Stocks aren't a bubble, but Fed's big role means investors should play 'defense,' Marks says

Howard Marks, co-chairman, Oaktree Capital.
Courtesy David A. Grogan | CNBC

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Billionaire investor Howard Marks told CNBC on Tuesday that the role of the Federal Reserve in the recovery of financial markets may make current prices unsustainable. 

Marks, the co-founder of Oaktree Capital Management, said on "Closing Bell" that he was not as pessimistic as some other high-profile investors but did expect markets to lose steam once the central bank pulled back.