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Inside this Book – Few people have what it takes to be great investors. Some can be taught, but not everyone . . . and those who can be taught can’t be taught everything. Valid approaches work some of the time but not all. And investing can’t be reduced to an algorithm and turned over to a computer. Even the best investors don’t get it right every time. Th e reasons are simple. No rule always works. Th e environment isn’t controllable, and circumstances rarely repeat exactly. Psychology plays a major role in markets, and because it’s highly variable, cause- and- effect relationships aren’t reliable.
Inside this book –The Most Important Thing PDF Book by Howard Marks – The oldest rule in investing is also the simplest: “Buy low; sell high.” Seems blindingly obvious: Who would want to do anything else? But what does that rule actually mean? Again, obvious— on the surface: it means that you should buy something at a low price and sell it at a high price. But what, in turn, does that mean? What’s high, and what’s low? On a superficial level, you can take it to mean that the goal is to buy something for less than you sell it for. But since your sale will take place well down the road, that’s not much help in figuring out the proper price at which to buy today. Th ere has to be some objective standard for “high” and “low,” and most usefully that standard is the asset’s intrinsic value. Now the meaning of the saying becomes clear: buy at a price below intrinsic value, and sell at a higher price. Of course, to do that, you’d better have a good idea what intrinsic value is. For me, an accurate estimate of value is the indispensable starting point.
The Most Important Thing by Howard Marks PDF : eBook Information
- Full Book Name – The Most Important Thing
- Author of this Book -Howard Marks
- Language – English
- Book Genre – Non-Fiction, Psychology
- Download Format – PDF
- Size – 2 MB
- eBook Pages – 195
- Price – Free