The Most Important Thing: Uncommon Sense for the Thoughtful Investor - Book Summary

The Most Important Thing: Uncommon Sense for the Thoughtful Investor - Book Summary

Howard Marks is an American investor and author who is best known for his book "The Most Important Thing: Uncommon Sense for the Thoughtful Investor." In the book, Marks offers his insights and wisdom on investing, gleaned from his experience as a professional investor and portfolio manager. He emphasizes the importance of clear thinking and common sense in making investment decisions, and encourages readers to think independently and be cautious of conventional wisdom. The book has been widely praised for its practical advice and has become a popular resource for investors of all levels of experience.


Finding Bargains


Marks emphasizes the importance of being able to accurately estimate the intrinsic value of an investment and having the discipline to wait for the right opportunities. He also advises investors to be cautious of investing based on "story stocks," or investments that have a compelling narrative but may not be backed up by strong fundamentals.


To find bargains, Marks suggests that investors should be willing to do the necessary research and analysis to understand the intrinsic value of an investment. This may involve analyzing financial statements, studying the industry and competitive landscape, and considering macroeconomic factors. It's also important to be open to a wide range of investment opportunities and not be too focused on any one particular sector or asset class.


There are many different approaches to research, and the specific methods will depend on the type of investment and the information that is available. Some common techniques include:


  1. Analyzing financial statements: This involves reviewing a company's financial statements, such as its balance sheet, income statement, and cash flow statement, to understand its financial health and performance.

  2. Studying the industry and competitive landscape: This involves researching the industry in which a company operates, including its growth prospects, competitive dynamics, and regulatory environment.

  3. Considering macroeconomic factors: This involves looking at broader economic trends and how they may impact an investment. For example, an investor might consider the state of the global economy, interest rates, and currency exchange rates.

  4. Seeking out expert opinions: This involves seeking out the insights and opinions of industry experts, analysts, and other knowledgeable individuals.

  5. Performing quantitative analysis: This involves using numerical and statistical tools to analyze an investment. For example, an investor might use financial ratios or discounted cash flow analysis to estimate the intrinsic value of a company's stock.

It's important to recognize that research is an ongoing process and investors should be willing to continuously update their understanding of an investment as new information becomes available.


Patient opportunism involves being patient and waiting for the right opportunities to present themselves, rather than trying to force investments or being overly active in the market.

Marks emphasizes the importance of having a long-term perspective and being willing to wait for the right opportunities to come along. This requires discipline and the ability to resist the temptation to make impulsive decisions based on short-term market movements.


Patient opportunism also involves being opportunistic and willing to act when the right opportunities do present themselves. This may involve taking on a higher level of risk or being contrarian and going against the crowd.


  1. Have a long-term perspective: Focus on your long-term goals and be willing to ride out short-term market fluctuations.

  2. Be disciplined: Develop a clear and systematic investment process and stick to it, even when markets are volatile.

  3. Don't try to force investments: Don't try to force investments or make impulsive decisions based on short-term market movements.

  4. Be open to a wide range of opportunities: Don't get too focused on any one particular sector or asset class. Be open to a wide range of opportunities and be willing to shift your portfolio as needed.

  5. Be opportunistic: Be willing to act when the right opportunities present themselves, even if it involves taking on a higher level of risk or going against the crowd.

  6. Do your research: Understand the intrinsic value of an investment and be prepared to wait for the right opportunity to come along.

  7. Stay patient: Be patient and don't be discouraged if the right opportunities don't present themselves immediately. It may take time to find the right investments, but it's important to stay focused on your long-term goals.


"Knowing what you don't know" is a concept that is central to the philosophy of investor Howard Marks. Essentially, it means being aware of your own limitations and the areas where you may not have sufficient knowledge or experience. Marks believes that it's important for investors to recognize that there is always more to learn and that it's impossible to be an expert in every aspect of investing. As a result, he advises investors to be humble and open to new ideas, even if they go against their preconceived notions. In practice, "knowing what you don't know" involves being aware of your own biases and being willing to seek out diverse viewpoints and sources of information. It also means being open to the possibility that you may be wrong and being willing to change your mind when faced with new evidence. "Knowing what you don't know" is about being a lifelong learner and being open to new ideas and perspectives. This can help investors to make more informed and objective investment decisions.


