The Most Important Thing Illuminated Download Ebook PDF Epub Online

Author : Howard Marks
Publisher : Columbia University Press
Release : 2013-01-08
Page : 248
Category : Business & Economics
ISBN 13 : 0231162847
Description :


Distilling the wisdom of Marks' celebrated client memos into a single volume and, for the first time, making his time-tested investing philosophy available to general readers, this book has been widely acclaimed by professional, casual, aspiring, and armchair investors.


Author : Howard Marks
Publisher : Columbia University Press
Release : 2011-05-01
Page : 192
Category : Business & Economics
ISBN 13 : 0231527098
Description :


"This is that rarity, a useful book."--Warren Buffett Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.


Author : Howard Marks
Publisher : Harper Collins
Release : 2018-08-25
Page : 194
Category : Business & Economics
ISBN 13 : 9353022800
Description :


Legendary investor Howard Marks is chairman and co-founder of Oaktree Capital Management, which has $100 billion under management. He is sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.


Author : Jonathan A. Knee
Bruce C. Greenwald
Publisher : Penguin
Release : 2009-10-15
Page : 320
Category : Business & Economics
ISBN 13 : 1101140747
Description :


If Rupert Murdoch and Sumner Redstone are so smart, why are their stocks long-term losers? We live in the age of big Media, with the celebrity moguls telling us that "content is king." But for all the excitement, glamour, drama, and publicity they produce, why can't these moguls and their companies manage to deliver better returns than you'd get from closing your eyes and throwing a dart? The Curse of the Mogul lays bare the inexcusable financial performance beneath big Media's false veneer of power. By rigorously examining individual media businesses, the authors reveal the difference between judging a company by how many times its CEO is seen in SunValley and by whether it generates consistently superior profits. The book is packed with enough sharp-edged data to bring the most high-flying, hot-air filled mogul balloon crashing down to earth.


Author : Mark Jeffery
Publisher : John Wiley & Sons
Release : 2010-02-08
Page : 320
Category : Business & Economics
ISBN 13 : 0470504544
Description :


NAMED BEST MARKETING BOOK OF 2011 BY THE AMERICAN MARKETING ASSOCIATION How organizations can deliver significant performance gains through strategic investment in marketing In the new era of tight marketing budgets, no organization can continue to spend on marketing without knowing what's working and what's wasted. Data-driven marketing improves efficiency and effectiveness of marketing expenditures across the spectrum of marketing activities from branding and awareness, trail and loyalty, to new product launch and Internet marketing. Based on new research from the Kellogg School of Management, this book is a clear and convincing guide to using a more rigorous, data-driven strategic approach to deliver significant performance gains from your marketing. Explains how to use data-driven marketing to deliver return on marketing investment (ROMI) in any organization In-depth discussion of the fifteen key metrics every marketer should know Based on original research from America's leading marketing business school, complemented by experience teaching ROMI to executives at Microsoft, DuPont, Nisan, Philips, Sony and many other firms Uses data from a rigorous survey on strategic marketing performance management of 252 Fortune 1000 firms, capturing $53 billion of annual marketing spending In-depth examples of how to apply the principles in small and large organizations Free downloadable ROMI templates for all examples given in the book With every department under the microscope looking for results, those who properly use data to optimize their marketing are going to come out on top every time.


Author : Howard Marks
Publisher : Houghton Mifflin Harcourt
Release : 2018-10-02
Page : 352
Category : Business & Economics
ISBN 13 : 1328480569
Description :


A NEW YORK TIMES, WALL STREET JOURNAL, AND USA TODAY BESTSELLER The legendary investor shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets, and companies, but also human psychology and the investing behaviors that result. If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes. You’ll be aware and prepared while others get blindsided by unexpected events or fall victim to emotions like fear and greed. By following Marks’s insights—drawn in part from his iconic memos over the years to Oaktree’s clients—you can master these recurring patterns to have the opportunity to improve your results.


