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If you’re serious about value investing, managing risk like the pros at Oaktree Capital, or simply want to sharpen your edge in a turbulent market, this episode distills Marks’s timeless principles—from spotting market inefficiencies to understanding the pendulum of investor psychology—into a seamless listening experience. 👤 About the Author Howard Marks—co-founder of Oaktree Capital Management—has generated market-beating returns for decades by focusing on disciplined risk assessment and cyclical awareness. His memos are must-reads on Wall Street. 📘 About This Video This is Episode 1 of the full audiobook, covering the Introduction through Chapter 9. 📑 Timestamps 00:00:00 Start 00:00:19 Introduction — Why Marks’s ideas matter now 00:11:06 Chapter 1 Second-Level Thinking 00:23:53 Chapter 2 Understanding Market Efficiency (and Its Limitations) 00:45:40 Chapter 3 Value 01:05:42 Chapter 4 The Relationship Between Price and Value 01:22:16 Chapter 5 Understanding Risk 01:58:18 Chapter 6 Recognizing Risk 02:21:16 Chapter 7 Controlling Risk 02:41:00 Chapter 8 Being Attentive to Cycles 02:56:26 Chapter 9 Awareness of the Pendulum 🔔 Stay Connected • Subscribe for more full audiobooks, 10-minute summaries, and investor insights: / @legendaryinvestor365 • Like / Comment if you found value—your feedback helps us create better content. ⸻⸻⸻⸻⸻ 🏷️ Keywords Howard Marks audiobook, The Most Important Thing full audiobook, value investing strategies, second-level thinking, risk management, market cycles explained, investing audiobook, Oaktree Capital, investment psychology, Legendary Investor channel 📌 Hashtags #HowardMarks #theMostImportantThingAudiobook #ValueInvesting #Audiobook #InvestingWisdom #RiskManagement #audiobookforinvestors