- Howard Marks joked recently that investors should dump all stock and buy high-yield bonds.
- However, the Oaktree founder notes that “equity-like” returns are being seen in credit markets today.
- Bonds should make up a larger part of portfolios than in the pre-pandemic era, Marks said in a letter to investors.
It might be time for credit instruments to make up a much larger part of portfolios — maybe even the majority, billionaire Oaktree Capital founder Howard Marks wrote in his latest investor letter.
He said that speaking at a conference in December, he jokingly suggested that investors should sell every single kind of equity asset and use the proceeds to pounce on high-yield bonds.
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