THE MOST IMPORTANT THING (BY HOWARD MARKS)
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- Опубликовано: 15 май 2024
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In this animated video summary of The Most Important Thing, I will reveal the best stock market advice from the man who have mastered the market cycles, Howard Marks.
Learn to invest like the world’s greatest - Warren Buffett: bit.ly/2RT5per
Top 5 takeaways from Howard Mark’s The Most Important Thing:
00:00 Intro
01:22 1. Risk: Understand, recognize, and control it
05:25 2. Be aware of the cycles
07:40 3. Mind your psychological influences
09:58 4. Don’t be a sheep in a herd
12:02 5. The role of chance
TL;DW:
- Pay attention to risk! Control risk by figuring out what an asset is worth and compare that to what it costs. Insist on a margin of safety
- Think about where in the market cycle we’re at. Is the market greedy of fearful?
- Avoid psycological errors by focusing on fundamentals
- Only dead fish follow the stream - be a contrarian. Zoom out and use the movement of the herd to your advantage.
- Remember: Some bad decisions produce good outcomes. Therefore - an investment decision can never be judged on its outcome alone.
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
Learn to invest like the world’s greatest - Warren Buffett: bit.ly/2RT5per
The music in the background is irritating.
RECAP4ME - taken from description box !!
Top 5 takeaways from Howard Mark’s The Most Important Thing:
01:22 1. Risk: Understand, recognize, and control it
05:25 2. Be aware of the cycles
07:40 3. Mind your psychological influences
09:58 4. Don’t be a sheep in a herd
12:02 5. The role of chance
1. - Pay attention to risk!
Investment evaluation : Calculate value by including "intrinsic value" and "margin of safety".
Intrinsic Value : where you are / where you could be (calc both risk & reward).
Control risk. by figuring out what an asset is worth and compare that to wihat it costs.
Also Insist on a margin of safety in your investment.
2. - Think about where in the market cycle we’re at.
Cycle is sinewave - so predictable if you know where you are on the curve. Greed and Fear drive the market.
Is the market greedy of fearful?
3. - Avoid psychological errors by focusing on fundamentals
Your fear / confidence / attention to detail / emotions impact your investing. Be emotionless use fundamental data
4. - Only dead fish follow the stream - be a contrarian.
Zoom out and use the movement of the herd to your advantage.
5. - Remember: Some bad decisions produce good outcomes.
Therefore - an investment decision can never be judged on its outcome alone.
Risk and Psychological management are the most important thing in investing.
management of fear and fomo are very difficult.
Did anyone noticed he talks about a negative shift in 2015, but after 2015 the stock market was booming at record levels!?
Man. You are amazing. Making so awesome books summaries. Saving lots of time. Keep it up. I have watched most of your videos!!!
Finished the book today. Totally worth the read!!
Thanks for marking things easy to undersand. This way of learning is the best way to start learning
7:25 well, he was right.
1. Risk
Understand, recognize, controlling risk
2. Be aware of the cycles
3. Mind your psychological influences
4. Don't be a sheep in a herd(contrarion thinking)
5. The role of chance ( protect your downside)
Loved this book. I think of howard marks as a mentor of mine. Obvisouly, i have never met him but through his books, memos and youtube videos i became a disciple. Has anyone noticed how down to earth and humble he is?
I've only just come across him. Are you investing still? Any tips?
Is this book worth the purchase? It really Teaches a lot on investing?
@@isaackarechu156 it does and most importantely it gives you an overall framework on how to think about investments. on top he offers an additional book that just focuses on market cycles. Thats basically where the first book stands out among other value investors: talking and making sense of market cycles.
Thank you for this channel it is so so so helpful ...
A must read for any investor. Great book.
Can you recommend a book related to macroeconomics and financial market? I found the economy is reaching a turning point which requires a change in asset allocation. Thanks!
Thank you for the nice summation.
thank you for your amazing channel
Thank you soo much amazing video recaps ❤❤❤❤
I highly appreciated your effort for making this video. it enlightened me to vast knowledge a bout investment.following you might be best advice
Happy to hear that reza habiby! Can we even go as far as saying "it's the most important thing" ... ? 😁
Much appreciated as usual! Keep the great work up :)
Great Analysis 👍
Thank you for sharing this helpful information!
Thank you
Love your work. Thanks for the great efforts. You really make it so much easier to choose which books to buy and get more info. God bless you
Controlling your psychological behavior is a big one for me. Kudos 👍
Thanks for your vids. Love all of them. I hope you live well.
Hey, i just found your channel and i absolutly love it. You give out so much value. I am writing everything that you summarize down. Absolutly love it. Actually feel kinda bad not to read the books myself ;) I hope you keep up the great work and get out the respect you deserve for the kinda value you produce in the future!
