Howard Marks：The Most Important Thing, Excerpt 1

As I meet with clients and prospects, I repeatedly hear myself say, “the most important thing is x.” And then ten minutes later it’s, “the most important thing is y” (and then z, and so on). Am I being disingenuous? Am I confusing the unimportant with the important? Is it that I can’t make up my mind? Or is memory loss setting in?

Source： https://www.oaktreecapital.com/docs/default-source/memos/2003-07-01-the-most-important-thing.pdf
Locator：Memo, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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