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The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) by Howard Marks & Paul Johnson

Author:Howard Marks & Paul Johnson [Marks, Howard] , Date: January 15, 2018 ,Views: 549

The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing) by Howard Marks & Paul Johnson

Author:Howard Marks & Paul Johnson [Marks, Howard]
Language: eng
Format: epub, pdf
Tags: -
Publisher: Columbia University Press
Published: 2012-04-16T14:00:00+00:00


JOEL GREENBLATT: Buffett’s famous line about the economics of airlines comes to mind. Aviation is a huge and valuable innovation. That’s not the same thing as saying it’s a good business. Buffett said that a true capitalist would have shot down Wilbur in Kitty Hawk given the capital-destroying history of the aviation industry.

Greed, excitement, illogicality, suspension of disbelief and ignoring value cost people a lot of money in the tech bubble. And, by the way, a lot of brilliant, disciplined value investors looked dumb in the months and years before the bubble burst—which of course it eventually did.



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