Invest in the most important thing

The investment memo written by Howard Marks is highly respected by professional investors around the world, including Buffett. This book captures the essence of the investment memo, tells the author's investment philosophy and personal experience for decades, and tells each reader how to achieve the investment performance of the top market average level-this top market The different thinking necessary to be average is called "second-level thinking."

Howard summed up and extracted 18 most important things in investment from his own investment reverse thinking and reverse investment experience. He warned investors: investment decisions should be based on value, and the most important thing in investment is not to buy well, but to buy well; on the issue of investment risks, one should deeply understand that huge risks occur when everyone is optimistic, Always insist on low risk high return. But Howard also pointed out that even contrarian investments will not always bring benefits. Extreme prices do not appear every day, and investors must buy and sell at non-extreme times in the cycle, so we must identify unfavorable times and take more cautious actions.

In addition, this book not only contains the author's own investment wisdom, but also incorporates the comments, views and different opinions of four other well-known investment experts and educators. Together, they offer insights on concepts such as "second-level thinking," the relationship between price and value, patiently waiting for opportunities, and defensive investing.