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The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

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Across editions · Checked September 15, 2026

Howard Marks explores the judgment behind thoughtful investing, including risk, value, market cycles, and the limits of prediction. This annotated edition adds commentary that helps readers examine the ideas and develop their own investment philosophy.

What You’ll Learn

Distinguish price, value, and investment risk
Recognize the influence of market cycles
Practice patient and independent investment thinking
  • Author: Howard Marks
  • Publisher: Columbia Business School Publishing
  • Format: Hardcover
  • ISBN-13: 9780231162845
  • Publication date: January 15, 2013
  • Language: English
  • Pages: 248
  • Dimensions (H × L × W): 0.9 × 9.1 × 6.2 inches
  • Book weight: 1.05 lb