Author : Jonathan Safran Foer
Publisher : Houghton Mifflin Harcourt
Release : 2013-09-03
Page : 288
Category : Fiction
ISBN 13 : 9780547523781
Description :


“Imagine a novel as verbally cunning as A Clockwork Orange, as harrowing as The Painted Bird, as exuberant and twee as Candide, and you have Everything Is Illuminated . . . Read it, and you'll feel altered, chastened — seared in the fire of something new.” — Washington Post With only a yellowing photograph in hand, a young man — also named Jonathan Safran Foer — sets out to find the woman who might or might not have saved his grandfather from the Nazis. Accompanied by an old man haunted by memories of the war, an amorous dog named Sammy Davis, Junior, Junior, and the unforgettable Alex, a young Ukrainian translator who speaks in a sublimely butchered English, Jonathan is led on a quixotic journey over a devastated landscape and into an unexpected past. As their adventure unfolds, Jonathan imagines the history of his grandfather’s village, conjuring a magical fable of startling symmetries that unite generations across time. As his search moves back in time, the fantastical history moves forward, until reality collides with fiction in a heart-stopping scene of extraordinary power. “A rambunctious tour de force of inventive and intelligent storytelling . . . Foer can place his reader’s hand on the heart of human experience, the transcendent beauty of human connections. Read, you can feel the life beating.” — Philadelphia Inquirer


Author : James Montier
Publisher : John Wiley & Sons
Release : 2010-02-09
Page : 414
Category : Business & Economics
ISBN 13 : 0470685182
Description :


"As with his weekly column, James Montier's Value Investing is a must read for all students of the financial markets. In short order, Montier shreds the 'efficient market hypothesis', elucidates the pertinence of behavioral finance, and explains the crucial difference between investment process and investment outcomes. Montier makes his arguments with clear insight and spirited good humor, and then backs them up with cold hard facts. Buy this book for yourself, and for anyone you know who cares about their capital!" —Seth Klarman, President, The Baupost Group LLC The seductive elegance of classical finance theory is powerful, yet value investing requires that we reject both the precepts of modern portfolio theory (MPT) and pretty much all of its tools and techniques. In this important new book, the highly respected and controversial value investor and behavioural analyst, James Montier explains how value investing is the only tried and tested method of delivering sustainable long-term returns. James shows you why everything you learnt at business school is wrong; how to think properly about valuation and risk; how to avoid the dangers of growth investing; how to be a contrarian; how to short stocks; how to avoid value traps; how to hedge ignorance using cheap insurance. Crucially he also gives real time examples of the principles outlined in the context of the 2008/09 financial crisis. In this book James shares his tried and tested techniques and provides the latest and most cutting edge tools you will need to deploy the value approach successfully. It provides you with the tools to start thinking in a different fashion about the way in which you invest, introducing the ways of over-riding the emotional distractions that will bedevil the pursuit of a value approach and ultimately think and act differently from the herd.


Author : Adam Smith
Publisher : John Wiley & Sons
Release : 2010-12-23
Page : 298
Category : Business & Economics
ISBN 13 : 1118040775
Description :


"Adam Smith continues to dazzle and sparkle! With the passage of time, Supermoney has, if anything, added to its power to inspire, arouse, provoke, motivate, inform, illuminate, entertain, and guide a whole new generation of readers, while marvelously reprising the global money show for earlier fans." -David M. Darst, author of The Art of Asset Allocation Managing Director and Chief Investment Strategist, Morgan Stanley Individual Investor Group "Nobody has written about the craft of money management with more insight, humor, and understanding than Adam Smith. Over the years, he has consistently separated wisdom from whimsy, brilliance from bluster, and character from chicanery." -Byron R. Wien, coauthor of Soros on Soros Chief Investment Strategist, Pequot Capital Management Supermoney may be even more relevant today than when it was first published nearly twenty-five years ago. Written in the bright and funny style that became Adam Smith's trademark, this book gives a view inside institutions, professionals, and the nature of markets that has rarely been shown before or since. "Adam Smith" was the first to introduce an obscure fund manager in Omaha, Nebraska, named Warren Buffett. In this new edition, Smith provides a fresh perspective in an updated Preface that contextualizes the applicability of the markets of the 1960s and 1970s to today's markets. Things change, but sometimes the more they change, the more they stay the same.


