Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

Howard Marks

Columbia Business School Publishing,  February 2012

Amazon Barnes & Noble Books-A-Million IndieBound

"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." -- Warren Buffett

In May of 2011, Columbia Business School Publishing released Howard Marks's The Most Important Thing, a book that distilled the wisdom of Marks's celebrated client memos into a single volume, making his time-tested investing philosophy available to general readers for the first time. The book was greeted with wide acclaim from investors -- professional, casual, aspiring, and armchair alike -- and became a business bestseller.

Now, Columbia Business School Publishing is proud to announce an innovative digital edition that allows you to read Marks's words alongside comments, insights and counterpoints from four other renowned investors and investment educators: Christopher Davis, Joel Greenblatt, Paul Johnson and Seth Klarman. See what these investors think of such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. There are also annotations from Howard Marks himself, highlighting some of the themes that run throughout the book, along with a previously unpublished bonus chapter on the importance of reasonable expectations.

Whether you've already read The Most Important Thing cover to cover or are new to the book, The Most Important Thing Illuminated will give you an unprecedented look into how America's top investors make decisions and achieve financial success.

This edition features a foreword from Bruce Greenwald.

| ISBN: 9780231162845 | Publication Date: February 2012

Reviews:

Reviews for The Most Important Thing

"This is that rarity, a useful book."
-- Warren Buffet, Chairman and CEO, Berkshire Hathaway

"The Most Important Thing is destined to become an investment classic -- it should easily earn its place on every thinking investor's bookshelf. Howard Marks has distilled years of investment wisdom into a short book that is lucid, entertaining, and ultimately profound."
-- Joel Greenblatt, Columbia Business School, Founder and Managing Partner of Gotham Capital

"If you take an exceptional talent and have them obsess about value investing for several decades -- including deep thinking about its very essence with written analysis along the way -- you may come up with a book as useful to value investors as this one -- but don't count on it."
-- Jeremy Grantham, Cofounder and Chief Investment Strategist, Grantham Mayo Van Otterloo

"Regular recipients of Howard Marks's investment memos eagerly await their arrival for the essential truths and unique insights they contain. Now the wisdom and experience of this great investor are available to all. The Most Important Thing, Marks's insightful investment philosophy and time-tested approach, is a must read for every investor."
-- Seth A. Klarman, President, The Baupost Group

"Few books on investing match the high standards set by Howard Marks in The Most Important Thing. It is wise, witty, and laced with historical perspective. If you seek to avoid the pitfalls of investing, you must read this book!"
-- John C. Bogle, Founder and former CEO, The Vanguard Group