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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 … Pulling It All Together

The Most Important Thing Is … Pulling It All Together

(p.173) 20 The Most Important Thing Is … Pulling It All Together
The Most Important Thing

Howard Marks

Columbia University Press

This concluding chapter recapitulates the author's ideas on successful investing. The best foundation for a successful investment—or a successful investment career—is value. To achieve superior investment results, the investor's insight into value has to be superior. Thus they must learn things others don't, see things differently or do a better job of analyzing them—ideally, all three. The investor's view of value has to be based on a solid factual and analytical foundation, and it has to be held firmly. Only then will they know when to buy or sell. The relationship between price and value holds the ultimate key to investment success. Buying below value is the most dependable route to profit. The price/value relationship is influenced by psychology and technicals, forces that can dominate fundamentals in the short run. Other important things to take into account by investors are contrarianism, defensive investing, risk control, and margin for error.

Keywords:   investment, value, price, price/value relationship, psychology, technicals, contrarianism, defensive investing, risk control

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