Cover Article

The Most Important Thing

By Howard Marks
May 26, 2023

In investing, there are few sure things. But you can be sure of this: Most things will prove to be cyclical. And cycles create opportunities for investors who are patient and savvy. 

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Written by

Howard Marks

Howard Marks

Howard Marks is the co-founder and co-chairman of Oaktree Capital Management. This cover article is excerpted from his book The Most Important Thing: Uncommon Sense for the Thoughtful Investor, copyright 2011. Reproduced with permission of COLUMBIA UNIVERSITY PRESS to republish in a newsletter/e-newsletter, via Copyright Clearance Center.

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