Author : Peter Mallouk
Publisher : John Wiley & Sons
Release : 2014-07-22
Page : 188
Category : Business & Economics
ISBN 13 : 1118929004
Description :


Sheds light on the most common errors investors make and offers a user-friendly framework to bypass these mistakes by helping to avoid fighting the market, misunderstanding performance and letting one's emotions cloud the right decision.


Author : George Schultze
Publisher : John Wiley & Sons
Release : 2012-09-13
Page : 224
Category : Business & Economics
ISBN 13 : 1118234731
Description :


A detailed and compelling look at distressed securitiesinvesting in today’s market In the corporate world, “vulture” investors indistressed securities serve the same cleanup function as vulturesdo in the natural world: they deal with failing companies, digestbad debt, and mop up after bankruptcies. Since this market’sstructural and legal complexities create greater inefficienciesthan in other investment fields, it’s a style of investingthat can make money during both booms and busts. While recenteconomic carnage has made opportunities for vulture investors, moreconvoluted bankruptcies, conflicts of interest, and even governmentintervention have made this arena harder to negotiate. Nobody understands this better than author George Schultze,founder of Schultze Asset Management. During his successful careeras a vulture investor, he’s learned a number of lessons anddeveloped an investment philosophy that has served him well. Now,in The Art of Vulture Investing, Schultze shares his valuableinsights and experiences with you. Engaging and informative, thisreliable guide offers a bird’s-eye into the opportunities andrisks associated with vulture investing. And while it may notalways be pretty, you’ll see exactly why this process isnecessary for our economic ecosystem. Throughout this book, Schultze explains the theory and strategyof vulture investing in clear and lively prose, illustrating eachconcept with examples from his own varied experience that show howthe landscape has changed in recent years. Offers valuable information on distressed securities investingsince the 2007-2009 financial crisis Examines the opportunities and dilemmas for modern vultureinvestors Includes in-depth case studies of high-profile bankruptcies,including those of Chrysler Automotive and Tropicana Casinos andResorts By its very nature, investing in distressed companies can be acomplicated and risky business. But once the dust settles,these investments can yield extraordinary profits. The Art ofVulture Investing puts this discipline in perspective and showsyou how to excel at this difficult, yet rewarding, endeavor.


Author : Charlie Tian
Publisher : John Wiley & Sons
Release : 2017-03-31
Page : 224
Category : Business & Economics
ISBN 13 : 1119362407
Description :


Adopt the investment strategy that built Warren Buffett's fortune Invest Like a Guru provides an invaluable resource for high-quality-focused value investing, with expert insight and practical tools for implementation. Written by the man behind GuruFocus.com, this book expands on the site's value strategies and research tools to provide a primer for those exploring pathways to higher returns at lower risk. The book begins with an insightful explanation of high-quality-focused value investing concepts, then quickly moves into practical, detailed guidance on analysis, valuation, key factors, and risks to avoid. Case studies demonstrate real-world application of various analysis methods, and the discussion walks you through important calculations using real examples. Author Charlie Tian draws upon his own experiences and lessons learned to provide true insight on high-quality-focused value investing as a strategy, providing both reference and expert advice in this singularly useful guide. Warren Buffett once said, "I would rather buy good companies at fair prices than buy fair companies at good prices." That's how he built his fortune, and his method is what we now call high-quality-focused value investing. This book shows you how to determine what constitutes "good companies" and "fair prices," with practical tools for real-world application. Learn the principles and concepts of high-quality-focused value investing Understand the analysis process and valuation of prospective investments Avoid the value traps that can trigger permanent losses Study clear examples of key ratios and calculations We can't all become the next Warren Buffett, but we can boost returns while reducing risk using the right investment strategy. High-quality-focused value investing provides a path to profit, and Invest Like a Guru is the one-of-a-kind guidebook for getting on track.


