Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing)

Several points are new to me. It makes me consider to look at value investing. I am half way through the book, it is more like mind setting for investing instead of solid calculation or number boundary to refer to. I am new in stock market. It is good for me to know what are the things I need be aware.

Howard Marks has authored a classic in the world of investment literature. This deserves a place on your shelf next to Security Analysis, The Intelligent Investor, and Seth Klarman's Margin of Safety. Marks is a true genius, but the simplicity with which he conveys complex ideas is perhaps more impressive than his raw intellect.

The insights are phenomenal. The implications are sobering for the average investor. What I found inadequate is that there is insufficient specific guidance on what an individual investor should really do

Simply, reading the book and ingraining the information will yield consistently higher returns ... particularly, if investors remember that, "The gravest market losses have their genesis in psychological errors, not analytical errors."

very little new or unique. Could I live without this book? Yeah, because so much of it is already well-acknowledged or simply intuitive. Nice to have as a reminder of stupid mistakes than we can make but not the investment guide that'll keep me up reading all night.

Great companies at great prices. Patience to wait to obtain margin of safety. Only when armed with patience and a knowledge about industries, companies, and a strong conviction about value can an investor recognize when price presents an opportunity. Until then, he waits.

Well intended, but very, very, very poorly written. Had difficulty getting through the first two chapters....skimmed through the third one and had to stop at that point. Typically, after reading a book I will place it on a book shelf so that I can come back to it in 2-3 years and read it again (I found this practice very helpful).....as for this book....went straight to recycling.
There is so much more and better read out there. Thank God I bought it used for next thing to nothing. Well, it was like buying a penny stock (now I know how that feels)......"Price is what you pay, value is what you get".

Little unique content. Rehash of what everybody talks about in investment in general.

The content compiled from letters to investors in his fund? A not so obvious but central theme is "collecting 2 and 20 from you is justified based on what's presented." It's a very self serving book you read and think about it.

I was very disappointed with this book. I received it as a Christmas present.. I found myself becoming more and more pissed with the turning of every page. The style is very self aggrandizing which becomes annoying after the first couple sections. Marks spends the whole book saying the same thing over and over again. I wouldn't mind that if he was hammering home something of value but he manages to spend 220 pages saying nothing. I would not recommend this book to anyone. Even beginners would find it very banal and uninspired. There are much better books out there for beginners and intermediate investors. This book is more than a waste of money. It's a waste of time. The only encouragement that I can garner from this experience is that such a high proportion of readers rated this book five stars. If that is any indication of the mentality of the competition, maybe I do have an edge as an investor.

Any serious investor should own this book. Howard Marks really explains investment very well. Risk management.

His main points are the following.

Always know what you know and what you don't know and be humble.
Minimizing the downside is the key to a successful investment.

Other nuggets are also very insightful. Also, check out Howard Mark's interviews on Youtube.

I have read any number of investment books, from Ben Graham's "Intelligent Investor" to Joel Greenblatt's 'Little Book that beats the Market", and this is one of the very best. For an overall appreciation of investment strategy there is not a more comprehensive guide out there. The author's explanations are clear and understandable even when the subject matter is difficult. One example is the distinction between timing the market and being aware of prevailing market psychology and pitfalls: Marks explains that, while one cannot predict when it will happen, market collapses are made more likely by factors such as excessive optimism, ease of borrowing and risky investment products. The one quibble I have with the book is the inclusion of commentary in the middle of the various discussions. For the most part the comments of the various luminaries are simply a Greek chorus of agreement, with the one exception of Joel Greenblatt who actually adds to the understanding of the subject. That said, this is an invaluable guide to investment strategy. I would like to say I always follow the advice but I'm not that good.