Most Important Things
The name, intent, and inspiration of this newsletter are all derived from Howard Marks’ The Most Important Thing :
Successful investing requires thoughtful attention to many separate aspects, all at the same time. Omit any one and the result is likely to be less than satisfactory. That is why I have built this book around the idea of the most important things—each is a brick in what I hope will be a solid wall, and none is dispensable.
Marks goes on to say:
These are the things I believe in, the guideposts that keep me on track. The messages I deliver are the ones I consider the most lasting. I’m confident their relevance will extend beyond today. You won’t find a how-to book here. There’s no surefire recipe for investment success. No step-by-step instructions. No valuation formulas containing mathematical constants or fixed ratios—in fact, very few numbers. Just a way to think that might help you make good decisions and, perhaps more important, avoid the pitfalls that ensnare so many.
In sum, you should stick around.
Let’s get started.