Author : Ronald Chan
Publisher : John Wiley & Sons
Release : 2020-12-08
Page : 352
Category : Business & Economics
ISBN 13 : 1119617057
Description :


The latest edition of the popular collection of in-depth portraits of extraordinary value investors, featuring new profiles and updates The second edition of The Value Investors presents a collection of investing legend profiles from around the world. Chapters explore the investors’ backgrounds, cultures, and personal stories, and reveal how life experiences have shaped their investment strategies and mindsets. This fascinating book shows you that value investing is a dynamic, constantly-changing strategy which, when properly implemented, can provide significant, sustainable benefits. Although the investors profiled come from a diverse range of geographic regions and socio-economic, cultural, and educational backgrounds, they share similar personality traits, temperaments, and investment philosophes. Thoroughly revised and expanded, the book provides relevant updates on the professional and personal experiences of the investors since the first edition's publication. Complementing the original profiles are several new chapters featuring established value investors including Howard Marks, as well as rising personalities and fund managers such as Álvaro Guzmán de Lázaro and Fernando Bernad Marrase. Author Ronald Chan, founder of Hong Kong-based investment management Chartwell Capital Limited, highlights how and why the value investors have consistently beaten the stock market through the years. This book: Covers multiple generations, geographies, and value investing styles Presents updated profiles of notable value investors such as Walter Schloss, Irving Kahn and Thomas Kahn, Jean-Marie Eveillard, Mark Mobius, and Teng Ngiek Lian Profiles international fund and asset managers from the North America, Europe and Asia Includes a chapter on the making of a successful value investor The Value Investors: Lessons from the World's Top Fund Managers, 2nd Edition is a must-read for investors looking to diversify their portfolios across different asset classes or geographic areas, finance professionals and students, and general readers with interest in value investing.


Author : William J. Bernstein
Publisher : Grove/Atlantic, Inc.
Release : 2009-05-14
Page : 496
Category : Political Science
ISBN 13 : 1555848435
Description :


A Financial Times and Economist Best Book of the Year exploring world trade from Mesopotamia in 3,000 BC to modern globalization. How did trade evolve to the point where we don’t think twice about biting into an apple from the other side of the world? In A Splendid Exchange, William J. Bernstein, bestselling author of The Birth of Plenty, traces the story of global commerce from its prehistoric origins to the myriad controversies surrounding it today. Journey from ancient sailing ships carrying silk from China to Rome in the second century to the rise and fall of the Portuguese monopoly on spices in the sixteenth; from the American trade battles of the early twentieth century to the modern era of televisions from Taiwan, lettuce from Mexico, and T-shirts from China. Bernstein conveys trade and globalization not in political terms, but rather as an ever-evolving historical constant, like war or religion, that will continue to foster the growth of intellectual capital, shrink the world, and propel the trajectory of the human species. “[An] entertaining and greatly enlightening book.” —The New York Times “A work of which Adam Smith and Max Weber would have approved.” —Foreign Affairs “[Weaves] skillfully between rollicking adventures and scholarship.” —Pietra Rivoli, author of The Travels of a T-Shirt in the Global Economy


Author : William Thorndike
Publisher : Harvard Business Press
Release : 2012
Page : 251
Category : Business & Economics
ISBN 13 : 1422162672
Description :


It's time to redefine the CEO success story. Meet eight iconoclastic leaders who helmed firms where returns on average outperformed the S&P 500 by more than 20 times.


Author : Archie Brown
Publisher : Basic Books
Release : 2014-04-08
Page : 480
Category : Political Science
ISBN 13 : 0465080979
Description :


From one of the world's preeminent political historians, a magisterial study of political leadership around the world from the advent of parliamentary democracy to the age of Obama. All too frequently, leadership is reduced to a simple dichotomy: the strong versus the weak. Yet, there are myriad ways to exercise effective political leadership--as well as different ways to fail. We blame our leaders for economic downfalls and praise them for vital social reforms, but rarely do we question what makes some leaders successful while others falter. In this magisterial and wide-ranging survey of political leadership over the past hundred years, renowned Oxford politics professor Archie Brown challenges the widespread belief that strong leaders--meaning those who dominate their colleagues and the policy-making process--are the most successful and admirable. In reality, only a minority of political leaders will truly make a lasting difference. Though we tend to dismiss more collegial styles of leadership as weak, it is often the most cooperative leaders who have the greatest impact. Drawing on extensive research and decades of political analysis and experience, Brown illuminates the achievements, failures and foibles of a broad array of twentieth century politicians. Whether speaking of redefining leaders like Franklin Delano Roosevelt, Lyndon Johnson, and Margaret Thatcher, who expanded the limits of what was politically possible during their time in power, or the even rarer transformational leaders who played a decisive role in bringing about systemic change--Charles de Gaulle, Mikhail Gorbachev and Nelson Mandela, among them--Brown challenges our commonly held beliefs about political efficacy and strength. Overturning many of our assumptions about the twentieth century's most important figures, Brown's conclusions are both original and enlightening. The Myth of the Strong Leader compels us to reassess the leaders who have shaped our world - and to reconsider how we should choose and evaluate those who will lead us into the future.


