In a thought-provoking article, Howard Marks, co-founder and co-chair of Oaktree Capital Management, argues that there are only two fundamental asset classes: ownership and debt. He contends that investors often misunderstand the difference between these two approaches, with owners taking on risk in pursuit of potentially higher returns and lenders seeking predictable income. Marks suggests that investors should consider their targeted "risk posture" when constructing a portfolio, weighing the trade-offs between preserving capital through debt investments and growing it through ownership investments.

Source: https://www.ft.com/content/15998397-48dc-4afd-acbb-19ff08416e5b