Howard Marks asserts that fixed-income investments are currently very competitive, with high-yield bonds and private credit offering higher returns compared to equities. He suggests that investors should consider rebalancing their portfolios due to changing rate environments and lower projected returns from equities. Howard Marks asserts that fixed-income investments are currently very competitive, with high-yield bonds and private credit offering higher returns compared to equities. He suggests that investors should consider rebalancing their portfolios due to changing rate environments and lower projected returns from equities. Economic Times