expectations regarding future price movements. This chapter first discusses technical analysis and momentum investing before turning to value investing and growth investing. In particular, it explains the difference between value investors and growth investors. It also highlights the potential of value investing to consistently produce favorable results.

Keywords:   securities, fundamentals, price behavior, value, technical analysis, momentum investing, value investing, growth investing, investors

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