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The Most Important Thing IlluminatedUncommon Sense for the Thoughtful Investor$
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Howard Marks

Print publication date: 2013

Print ISBN-13: 9780231162845

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231162845.001.0001

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The Most Important Thing Is … Finding Bargains

The Most Important Thing Is … Finding Bargains

(p.122) 12 The Most Important Thing Is … Finding Bargains
The Most Important Thing Illuminated

Howard Marks

Columbia University Press

This chapter states that finding bargains is important in investment. In order to intelligently build a portfolio, one must buy the best investments, make room for them by selling lesser ones, and stay clear of the worst. This process consists of a list of potential investments, estimates of their intrinsic value, a sense for how their prices compare with their intrinsic value, and an understanding of the risks involved in each, along with the effect their inclusion would have on the portfolio being assembled. Sound investment is all about creating a list of investment candidates that meet the investor’s minimum criteria and then choosing the best bargains. The first step is to define the “feasible set” and to select investments from it by identifying those that offer the best ratio of potential return to risk, or the most value for the money. This chapter includes comments and insights from four well-known investors and investment educators.

Keywords:   bargains, portfolio, investment, value, price, risk, return, investors

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