Billionaire investor Howard Marks, co-founder of Oaktree Capital Management, joined CNBC's Kelly Evans for an extensive strategy session to share his investment philosophy and favorite stocks for the months ahead.
The hedge fund manager, who established his firm in 1995 and specializes in distress-debt, high-yield bonds and value investing, talked about how he approaches a potential opportunity.
Here's what he had to say on market timing:
"I came across a quote from Warren Buffett on Thursday, and he says: 'We pay a high price for certainty.' In other words, when people are confident, asset prices escalate. That's a bad time to invest. The confident times feel like a good time to invest, but people who want to buy bargains should prefer uncertainty."
The sell-off at the start of 2016, for example, was one particular opportunity, Marks said. Oaktree had a list of "15 or 20 distressed credits" it wanted to buy; "when prices gapped down, we bought all we could."
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