Here are some tips for ensuring that you are "knowing what you don't know" in your investing:


  1. Be open to new ideas: Don't be closed-minded and be willing to consider new viewpoints and ideas, even if they go against your preconceived notions.

  2. Seek out diverse viewpoints: Don't rely on a single source of information or surround yourself with people who all think the same way. Instead, seek out diverse perspectives and consider a range of viewpoints.

  3. Be aware of your biases: We all have biases, and it's important to be aware of them and how they may impact your investment decisions.

  4. Do your own research: Don't simply take others' word for it. Do your own research and analysis to form your own opinions.

  5. Ask questions: If you don't understand something, don't be afraid to ask questions. It's better to admit what you don't know than to make assumptions or pretend to know more than you do.

  6. Stay humble: Recognize that you are not an expert in every aspect of investing and that there is always more to learn. Be open to new ideas and be willing to change your mind when faced with new evidence.



Having a sense of where we stand, in the context of investing, means having a clear understanding of the current market environment and how it compares to historical norms. It involves assessing the current state of the market and its underlying drivers and using this information to inform investment decisions. Investors should be aware of the market's mood and be cautious when the market is overly optimistic or pessimistic.


Having a sense of where we stand also involves being aware of your own biases and limitations as an investor. It means being honest with yourself about what you do and don't know, and being willing to adjust your investment approach as needed based on the current market environment.


Here are some tips for developing a sense of where we stand in the market:

  1. Stay informed: Keep up to date on market news and developments, and be aware of the underlying drivers of market movements.

  2. Analyze market trends: Use tools like charts and technical analysis to identify trends in the market and get a sense of where it's headed.

  3. Assess the market's mood: Pay attention to the overall sentiment of the market and be cautious when it is overly optimistic or pessimistic.

  4. Consider the historical context: Look at how the current market compares to historical norms and consider the implications for your investment decisions.

  5. Be aware of your own biases: Recognize your own biases and limitations as an investor and try to be objective in your analysis.

  6. Seek out diverse viewpoints: Don't rely on a single source of information or surround yourself with people who all think the same way. Seek out diverse perspectives and consider a range of viewpoints.


Investing involves a certain amount of luck, and it's important for investors to recognize and appreciate the role that luck can play in their successes and failures.

Luck can come in many forms, such as being in the right place at the right time, benefiting from unexpected events, or simply getting lucky with an investment. While luck can certainly have a positive impact on an investor's returns, it's important to recognize that it is not a reliable or sustainable source of success.


Instead of relying on luck, successful investors focus on developing a clear and disciplined investment process and making informed, objective decisions based on careful analysis and research. They also recognize that luck will not always be on their side and are prepared for the possibility of losses or setbacks.


Here are some tips for not relying on luck in your investing:


  1. Develop a clear and disciplined investment process: Having a systematic approach to evaluating and selecting investments can help to minimize the role of luck and increase the chances of success.

  2. Do your research: Thoroughly research and analyze potential investments to make informed and objective decisions.

  3. Diversify your portfolio: Spread your investments across a range of assets and sectors to mitigate the impact of any one investment underperforming.

  4. Don't get overly confident: Recognize that luck can play a role in your success and don't get overly confident based on past luck.

  5. Stay humble: Recognize that you are not an expert in every aspect of investing and that there is always more to learn. Be open to new ideas and be willing to change your mind when faced with new evidence.


Risk - You can not eliminate risk but you can control/manage it to a large extent.


  1. Understanding risk: Risk is an inherent part of investing and refers to the potential for loss or volatility in the value of an investment. It's important for investors to understand the different types of risk that can impact their investments, such as market risk, credit risk, and inflation risk. By understanding the different types of risk, investors can better assess the potential risks and rewards of different investments. An investor who understands risk might recognize that investing in a single stock carries more market risk than investing in a diversified portfolio of stocks. As a result, they might choose to invest in a portfolio of stocks rather than a single stock to spread their risk across multiple companies.

  2. Recognizing risk: To effectively manage risk, investors must be able to recognize it when it is present. This involves being aware of the potential risks associated with different investments and being able to assess the likelihood and potential impact of those risks. An investor who can recognize risk might be cautious about investing in a company with a high amount of debt, recognizing that the company's ability to service its debt could be impacted by economic downturns or other negative events. 

