Ruminating on Asset Allocation

This is the memo by Howard Marks. Ruminating on assets allocation. When I travel to see clients and spend entire days discussing investing in the markets, memo ideas often pop up. Last month's visit with clients in Australia is a case in point. We talked about the sea change, I believe, is taking place in interest rates and about the role of credit in portfolios. And in a few cases, this led to the general topic of asset allocation. The result wasn't a lot of new ideas on the subject, but rather a new way to combine old ideas into a unified theory. Before I proceed, I wanna mention that from t