Howard Marks：The Most Important Thing, Excerpt 14

To be able to do all of these things simultaneously, it helps to have a set of guiding principles and a well-thought-out approach. With these you can know how to set your course. You can arrive at decisions that reflect a consistent set of values. And your clients will know what your firm stands for and what to expect from you; nothing paves the way for a mutually successful relationship better than reasonable and deliverable expectations. Here – unlike in personnel policies – there is no magic formula. There are many ways to answer the myriad questions that arise in doing the things a manager has to do. It matters less which answers you arrive at, than that your answers are well thought out, internally consistent, principled, and firmly adhered to.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2003-07-01-the-most-important-thing.pdf
Locator：Memo, excerpt 14 · Verified：2026-10-19 · Verification：Short excerpt

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