The Memo by Howard Marks cover image

Gimme Credit

The Memo by Howard Marks

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Evaluating Market Returns: Stocks vs Bonds

This chapter examines the declining attractiveness of stocks in relation to bonds, especially after the 10-year U.S. Treasury yield exceeds the S&P 500 earnings yield. The discussion highlights the potential benefits of credit investments over equities and stresses the need for careful allocation strategies in the current market landscape.

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