The Most Important Thing distills the lifelong wisdom of legendary investor Howard Marks into a clear, practical guide for anyone seeking to understand the principles behind successful investing. As chairman and co-founder of Oaktree Capital Management, Marks has earned global respect for his sharp insights, disciplined approach, and deeply analytical view of market behavior.

In The Most Important Thing, readers are taken through the essential concepts that shape intelligent investing—from risk assessment and market cycles to emotional discipline and long-term strategy. Drawing on passages from his renowned client memos, Marks illustrates each principle with real-world examples that reveal how thoughtful decisions can protect capital and enhance returns.

This book is part memoir, part investment philosophy, offering timeless guidance for both beginners and experienced investors. The Most Important Thing highlights not just what to do, but how to think—making it an indispensable resource for anyone navigating the complexities of the financial world.