The U.S. stock market, making a string of recent record highs, "doesn't make much sense," distressed debt specialist Marc Lasry told CNBC Monday, sharing the view of fellow billionaire investment titan Larry Fink.
"Everyone is a bit surprised," said Lasry, co-founder of Avenue Capital, which has $11.3 billion of assets under management. "But the market is telling us what's going to happen next year [or] the next two years."
While questioning the advance in stocks, Lasry said on "Squawk Box" the market may be signaling a stronger-than-expected U.S. economy, with a growth rate somewhere in the 2 to 3 percent range. He said a stronger stock market is good for debt investors.
Fink, chairman and CEO of BlackRock, said on "Squawk Box" last week the stock market should not be at record highs. However, Fink put in a caveat, saying if earnings were to pick up, he might change his view.
On the U.K. vote to leave the European Union, Fink said he still believes Britain faces a "short-term" recession because of the Brexit vote, despite the Bank of England's surprise decision Thursday to keep interest rates unchanged.