I previously reviewed The Most Important Thing. Great book, but can a great book be made better? Yes, but only by a little bit.
The illumination of this book comes from comments from Christopher Davis, Joel Greenblatt, Paul Johnson and Seth Klarman, an estimable bunch of investors and investment thinkers. Howard Marks offers a few more comments as well.
None of the comments are bad, but also, none of them disagree with Howard Marks. Then again, I didn’t find anything to disagree with in the original book, so maybe that’s not a negative.
Many of the comments are brief, and most of them serve to intensify what Howard Marks wrote, e.g:
- This is a really important point.
- This is an excellent summary of the idea.
Relatively few of the comments really expand the discussion, so here is my advice for you: if you already own The Most Important Thing, you don’t need this. Borrow it at your library if you must. If you don’t own it, you will get a slightly richer experience with this book than the original.
I recommend this book to all who aspire after value investing.
Who would benefit from this book: All value investors, and those who want to be value investors can benefit from this book. Those that want to understand how the economy really works will benefit as well. If you want to, you can buy it here: The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing).
Full disclosure: The publisher asked if I wanted to read the book electronically. I said “yes” and I downloaded it and read it.
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