Author : Jeremy Miller
Publisher : Profile Books
Release : 2016-04-07
Page : 192
Category : Business & Economics
ISBN 13 : 1782832149
Description :


At the age of 26, Warren Buffett founded Buffett Partnership Limited, which lasted from 1956 to 1970. During this time he wrote 33 letters to his small but growing group of partners. These letters chronicle his thoughts, approaches and reflections in the period immediately prior to his Berkshire Hathaway tenure - one that saw an unprecedented record of investing success. This early period was astonishing: in 1968 he beat the Dow by more than 50%. Because Buffett wanted to ensure that his partners understood his process, he wrote letters. In them, he sets out what he termed "ground rules" for investing that remain startlingly relevant today for every type of investor - from beginners to sophisticated pros. Warren Buffett's Ground Rules brings together, for the first time, and with Buffett's blessing, the key investment principles and teachings the letters reveal. Here you will find the basis for Buffett's contrarian diversification strategy, his almost religious celebration of compounding interest and his tactics for bettering market results by at least 10% annually. Quoting extensively and directly from Buffett, equity research expert Jeremy Miller introduces us to the timeless advice the letters contain, demonstrating a set of highly effective investment strategies that continue to resonate today.


Author : Shelley Pearsall
Publisher : Yearling
Release : 2015
Page : 278
Category : African Americans
ISBN 13 : 0553497316
Description :


"In 1963, thirteen-year-old Arthur is sentenced to community service helping the neighborhood Junk Man after he throws a brick at the old man's head in a moment of rage, but the junk he collects might be more important than he suspects. Inspired by the work of American folk artist James Hampton"--


Author : Charles T. Munger
Publisher : Donning Company Pub
Release : 2006
Page : 512
Category : History
ISBN 13 : 9781578643660
Description :


Charles Munger is Warren Buffett decade's long business partner, and his investment filter, jokingly called by Mr. Buffett - the abominable no man. The early pages cover Munger's family history, his framework for investing [wait for the fat pitches, and assess each opportunity using rational, rigorous frameworks drawn from multiple disciplines (and not finance theory!)], and even some warm testaments from family, friends and colleagues. The next section, assembled by leading investor Whitney Tilson, is well edited and benefits from Tilson's massaging of quotations made over time into logical sub-headings. The bulk of the text though is, as the subtitle suggests, the wit and wisdom of Mr. Munger as conveyed through various speeches in the last couple decade or so before 2006.


Author : Diane Setterfield
Publisher : Anchor Canada
Release : 2009-03-16
Page : 416
Category : Fiction
ISBN 13 : 030737193X
Description :


Biographer Margaret Lea returns one night to her apartment above her father's antiquarian bookshop. On her steps she finds a letter. It is a hand-written request from one of Britain’s most prolific and well-loved novelists. Vida Winter, gravely ill, wants to recount her life story before it is too late, and she wants Margaret to be the one to capture her history. The request takes Margaret by surprise–she doesn’t know the author, nor has she read any of Miss Winter’s dozens of novels. Late one night, while pondering whether to accept the task of recording Miss Winter’s personal story, Margaret begins to read her father’s rare copy of Miss Winter’s Thirteen Tales of Change and Desperation. She is spellbound by the stories and confused when she realizes the book only contains twelve stories. Where is the thirteenth tale? Intrigued, Margaret agrees to meet Miss Winter and act as her biographer. As Vida Winter unfolds her story, she shares with Margaret the dark family secrets that she has long kept hidden as she remembers her days at Angelfield, the now burnt-out estate that was her childhood home. Margaret carefully records Miss Winter’s account and finds herself more and more deeply immersed in the strange and troubling story. In the end, both women have to confront their pasts and the weight of family secrets. As well as the ghosts that haunt them still.