This book defines global liquidity and explains why it's a central force in shaping economies and financial markets. It examines how central banks influence liquidity and how those shifts affect prices across various asset classes. It also explores the broader implications for debt-driven systems and highlights China’s growing influence in global capital flows.

A framework from Howard Marks, co-founder of Oaktree Capital, for thinking about investing. The book details nineteen principles that help investors understand how to think independently and focus on judgment, risk, cycles, market psychology, and other areas. These principles improve decision-making, raise the odds of superior returns, and protect against downside risk.