Howard Marks believes the 'odds aren't in investors' favor' for the market comeback continuing

Howard Marks, Co-Chairman, Oaktree Capital.
David A. Grogan | CNBC

The meteoric rise off the late-March lows has been more about optimism that the Federal Reserve and Treasury can save the day than it is about fundamentals, investor Howard Marks said in his latest market letter.

Looking at current conditions after a nearly 40% S&P 500 burst from March 23, the Oaktree Capital founder noted that "the fundamental outlook may be positive on balance, but with listed security prices where they are, the odds aren't in investors' favor."