Last week I shared a framework book, Warren Buffett’s Ground Rules, which details the principles Buffett used to run his partnership, Buffett Partnership Ltd, in his pre–Berkshire Hathaway days. When I read that book, it reminded me that few investors who are active today were also actively investing in the 1960s and 1970s, like Buffett.

Another person who meets those criteria is Howard Marks, cofounder of Oaktree Capital. Marks has written two books, one of which I read twice. So, I decided to read his other book, The Most Important Thing.

This book is a framework book that details the investing principles that Marks has learned over his many decades of investing, many of which led to the outsize success of Oaktree Capital. Each chapter is dedicated to one of the 19 principles and explains it thoroughly. My favorite was the chapter on understanding risk.

This book is a good tool for anyone interested in investing or understanding how public markets work. I enjoy Marks’s writing, and this book didn’t disappoint. I’ll definitely read it periodically as a refresher.