BTAL - Reviewing Funds For Risk Adjusted Performance

Introduction

The bottom line for me is that I’m not at all troubled saying (a) markets may well be considerably lower sometime in the coming months and (b) we’re buying today when we find good value. I don’t find these statements inconsistent.

- Calibrating, Howard Marks

I made the case that "Small Investors Should Be Conservative Going Into 2020" based on slowing global growth and high valuations among other reasons. In January/February, I developed what I considered to be conservative portfolios for Vanguard funds, and two for Fidelity funds which I

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