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The Most Important Thing

by Howard Marks · 2011

Howard Marks's investing book on risk, cycles, second-level thinking, and the discipline required for long-term capital allocation.

Recommended by 1 person · mentioned by 1 person

Why this author is included

Howard Marks · Investor and Oaktree co-founder

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Who recommends it

1 person has recommended The Most Important Thing. Each entry links to the source.

Portrait unavailable for Michael Mauboussin Michael MauboussinInvestment research strategist

Mauboussin includes The Most Important Thing in his own recommended reading list.

Recommended · Wording not verified Source: Michael Mauboussin
Evidence details Recommended reading

Own investing and markets reading-list selection.

This text documents what the source says, but it is not verified as a word-for-word quote.

Michael Mauboussin · undated · accessed 2026-10-01

Reading list · Own reading list

Rendered original website inspected through its Reading List button; this title is attributed to Howard Marks. The undated list has access date only.

Also mentioned by

These people mentioned or cited The Most Important Thing without directly recommending it.

Warren Buffett at the 2015 SelectUSA Investment Summit Warren BuffettChairman, Berkshire Hathaway

When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book.

Cited · Wording not verified Source: Wikipedia
Evidence details Howard Marks (investor)

The Howard Marks reference page attributes Buffett's praise to Marks's investment memos and book. This is captured as a citation until a primary Buffett or publisher source is recorded.

This text documents what the source says, but it is not verified as a word-for-word quote.

Wikipedia · reference page · accessed 2026-06-20

Reference · Reference citation

The reference page quotes Buffett saying he reads Marks's memos first and learns from them, adding that the same goes double for Marks's book.

About the author

What the author has done, shown separately from who recommends the book.

Howard MarksInvestor and Oaktree co-founder

Distressed-debt investor, Oaktree co-founder, and author of The Most Important Thing.

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