We initiate a systematic study of the class of theories without the tree property of the second kind - NTP2. Most importantly, we show: the burden is "sub-multiplicative" in arbitrary theories (in particular, if a theory has TP2 then there is a formula with a single variable witnessing this); NTP2 is equivalent to the generalized Kim's lemma and to the boundedness of ist-weight; the dp-rank of a type in an arbitrary theory is witnessed by mutually indiscernible sequences of realizations of the type, after adding some parameters - so the dp-rank of a 1-type in any theory is always witnessed by sequences of singletons; in NTP2 theories, simple types are co-simple, characterized by the co-independence theorem, and forking between the realizations of a simple type and arbitrary elements satisfies full symmetry; a Henselian valued field of characteristic (0,0) is NTP2 (strong, of finite burden) if and only if the residue field is NTP2 (the residue field and the value group are strong, of finite burden respectively), so in particular any ultraproduct of p-adics is NTP2; adding a generic predicate to a geometric NTP2 theory preserves NTP2.

35 pages; v.3: a discussion and a Conjecture 2.7 on the sub-additivity of burden had been added; Section 3.1 on the SOPn hierarchy restricted to NTP2 theories had been added; Problem 7.13 had been updated; numbering of theorems had been changed and some minor typos were fixed; Annals of Pure and Applied Logic, accepted