  3. Controlling risk: Once investors have a good understanding of and can recognize risk, they can take steps to control it. This might involve diversifying their portfolio to mitigate the impact of any one investment underperforming, setting stop-loss orders to limit potential losses, or using other risk management techniques. An investor who is seeking to control risk might use stop-loss orders to limit their potential losses on a particular investment. For example, they might set a stop-loss order at 10% below their purchase price, so that their investment is automatically sold if the price falls by more than 10%. This helps to limit their potential losses if the price of the investment declines. 


  1. Understand the different types of risk: It's important to understand the different types of risk that can impact your investments, such as market risk, credit risk, and inflation risk.

  2. Recognize that risk and return are related: Higher levels of risk typically come with the potential for higher returns, but also with the potential for greater losses.

  3. Be aware of the mood of the market: Pay attention to the overall sentiment of the market and be cautious when it is overly optimistic or pessimistic.

  4. Diversify your portfolio: Diversifying your portfolio across different asset classes, sectors, and geographies can help to spread your risk and mitigate the impact of any one investment underperforming.

  5. Use stop-loss orders: Stop-loss orders can help to limit your potential losses by automatically selling an investment if it falls to a certain price.

  6. Manage your position size: Be mindful of the size of your positions relative to your overall portfolio and consider reducing your position size if you are taking on excessive risk.

  7. Consider using hedges: Hedging strategies, such as short selling or the use of derivatives, can help to reduce the overall risk of your portfolio.

  8. Be aware of your own risk tolerance: It's important to be aware of your own risk tolerance and to invest in a way that is aligned with your goals and comfort level with risk.

  9. Don't chase returns: Avoid the temptation to chase after high returns and instead focus on investments that are aligned with your long-term goals.

  10. Stay informed: Stay informed about the investments you hold and be willing to sell if your assessment of the risks changes.

  11. Be aware of your own biases: Recognize your own biases and be willing to seek out diverse viewpoints and consider a range of perspectives.

  12. Don't put all your eggs in one basket: Avoid concentrating too much of your portfolio in a small number of investments.

  13. Don't be swayed by market noise: Be patient and don't be swayed by short-term market movements.

  14. Understand the role of luck: Recognize and appreciate the role of luck in investing, but don't rely on it as a primary source of success.

  15. Don't be overconfident: Don't let overconfidence cloud your judgment and be willing to acknowledge and learn from your mistakes.

  16. Don't be swayed by greed: Avoid letting greed influence your investment decisions and be mindful of the potential risks.

  17. Don't be swayed by fear: Don't let fear influence your investment decisions and be mindful of the potential opportunity cost of missing out on potential gains.

  18. Stay disciplined: Adhere to a clear and systematic investment process and resist the temptation to make impulsive decisions based on short-term market movements.

  19. Stay grounded in reality: Recognize that the market is not always rational and that prices can be influenced by factors such as sentiment and emotion.

  20. Keep a long-term perspective: It's important to have a long-term perspective when investing and to be willing to wait for the right opportunities to come along.




Howard Marks discusses a number of pitfalls that investors should aim to avoid in order to increase their chances of success. Some of the specific pitfalls that Marks advises investors to avoid include:


  1. Investing based on story stocks: Story stocks are investments that have a compelling narrative but may not be backed up by strong fundamentals. Marks advises investors to be cautious of these types of investments and to focus on companies with strong fundamentals.

  2. Being overly confident: Marks advises investors to be humble and recognize that there is always more to learn. He warns against getting overly confident based on past successes and advises investors to be prepared for the possibility of losses or setbacks.

  3. Not having a margin of safety: A margin of safety refers to the difference between the intrinsic value of an investment and its market price. Marks advises investors to aim for a margin of safety in their investments as a buffer against market fluctuations and potential mistakes in their assessment of an investment's intrinsic value.

  4. Not being aware of the market's mood: Marks advises investors to be aware of the overall sentiment of the market and to be cautious when it is overly optimistic or pessimistic.


What should we do when the market is overly optimistic or pessimistic?



When the market is overly optimistic, it can be a sign that prices are becoming inflated and that there is an increased risk of a market correction or downturn. In this situation, it may be advisable for investors to be more cautious and consider reducing their exposure to riskier assets. This could involve shifting a portion of their portfolio into more conservative investments, such as cash or fixed-income assets, or increasing their allocation to defensive sectors such as utilities or consumer staples.


