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Taking into account various books and articles on investing, the major principle that can be estimated is the fact that being average is not an option in the field. In Howard Marks’ book The Most Important Thing: Illuminated such an assumption is only justified by a wide range of examples. The first and the most important point of the publication can be traced from the beginning of the book: it is impossible to define one major thing concerning investments. The complicated process of investing implies the symbiosis of equally crucial constituents.
The author, Howard Marks, to my mind, indicates a quite important investing issue, as he emphasizes the importance of investment-oriented philosophy rather than on particular algorithms. The major idea behind such philosophy is “keeping your eyes open,” which means paying attention to every opportunity that emerges around a person. Once the eyes are open, investors should execute an extraordinary type of thinking, which the author defined as “second-level.” Such a type, while encouraging people to go beyond their limits and be ahead of others, is opposite to simplistic and superficial thinking.
Second-level thinking, as a key concept in terms of unconventional behavior, excludes the possibility of achieving average results. Average results, according to the author, is a forbidden notion for a successful investor. Another critical aspect in terms of successful investment implies understanding and estimating the primary investment fundamental – its value. While the approaches to investing can deal with either value or growth, they both have to deal with realizing the asset’s future. This kind of future that does not depend on the simple forecasting and investor’s confidence, and provides him with the opportunity instead.
Taking everything into consideration, The Most Important Thing: Illuminated is not about biased investing theory or fixed algorithms. The book is created for those who want to realize what stands behind the notion of an “investing mindset.” Howard Marks, being the person with exceptional experience and networking in the field of investing, tries to develop the idea of treating this sphere as art instead of making it a dry forecasting process.
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