Ruminating on Asset Allocation

In his latest memo, Howard Marks outlines the need to base asset
allocation decisions around an established risk target. He
describes the fundamental differences between ownership and debt,
as well as the importance of finding the combination of the two
that gets an investor’s portfolio to the desired position on the
risk/return continuum. Finally, he expands on the increased
utility of debt investments in today’s portfolios.


You can read the memo here
(https://www.oaktreecapital.com/docs/default-source/default-document-library/ruminating-on-asset-allocation.pdf?sfvrsn=67775566_2).