On the other hand, when the market is overly pessimistic, it can present opportunities for investors who are willing to take on a higher level of risk. In this situation, it may be advisable for investors to consider increasing their exposure to riskier assets, such as stocks or real estate, in the expectation that prices will recover as sentiment improves.

Ultimately, the specific actions that investors should take will depend on their individual goals, risk tolerance, and investment horizon. It's important for investors to carefully assess their own financial situation and to make investment decisions that are aligned with their long-term goals.


How do you know if the market is overly optimistic or pessimistic?


There are a few signs that may indicate that the market is overly optimistic or pessimistic. Some of these signs include:


  1. Market valuations: If market valuations, such as price-to-earnings ratios or price-to-book ratios, are significantly higher or lower than their historical averages, it may be a sign that the market is overly optimistic or pessimistic.

  2. Investor sentiment: If investor sentiment is very positive or negative, as measured by surveys or other indicators, it may be a sign that the market is becoming overly optimistic or pessimistic.

  3. Market behavior: If the market is experiencing rapid price movements, either upwards or downwards, it may be a sign that sentiment is becoming overly optimistic or pessimistic.

  4. Market news and commentary: Paying attention to news and commentary about the market can also provide insight into the overall sentiment of the market. If there is a lot of positive or negative news and commentary, it may be a sign that the market is becoming overly optimistic or pessimistic.





Combat negative influences in order to make better investment decisions. According to Marks, negative influences can come from both external sources, such as market conditions or economic news and internal sources, such as our own biases and emotions.


To combat negative influences, Marks advises investors to adopt a few key strategies:


  1. Stay grounded in reality: Recognize that the market is not always rational and that prices can be influenced by factors such as sentiment and emotion.

  2. Stay disciplined: Adhere to a clear and systematic investment process and resist the temptation to make impulsive decisions based on short-term market movements.

  3. Stay humble: Recognize your own limitations and biases, and be willing to seek out diverse viewpoints and consider a range of perspectives.

  4. Stay patient: Be patient and don't be swayed by market noise. It's important to have a long-term perspective and be willing to wait for the right opportunities to come along.


Here are a few signs that you may be being influenced by negative factors in your investing:


  1. You are making impulsive decisions: If you find yourself making investment decisions without fully considering the risks and potential consequences, it may be a sign that you are being influenced by negative factors such as fear or greed.

  2. You are letting your emotions dictate your decisions: If you find yourself making investment decisions based on your emotions rather than objective analysis, it may be a sign that you are being influenced by negative factors such as fear or optimism.

  3. You are ignoring warning signs: If you are ignoring warning signs or red flags about an investment, it may be a sign that you are being influenced by negative factors such as overconfidence or a desire to believe in a particular narrative.

  4. You are not diversifying your portfolio: If you are not diversifying your portfolio and are instead concentrating in a small number of investments, it may be a sign that you are being influenced by negative factors such as overconfidence or a lack of discipline.

If you recognize any of these signs in your investing, it may be a good idea to take a step back and reassess your approach. It's important to be aware of the potential influence of negative factors and to take steps to mitigate their impact on your investment decisions.



"Second-level thinking" describes a deeper and more nuanced approach to decision-making. According to Marks, second-level thinking involves going beyond the obvious and considering a wide range of factors and perspectives before making a decision. This includes looking beyond the surface-level information and considering the implications of different outcomes and scenarios.


Here is an example of how second-level thinking might be applied in investing:


Suppose an investor is considering whether to buy shares in a company that has recently reported strong earnings. A first-level thinker might simply look at the earnings report and decide to buy the shares based on this information alone. A second-level thinker, on the other hand, would go beyond the earnings report and consider a range of other factors as well. They might consider the company's competitive position, its future growth prospects, and the potential risks to the investment. By considering these factors and evaluating the potential implications of different outcomes, the second-level thinker can make a more informed and objective decision.


Contrarianism, on the other hand, is the practice of going against the dominant or conventional wisdom. It involves taking a different or opposing viewpoint, even when it is unpopular or goes against the prevailing sentiment.


Here is an example of how contrarianism might be applied in investing:


Suppose the market is becoming increasingly bullish on a particular sector, and many investors are buying shares in companies within that sector. A contrarian investor, on the other hand, might take a different view and choose to sell or short-sell shares in those companies. By going against the crowd and taking a different viewpoint, the contrarian investor is positioning themselves to benefit if the sector underperforms or the market sentiment changes.


