As Warren Buffett said, “You only find out who is swimming naked when the tide goes out.” Well, the tide is going out and as businesses refinance at higher rates, default rates and distressed exchanges are likely to increase.
“I'm not saying that interest rates are going to go back up. I just think they're done coming down,” Howard Marks, CFA, told Marg Franklin, CFA. "And if that's true, I think we're in a different environment."
How do portfolios with asset allocations of 100% equity, 100% bond, 60/40, and 80/20 in the US, UK, Italian, Swiss, and global markets perform over time?
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