Markets2011
The Most Important Thing
Howard Marks
Summarizes second-level thinking, risk management, margin of safety, cycles, and the role of psychology in investment outcomes.
FAQ
When should I read it?
When you need a clearer framework to place decisions in cycle context.
Can I copy it exactly?
No. Test its assumptions against your costs, taxes, legal setting, and risk capacity.
What should I do after reading?
Write three principles, one checklist, and one real decision to test.