The Memo by Howard Marks cover image

2020 in Review

The Memo by Howard Marks

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Should Investors Be More Defensive or More Aggressive?

Risk adjusted returns of most asset classes seem to be at rough equilibrium relative to each other. All absolute returns are ultra low, commensurate with equally low interest rates. On balance, i think it's appropriate to be in one's normal stance, perhaps with a modest bias toward defense. The surer one is that rates will soon rise meaningfully, the more cautious one should be.

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