Howard Marks shares his twenty most important things to know about successful investing. He explains such concepts as “second level thinking”, value, understanding and controlling risk, and defensive investing. It’s not a step-by-step guide to investing, but instead sets out what Marks sees as the ground rules of investing. The insight and advice he provides help develop critical thinking, risk assessment, and investment strategy. There is plenty of use to newcomers and more seasoned investors. His advice comes recommended by legendary investor, Warren Buffett. The book brings together advice built up over four decades of investing, which have seen Marks learn from the booms and busts of the 1970’s through to today. He’s invested during the stagflation of the 1970’s, the booms of the 80’s and 90’s, as well as Black Monday, the dot com boom and bust, and the global financial crisis of 2007-8. He shares his unique learning and experiences as an investment manager with us. Howard Marks is the chairman and co-founder of Oaktree Capital Management, a Los-Angeles based investment firm with $80 billion invested for their clients. Marks is renowned for his insightful assessment of market opportunity and risk, which he shares with us in this book.