To apply contrarianism in investing, it's important to be willing to go against the dominant or conventional wisdom and to have the conviction to hold onto your beliefs even when they are unpopular. This can require a certain level of independence and confidence in your own analysis and judgment.


It's also important to recognize that contrarianism is not always the right approach and to be mindful of the potential risks. While going against the crowd can sometimes lead to outsize returns, it can also lead to significant losses if the dominant viewpoint turns out to be correct. Therefore, it's important to carefully consider the potential risks and rewards of a contrarian approach before making any investment decisions.


Second-level thinking and contrarianism involve taking a deeper and more nuanced approach to decision-making and being willing to go against the dominant or conventional wisdom. By considering a range of factors and perspectives and being open to different viewpoints, investors can make more informed and objective investment decisions.



Adding Value -  How can you do better than the market?



  1. Adding value is not the same as outperforming the market: It's important to recognize that adding value does not necessarily mean outperforming the market every year. Instead, it means seeking out opportunities to earn a return that is above average or the market rate.

  2. Adding value requires a clear investment process: In order to add value, it's important to have a clear and systematic approach to evaluating and selecting investments.

  3. Adding value involves taking on additional risk: Investors can add value by taking on additional risk, such as investing in smaller, less established companies or in sectors that are out of favor.

  4. Adding value requires a long-term perspective: It's important to have a long-term perspective when adding value, as it can take time for investments to realize their full potential.

  5. Adding value involves being contrarian: To add value, investors may need to go against the dominant or conventional wisdom and take a different or opposing viewpoint.

  6. Adding value requires discipline: It's important to be disciplined and stick to your investment process, even when market conditions are challenging.

  7. Adding value requires humility: Recognize your own limitations and be willing to seek out diverse viewpoints and consider a range of perspectives.

  8. Adding value involves being patient: Be patient and don't be swayed by market noise. It's important to wait for the right opportunities to come along.

  9. Adding value requires being aware of the market's mood: Pay attention to the overall sentiment of the market and be cautious when it is overly optimistic or pessimistic.

  10. Adding value involves recognizing the role of luck: Luck can play a role in investing, and it's important to recognize and appreciate its role, but not to rely on it as a primary source of success.


Being attentive to cycles refers to the idea of recognizing and considering the impact of market and economic cycles on investments. This can involve identifying the current phase of a particular cycle and assessing the potential risks and opportunities that it presents.


There are a few different types of cycles that investors should be attentive to:


  1. Economic cycles: Economic cycles refer to the fluctuations in economic activity that occur over time. These can include business cycles, which refer to the ups and downs in economic activity that occur over a period of several years, and shorter-term cycles such as credit cycles or commodity cycles.

  2. Market cycles: Market cycles refer to the fluctuations in stock market prices that occur over time. These can include long-term secular trends, which refer to sustained periods of market growth or decline, and shorter-term cyclical trends, which refer to fluctuations within a secular trend.

  3. Industry cycles: Industry cycles refer to the fluctuations in demand and profitability that occur within a particular industry over time. These can be influenced by a range of factors such as technological change, competition, and changes in consumer preferences.


Here are some of the most important points I gathered from this book.


  1. "The most important thing is to identify the most important things." This means that in order to make good investment decisions, it's important to focus on the most critical factors and not get bogged down by less important details. For example, instead of getting caught up in short-term market fluctuations, a successful investor might focus on the fundamental strength and growth potential of a company.

  2. "The goal of the successful investor is not to eliminate risk but to understand and manage it." Risk is an inherent part of investing, and it's impossible to eliminate it completely. A successful investor recognizes this and focuses on understanding and managing the risks they are taking. For example, an investor might diversify their portfolio to mitigate the impact of any one investment underperforming.

  3. "Investing is about being right when others are wrong." Successful investing often involves taking a contrarian view and making decisions that go against the conventional wisdom. For example, an investor who recognizes that a particular company is undervalued when the market is pessimistic about its prospects may be able to profit by buying its stock at a discounted price.

  4. "The best investors are those who are able to combine a sense of fundamental value with an understanding of the market's mood." In order to be successful, investors need to be able to assess the intrinsic value of an investment and also understand how market forces are likely to affect its price. For example, an investor who is able to identify a company with strong financials and growth potential but is being overlooked by the market may be able to profit by buying its stock at a discount.

