Introduction
The Most Important Thing Is...
1. Second-Level Thinking
2. Understanding Market Efficiency (and Its Limitations)
3. Value
4. The Relationship Between Price and Value
5. Understanding Risk
6. Recognizing Risk
7. Controlling Risk
8. Being Attentive to Cycles
9. Awareness of the Pendulum
10. Combating Negative Influences
11. Contrarianism
12. Finding Bargains
13. Patient Opportunism
14. Knowing What You Don't Know
15. Having a Sense for Where We Stand
16. Appreciating the Role of Luck
17. Investing Defensively
18. Avoiding Pitfalls
19. Adding Value
20. Pulling It All Together

Marks, chairman and cofounder of Oaktree Capital Management, who has been linked to Warren Buffett for his lucid assessments of market opportunities and risks, now brings his insightful commentary and investment philosophy to everyone.

Howard Marks is chairman and cofounder of Oaktree Capital Management, a Los Angeles-based investment firm with $80 billion under management. He holds a Bachelor's Degree in finance from the Wharton School and an MBA in accounting and marketing from the University of Chicago.