In this episode of Summed, we deliver a complete The Most Important Thing summary—Howard Marks’s distilled playbook for second-level thinking, risk control, and navigating market cycles. Drawn from his widely read client memos, the book explains the keys to successful investing—and the pitfalls that can destroy capital—using clear, real-world examples you can apply immediately.

About the author

Howard Marks is co-founder and co-chairman of Oaktree Capital Management and one of the most respected voices on market psychology and cycles. Warren Buffett famously said: “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.”

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(Education only; not financial advice.)

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