Alexander Heins thank you for this awesome comment 🙌 Some of the books, I definitely think are worth the whole read! Get the ones that you find most interesting and/or educating 👍
Thank you!
Thank you for all your videos. I would have never found a lot of these books. This one sounds real good.
How do you make so many of these videos? Even a 5 minute one takes me forever!
They do take some time to make, indeed 😁
Thanks!!! Nice video and explanation
I Love your channel man..... It's really helpful
Great video, thank you! Gonna buy the book for sure
Use the link! 😍😁
A suggestion: Nate Silver - The signal and the noise. Not sure if it's easy to do in 5 categories, it's about statistics & probabilities. So poker and stocks basically ;)
Great knowledge treasure
I enjoyed the video and change how I look at risk. I laughed at Metflip, nice one.
I really appreciate all of your work. Thank you for helping me learn in busy times.
Thanks for your comment, I have something real big I would love to introduce you to, Let me know if you are interested.
Tqqq is all you need to know
Best channel man, don't stop with these videos. You should set up a Patreon account
I won't, especially not if you keep comments like this one coming, Sia Mohajer 😁 Appreciate it!
Love your videos
Bro what Programm do you use to animate your videos?
^^
skillshare
You got a great speaking voice bro! i would listen to financial books narrated by you on audible, lol. these are great videos though, undervalued! I've been going through at least one a day this past week.
Love it! 😍 I'm very glad to hear that! I will contact Amazon and Audible with you as a reference, they really need to have someone narrate "Security Analysis" ... 😁
As a Jewish emerging fund manager I founded…. I’ve never felt more gracious & privileged to have Howard marks as a roll model esp as a contrarian since birth
Nice video. Thank you.
Thank you so much for your work!
Thanks for your comment, I have something real big I would love to introduce you to, Let me know if you are interested.
Good recap
Could you review Irrational Exuberance by Robert Shiller?
u r jst awesome, i was about to mention this book😅
Haha great coincident then! 😁 Do you have any other books on your mind?
@@TheSwedishInvestor Outliers!
I think if you understand one of the fundamentals well, you’ve understood everything to investing. But off course that’s not going to sell a whole book, so it’s understandable why the topic would need to be extended
See asian paints and hindustan unilever stocks in india ....growing 20-25% from past 15-20 years , even though have PE multiples more than 45; and still growing and they are above trillion dollar companies.
I have been waiting on this. Thank you.
Thanks for your comment, I have something real big I would love to introduce you to, Let me know if you are interested.
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excellent content
Thank you Adrian Gonzalez, I'm very happy to hear that 🙌
Very good video
Thank you!
Glad to hear it Ron Honig! 😁 Thanks!
great content
Great 👍
"Be aware of cycles"
I currently don't have much money to invest but I realized if I want to make it big than I should focus on cycles and so I started learning about cycles of my favourite "which I believe are expensive,show some kind of cycle and most important I believe they are not going down any time soon" companies
I found one who peeked my particular interest it shows some kind of annual cycle it's a big company ,very old one at that but p/e is 96,let's see if my prediction is right the prices will crumble down any time soon
I think it's p/e will drop as far as 87-90 before climbing back to 96 consider it don't make any considerable change in it's earnings
great ....
I love it
I watch ur books reviews and u r amazing can’t thank you enough & I really want translate ur all videos in Urdu & Pashtu bit I don’t know whether it’s allowed or not?
Thanks for your comment, I have something real big I would love to introduce you to, Let me know if you are interested.
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Hmm... Actually, after following the principles of Graham and Dodd for the last years, the principles described in this book really seem just simple minor extracts of the whole theory. Anyhow, thanks for another great video and thus the n-th confirmation of value investing principles
Re-watched this video quite a few times now!
Of course you have 😉 boosting ads ...
This book summaries my personal experience up and down for about 4 years of investing in the cryptos in general. People should read this book in order to manage the crypto risks.
Example 3 and 4 is the same no? I don't get it
@theswedishinvestor - if you should recommend 5 books to read off all the finance books you have read, which ones would it be? P.S. love the channel! great combination of humor, knowledge and complex matters in an "easy" package! Keep it up! :-)
More relevant than ever. 2020 market crash
rule #6: rules are often changing, and sometimes exceptions to a rule may occur. one must remain flexible and make the right decision for every unique situation. rules never seem 100% reliable. perhaps how you use or interpret the rule is ever changing.
Great
Awesome
What's the difference between "the most important thing" and the "most important thing illuminated?"
how do you see the PE ratios of Index and ETFs?
I'm not sure for ETFs, but some brokerage firms may reveal it. For the S&P500 index, you can see the P/E (and some other interesting info) at www.multpl.com/s-p-500-pe-ratio
the first thing is exactly how george costanza's book on risk management begins :))
Thank you Swedish
Big like
I finished this book about 1 week ago. I didn't enjoy it too much. it was really dry.. I wouldn't label it a must read... but a read if you have nothing better to read or just want to get through the book quick. Currently reading his other book Mastering the Market Cycles.. I think it's better and has more information.
