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The Tell: Don’t call the credit market a bubble, says Oaktree’s Marks

Credit markets—and other financial assets—are undoubtedly expensive, but don’t call it a bubble, well-known value investor Howard Marks said in a Friday television interview.

Marks, whose Oaktree Capital Group OAK, +0.53% manages around $100 billion primarily invested in distressed and corporate debt, told Bloomberg Television that while the credit market is clearly “rich,” rather than “fair” or “cheap,” a lack of euphoria is a sign that it isn’t in bubble territory.

“I think we’re not in a bubble because I think one of the characteristics of a bubble is having people say, ‘no matter what price you pay you’ll make money,’” the billionaire investor said.

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