Book · 2011
The Most Important Thing
by Howard Marks
Howard Marks explains why the best investors underperform in bull markets and why that is the whole point.
What does Reddit think of The Most Important Thing?
Three mentions across 7 years, all from r/investing, all from different commenters. The top comment, from a thread sitting at ↑250, lifts a passage about disciplined investors willingly accepting the risk of underperformance during "crazy times." That is the book's thesis in one sentence. Marks argues that second-level thinking, not returns-chasing, separates serious investors from the crowd. The ↑44 comment recommends it as the antidote to compulsive price-checking, calling it everything you need to think about when investing. The ↑27 commenter discloses newbie status and finds the qualitative framing a relief, not a flaw. Nobody in the sample pushes back. Three mentions in two years (2019 and 2020) suggests a book readers pass along quietly rather than argue about publicly.
Community feedback & reader fit
Themes
- · Second-level thinking vs. first-level thinking
- · Risk as probability distribution, not binary outcome
- · Market cycles and the psychology of crowd behavior
- · Accepting underperformance as a feature of discipline
- · Qualitative frameworks for value investors
Common praise
- + The second-level thinking framework reframes how readers evaluate every investment thesis they encounter.
- + Marks explains why disciplined investors underperform in bull runs without apologizing for it.
- + The qualitative writing works for readers who bounce off quantitative finance books.
- + The ↑44 recommender says it covers everything you need to think about when investing — and the framing holds up.
Common criticism
- − Three mentions in 7 years across all tracked subs is thin; the book does not generate sustained Reddit discussion.
- − Readers who want models, back-tests, or screeners will find nothing here to run.
- − The insights are philosophical enough that some newer investors may finish it without knowing what to do next.
Who it's for
You are early in your investing life and keep refreshing prices. Start here before anything else. The ↑44 comment is direct: stop seeking constant price updates and read Marks instead. Experienced investors who already think probabilistically about risk will recognize the ideas, but the book articulates them more crisply than most. If your reading diet runs to Ben Graham and Joel Greenblatt, this fits the shelf. Quantitative-only readers who need spreadsheets to trust an argument will find it too abstract to act on.
Mentions over time
Top subreddits
Which Reddit comments matter for The Most Important Thing?
Top-upvoted quotes across the subreddits where this book is mentioned. Click through to read the full thread.
“"“In fact, since many of the best investors stick most strongly to their approach—and since no approach will work all the time—the best investors can have some of the greatest periods of underperformance. Specifically, in crazy times, disciplined investors willingly accept the risk of not taking eno…
“You’re trying too hard and going for the wrong information. What I’d suggest 1. Avoid constant price updates. 2. Read The Most Important Thing by Howard Marks. He talks about everything you need to think about when in…
“I really enjoyed *The Most Important Thing* by Howard Marks. But first full disclosure, I'm still a newbie investor and am the furthest thing from a numbers person, so even slightly quantitative books on investing might as well be in a different language to me. So I really enjoyed Marks' book becaus…
Convinced? Pick up The Most Important Thing
What else does r/investing read?
Other books mentioned in the same sub, ranked. Shared-sub overlap with this title breaks ties.
The Intelligent Investor
Benjamin Graham
Benjamin Graham's 1949 framework for distinguishing investment from speculation, cited 100 times on Reddit by people still arguing whether it applies to today's markets.
The Simple Path to Wealth
JL Collins
A retired fund manager distills 40 years of index investing into one rule: buy VTSAX, ignore the noise, and wait.
A Random Walk Down Wall Street
Burton G. Malkiel
Burton Malkiel's 50-year argument that you can't beat the market, backed by data, and Reddit's most-cited reason to stop stock-picking.
The Little Book of Common Sense Investing
John C. Bogle
John Bogle's case for index funds in 200 pages: own the whole market, pay almost nothing, and wait — cited 262 times on Reddit and counting.
Rich Dad Poor Dad
Robert T. Kiyosaki
Tracked Reddit references and selected source excerpts for Rich Dad Poor Dad.
The Psychology of Money
Morgan Housel
Morgan Housel paid off a 3% mortgage early and calls it his best money decision ever — 209 Reddit mentions say the paradox is the whole point.
The Most Important Thing — frequently asked
What does Reddit actually say about The Most Important Thing?+
Only 3 mentions across r/investing over 7 years, but they are consistent. Commenters recommend it to people who over-check prices, quote it to explain why disciplined investors underperform in bull markets, and praise it as accessible to non-quants. Nobody in the sample argues against it. Small sample, no dissent.
Is The Most Important Thing too basic for experienced investors?+
The ↑250 comment quotes Marks on disciplined investors willingly accepting underperformance in "crazy times" — that is not beginner material. The ↑27 commenter who calls themselves a newbie also found value in it. The book seems to land differently depending on where you are, which is a reasonable sign it operates at more than one level.
Is The Most Important Thing worth reading if you prefer data-driven investing?+
Probably not as a primary text. Marks writes in qualitative frameworks about cycles, psychology, and second-level thinking. The ↑27 commenter explicitly says quantitative books read like a foreign language and found relief in Marks. If you are the opposite — comfortable with models but suspicious of philosophy — the fit is weaker.
Should I read The Most Important Thing before other investing books?+
The ↑44 comment in r/investing positions it as a corrective to bad habits — specifically price-refreshing and chasing the wrong information. That framing suggests it works well early, before you have locked in a trading psychology. Reading it after years of momentum-chasing may feel like confirmation of what you already learned the hard way.