The best chapter of this book was the last one really.. where he puts it all together.
For real? And I'm just about buying it on Audible. There was nothing useful in it?
@@290revolver290 not really.. market cycles is better by the same author.
@@juanfernandez3633 Thank you so much for this feedback, I truly appreciate this.
For all those who are thinking about getting this book or maybe not. hear me out. .
If this is just a book your teacher ask you to read to pass an exam or get a grade, this video it’s all you need to know about the book 🤙🏻
If you are developing your mentality and you are working on sharping your edge to beat the markets BUY IT.
Risk, Be aware of the cycle, Mind your psychological influences, Don't be a sheep in a herd, The role of chance
Nice content
#billionairestalk
🙏
1:08
lol, and then the Covid showed up, the market crashed and then recovered crazily....I think now is again a time to listen to these items very carefully...
I wish I had seen your video before the crisis!!! lol
Now all we can hope for is a backlash? Jokes aside, strange incentives we have sometimes as investors.
'Karl Marx Was right' made my day
Everyone is expecting a crash this year - should I follow the herd?
Thanks for your comment, I have something real big I would love to introduce you to, Let me know if you are interested.
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The market is greedy with a high dose of CRAZY.
Thanks for your comment, I have something real big I would love to introduce you to, Let me know if you are interested.
Coffee sip sound sucks
RIP METFLIP
Compounding would be wonderful if we weren't in a fiat system. With a Gold standard, you would see your asset appreciate in real terms, but with fiat money, we are all operating on moving sands: you think you are getting "rich" with high returns until you realise that inflation (i.e taxation) is eating 50% of your profit.
TL;DR: Mr Buffett made most of his fortune WAY before the fiat system was introduced, he then leveraged his existing wealth to access cheap money freshly printed from the fiat producing machine (i.e the Fed).
IF you believe that investing will make you "wealthy", you are in for a rude awakening. All you are doing is feeding markets that are manipulated by the early entrants who only want to maintain the existing Ponzi scheme.
Good luck!
MET FLIP (NET FLIX) LOL
Who is here after the collapse of Netflix stock
8:34 did not age well sadly
ahah gme confirmation bias go brrrr
Tesla has rised😂😂😂
02:00 I agree with most things, but I disagree that a bad company is not always a bad investment. In my mind, a bad company is always a bad investment, regardless of price. There's never a right price for a bad company. Take the examples of investing in JC Penny and Blackberry, when they were bought at excellent price.
"Invest Like a Guru" book is highly under-ratrd among value-investing community. I don't know why. In my opinion, it's one of the best books on value investing out there. One thing that sticks to my mind from that book is: "when you invest in good companies, time is on your side, but when you invest in bad companies, tines works against you". So, I should only buy good companies, at discounted price. If no good company is available at a discount, then I do nothing. That's the summary of value investing in my mind. But I think, when I have to ask what more important the high quality of the company or the deep discounted price, I think that the quality of the company is more important than price. Even if someone makes the mistake of overpaying for a good company, he could be forgiven, because time is on his side. The example of Microsoft is a good a good one. Yes, investors had to wait 17 years, but at least, they didn't lose their capital (except for inflation and opportunity cost). But when investors thought they were buying a bad business at a very deep discount, they were not forgiven, because time worked against them. Take the cases of JC Penny and Blackberry, for example. A bad business is never a good investment, and if someone makes money from buying a bad business, then he's just lucky. The most important thing, in my opinion, is "whatever you do, only buy good companies ".
This is a very sensible observation, sir.
any1 who finds investing easy is stupid , LOL . Thank you
Munger the Master 👊
Well, if you passed on metflip, you lost. Because it returned like a 1000% and now it trades at 12309131 P/E ratio. And buying this stock, as long as you can explain why, is not gambling.
You want to know why? Because the most important thing in the market is demand vs. supply. That is what makes the market. You might have an overvalued company and over-demand at the same time. An investors job is not only to value the company share, but to understand how much demand there is for the stock. You could also think about the opposite. You could find a great value company with no interest, worse, with oversupply (for various reasons). Buying that stock could be a bad bet, even gambling.
First thing I really like your channel, but your sheep's look like woolly rats tho.
Hahaha 😂 Rats sometimes travel in herds so the analogy still holds up right? 😬
Disliked and unsubscribed at the sound of sipping/drinking
Really don't need to hear that annoying sound
1 dislike, for making a disgusting coffee sip sound ! 😡
Dislike for mocking Holy Bible
There is nothing "holy" in that. It's just superstition for the gullible.
Thank you
Thank you