Howard Marks is a value investing genius, with an astounding track record of ~20% p.a. returns for 25+ years. Therefore, I'm happy to read anything he is willing to share. In this book, he shares deeply toughtful insights, but in a somewhat dry, unengaging and repetitive text. Overall a must read, but don't expect an excellent literary experience.
Although Marks shares his high level investment philosofy, he never shares enough to allow someone to understand exactly how he implements it in practice. How much safety margin? Which level of diversification? How to attribute probabilities to extreme events? Some nitty-gritty and real life examples would have transformed this book from a gospel to a more vivid and practical read.
This could be accomplished while simultaneosly reducing the lenght of the book. It often feels verbose, with the same ideas repeated in different sections and paraphrased in multiple similar ways. Additionally, his habit of citing his own past writings is unnecessary and baloons the reading time without delivering much value to the reader.
- Paperback: 194 pages
- Publisher: HarperCollins India (2 July 2018)
- Language: English
- ISBN-10: 9353022797
- ISBN-13: 978-9353022792
- Product Dimensions: 23.7 x 2.1 x 15.9 cm
- Boxed-product Weight: 249 g
- Average Customer Review: Be the first to review this item
- Amazon Bestsellers Rank: 3,634 in Books (See Top 100 in Books)