The Memo by Howard Marks cover image

Coming Into Focus

The Memo by Howard Marks

CHAPTER

The Balance Between Aggressiveness and Defensiveness

High level of uncertainty tells me this isn't the time for aggressiveness. Go to cash at a nearr zero return and wait for a better environment. Put more into special niches and special investment managers. But doing so introduces illiquidity and manager risk. None of these alternatives is completely satisfactory and free from downside. In my view, there are no others.

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