  5. "The future is uncertain, and the only way to profit from uncertainty is to have a wide range of outcomes in your portfolio." Because the future is inherently uncertain, it's important for investors to be prepared for a range of potential outcomes. One way to do this is to diversify their portfolio across a range of assets and sectors. This way, even if one particular investment underperforms, the overall portfolio may still be protected.

  6. "In investing, what is comfortable is rarely profitable." Successful investing often requires taking on some level of risk and discomfort. For example, an investor who is only comfortable investing in low-risk, low-return assets may miss out on the potential for higher returns that come with more volatile investments.

  7. "The key to successful investing is not to be right all the time, but to have a high percentage of right decisions." No one is right all the time in investing, and it's important to recognize that even the best investors will make mistakes. The key is to minimize the number of mistakes and maximize the number of successful investments.

  8. "The most important thing is not the size of the position, but the quality of the investment." The success of an investment should not be judged solely on the size of the position, but rather on the quality of the investment itself. An investor who holds a small position in a high-quality investment may be better off than one who holds a large position in a lower-quality investment.

  9. "Investing is not about playing the market; it's about owning pieces of businesses." Successful investing involves looking beyond short-term market fluctuations and focusing on the fundamental strength and growth potential of a company. Investors who take this approach are effectively "owning pieces of businesses" rather than simply trying to "play the market."

  10. "Successful investors are those who can recognize and accept that the future is uncertain and embrace the attendant risks." As mentioned earlier, the future is inherently uncertain, and successful investors are those who can accept this uncertainty and make investment decisions.

  11. "The goal of the investor should not be to maximize returns, but to maximize the return-to-risk ratio." While it's natural to want to maximize returns, it's important for investors to also consider the level of risk they are taking on. A higher level of risk may lead to higher potential returns, but it's important to find a balance and aim for a reasonable return-to-risk ratio.
  12. "In investing, the line between being smart and being lucky is often blurry." Investing involves a certain amount of luck, and it can be difficult to distinguish between good decision-making and simple luck. It's important for investors to recognize this and not get overly confident or complacent based on past successes.
  13. "Investing is not a science, but an art." Investing involves making judgment calls and assessing complex situations, and there is no one "right" way to do it. Successful investors are those who are able to combine analytical skills with intuition and judgment.
  14. "The key to successful investing is to have a long-term focus and to be patient." Successful investing often requires a long-term perspective and the ability to ride out short-term market fluctuations. It's important for investors to have patience and not make impulsive decisions based on short-term events.
  15. "The best investments are often made during times of crisis and uncertainty." Contrary to popular belief, market downturns and times of crisis can often present attractive investment opportunities. Successful investors are those who are able to take a long-term view and recognize that short-term market disruptions may not necessarily reflect the underlying strength of a company or asset.
  16. "The most important thing is to have a clear and disciplined investment process." Successful investing requires having a clear and systematic approach to evaluating and selecting investments. This helps investors to avoid making impulsive or emotionally-driven decisions and to stay focused on their long-term goals.
  17. "The best investors are those who are able to adapt to changing market conditions." Markets are constantly evolving, and successful investors are those who are able to adapt to changing conditions and adjust their investment strategies accordingly.
  18. "Investing is not about finding the right answers, but about asking the right questions." Investing involves a lot of uncertainty, and there is often no one "right" answer. Successful investors are those who are able to ask the right questions and continually reassess their assumptions in light of new information.
  19. "The most important thing is to have a margin of safety in your investments." A margin of safety refers to the difference between the intrinsic value of an investment and its market price. Successful investors aim to have a margin of safety in their investments as a buffer against market fluctuations and potential mistakes in their assessment of an investment's intrinsic value.
  20. "The key to successful investing is to maintain a long-term perspective and to remain disciplined in the face of market volatility." Maintaining a long-term perspective and sticking to a disciplined investment process are crucial for successful investing. It's important to resist the temptation to make impulsive decisions based on short-term market movements and to stay focused on the big picture.
Deepak Sharma

Deepak Sharma

Insurance Advisor / WealthGuard


  • My goal is simple, protect what is important to you. I focus my energy on discovering your exposure to risk and building a comprehensive plan to protect you against those risk.