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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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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 25 June 2022

The Most Important Thing Is … Value

The Most Important Thing Is … Value

(p.19) 3 The Most Important Thing Is … Value
The Most Important Thing Illuminated

Howard Marks

Columbia University Press

This chapter is about a vital expectation for successful investing: an accurate estimate of intrinsic value. Warren Buffett says that the best investment course would teach just two things well: how to value an investment and how to think about market price movements. 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. This chapter explains what technical analysis is and proceeds by describing momentum investing. It also considers two principal schools of investing, both driven by fundamentals: value investing and growth investing. In particular, it highlights value investing’s potential to consistently produce favorable results. The chapter includes comments and insights from four renowned investors and investment educators.

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

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