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hi welcome to bookie today we will unlock the book the most important thing uncommon sense for the thoughtful speaking of investment buffett the oracle of omaha usually comes to people's minds many people know that the only investment product that buffett has recommended to ordinary investors is the index fund however you may not know that buffett has strongly recommended the book we are going to explain today after reading this book many times he said this is that rarity a useful book why did buffett highly praise this book why did buffett read it over and over again first we have to talk about howard marks the author of this book howard marks is a master investor in the united states and the founder of oaktree capital management company limited a famous american financial enterprise his investment performance is similar to buffett's in addition these two investors also have something in common in terms of investment ideas and methods of spreading investment ideas for example buffett writes to shareholders of berkshire hathaway every year to report on the company's performance during that year marx writes investment memos to his clients explaining his investment philosophy and lessons this book is based on mark's investment memos over the years and it is the essence of his investment insights accumulated over his career so what is the most important thing about investment marx believes that it's a matter of how to define successful investing if you only want to achieve an average investment performance you only need to invest in an index fund however if you want to beat the market you must think of something others haven't thought of see things they miss and bring insight they don't possess this is the most important thing about investment that marks articulates in this book marx defines this kind of investment thinking as second level thinking we can give you a simple example to help you understand the meaning of second level thinking first level thinking says it is a good company let's buy the stock second level thinking says it is a good company but everyone thinks it is a good company so the stock is overrated and overpriced let's sell the stock this way of thinking runs throughout this book and distinguishes it from other investment books this book doesn't have complicated mathematical formulas or advanced investment skills however it provides us with the right investment thinking which is more important than specific investment skills right investment thinking can help us avoid common mistakes in investing make good decisions and embark on the right investment path next we will share with you three main points of this book let marks light the road for us part one find the right way part two clear obstacles along the way part three not deviating from the right way first of all let's follow howard mark's footsteps to begin our journey of becoming an outstanding investor as the saying goes choices are more important than hard work if you make a wrong choice the harder you work the further away you will be from your destination the same is true of investment to be an outstanding investor the first thing to do is find the right way so what is the right investment way you might think it's simple as long as you can buy low and sell high an investment will be successful it seems obvious but what price is low and what price is high in response to this question the method mentioned by marx in this book is to determine the valuation standard for enterprises for example intrinsic value the intrinsic value of an enterprise refers to its ability to generate earnings in the future let's say you buy a shop at the price of five hundred thousand dollars and you expect to receive one million dollars in rent over next ten years therefore one million dollars in rent can be considered the intrinsic value of the shop investors should buy a stock when the price is lower than its intrinsic value investors should sell a stock when the price is higher than its intrinsic value this method is also called value investing master investors benjamin graham and warren buffett are both advocates of value investing if you want to learn their investment philosophy you can also listen to the bookies of the intelligent investor in the warren buffett way investment strategies of the world's greatest investor although the stock price of an enterprise will fluctuate greatly in the short term in the
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