The market is entering a massive regime shift after about 14 years of easy money and low interest rates, and that could make it harder to find solid returns from some assets, according to Oaktree Capital Management's Howard Marks. During that period, investors have benefited from low rates that created an ideal environment for borrowers and asset owners, the famed investor said on CNBC's " Closing Bell " on Friday. That honeymoon's finally come to an end. During this time, many investors joined the market, with low-interest rates encouraging demand for riskier assets, Marks said. "It isn't normalcy, and it's not — I don't think — going to be the norm going forward," he said. Lower rates should come back again if there's a recession, but Marks doesn't foresee them returning to zero over the next several years, saying that they will likely average between 2% and 4%. The investor also called talk of rate cuts in the second half of 2023 "optimistic." Going forward, interest rates hovering in this range and higher returns on assets like high-yield bonds should deter investors from buying riskier assets, Marks added. "I just think that the halcyon days may not recur," he said.