Best Quotes from Each Chapter of “The Most Important Thing” by Howard Marks

Below are the best quotes from each chapter of The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks:

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Introduction

• Successful investing requires thoughtful attention to many separate aspects, all at the same time. Omit any one and the results is likely to be less than satisfactory

The Most Important Thing Is…

1. Second-Level Thinking

• To achieve superior investment results, you have to hold nonconsensus views regarding value, and they have to be accurate. That’s not easy

2. Understanding Market Efficiency (and Its Limitations)

• Because the notion of market efficiency has relevance, I should limit my efforts to relatively inefficient markets where hard work and skill would pay off best

3. Value

• An accurate estimate of intrinsic value is the essential foundation for steady, unemotional, and potentially profitable investing

4. The Relationship Between Price and Value

• No asset is so good that it can’t become a bad investment if…