The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

Cover......Page 2
Half title......Page 3
Title......Page 4
Copyright......Page 5
Dedication......Page 6
Contents......Page 7
Foreword......Page 9
Introduction......Page 11
1. Second-Level Thinking......Page 17
2. Understanding Market Efficiency (and Its Limitations)......Page 24
3. Value......Page 36
4. The Relationship Between Price and Value......Page 46
5. Understanding Risk......Page 56
6. Recognizing Risk......Page 75
7. Controlling Risk......Page 88
8. Being Attentive to Cycles......Page 99
9. Awareness of the Pendulum......Page 107
10. Combating Negative Influences......Page 115
11. Contrarianism......Page 129
12. Finding Bargains......Page 141
13. Patient Opportunism......Page 150
14. Knowing What You Don’t Know......Page 161
15. Having a Sense for Where We Stand......Page 170
16. Appreciating the Role of Luck......Page 180
17. Investing Defensively......Page 190
18. Avoiding Pitfalls......Page 204
19. Adding Value......Page 220
20. Reasonable Expectations......Page 228
21. Pulling It All Together......Page 234
About the Contributors......Page 243