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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

(This story is for CNBC Pro subscribers only). 

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. 

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