Book Review: The Most Important Thing Illuminated. Read Before Investment.
Howard Marks is the head of Oaktree Capital Management Co., Ltd. and wrote this book. The closed fund managed by Oaktree Capital has a return of about 19% per year, which is about the same as Buffett’s Berkshire Company. Every year, he writes a letter to investors called “A Memorandum from the Chairman.” This book is what he thinks is the most important thing for investors to know. The parts that I think are directly helpful to investing are shown below.