SJMcCormick
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The Most Important Thing

The Most Important Thing

Risk means more things can happen than will happen

By Howard Marks · 2011 · 1 min read

InvestingRiskPsychology

Why It Matters

Marks distills decades of experience in risk management and cyclical awareness.
It’s a timeless guide to surviving uncertainty.

Core Ideas

  • Second-level thinking
  • Cycles and risk perception
  • The paradox of safety

Investor Lens

This book changed how I think about positioning and opportunity cost.
It’s less about forecasting and more about calibrating expectations.

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