Security Analysis was probably the investment book most quoted, and least actually read of its time. Howard Marks could be the most-read investment writer of our generation and his advice is the most likely not to be followed by clients and managers, although people seem to spend a lot of time passing it around to each other.

I can’t think of a thing in this that he hasn’t written in some form already in 20 years. And yet, it still needs to be said because it seems to be practiced less and less every year.