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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 … Pulling It All Together

The Most Important Thing Is … Pulling It All Together

(p.215) 21 The Most Important Thing Is … Pulling It All Together
The Most Important Thing Illuminated

Howard Marks

Columbia University Press

This concluding chapter recaps the most important requirements for successful investing. It reiterates the argument that the best foundation for a successful investment—or a successful investment career—is value. To achieve superior investment results, the investor must have superior insight into value. In order to know when to buy or sell, the investor’s view of value has to be based on a solid factual and analytical foundation. The price/value relationship, which is influenced by psychology and technicals, holds the ultimate key to investment success. Buying below value is the most dependable route to profit; it is also a key element in limiting risk. Other important factors that investors need to take into account are risk control, contrarianism, defensive investing, avoiding the pitfalls, and having reasonable expectations.

Keywords:   investment, value, price/value relationship, profit, investors, risk control, contrarianism, defensive investing, reasonable expectations

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