Investing
We create two versions of the World Portfolio: (1) a long-term proxy since 1950 using monthly data for a reconstructed, historical universe of global equities and bonds (mostly sovereign) and Gold, and (2) an investable index since 1990 using mostly daily data for a universe comprising benchmark indices for global equities, sovereign bonds, credit,... See more
Article
A portfolio that matches the global allocation of all investable assets looks very different than most investors’ portfolios.
Not every investor needs to own the global market portfolio in the same proportions. In particular, adjusting the stock/bond mix is one of the most important levers investors can employ to tailor a portfolio’s risk level to their specific goals. And just because something makes up part of the overall market doesn’t mean you need to invest in it.... See more
Article
If you randomly picked a trading day for the Dow Jones Industrial Average between 1930-2020, there is over a 95% chance that the Dow would close lower on some day in the future.
Should You Buy at All-Time Highs?
You are almost always buying a stock or fund at a price that is higher than it will be at some point in the future.
the-complete-collection.pdf
oaktreecapital.comAll of Howard Marks’s memos from 1990 to 2025 in one pdf.